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Progressive to Pay $48M to New York Drivers Over Underpaid Total Loss Claims
Jul 5 2024 // Progressive Insurance has agreed to a $48 million settlement with a class of 93,000 New York policyholders who claim the insurer underpaid their total loss claims on their vehicles. The $48 million represents approximately...
California Commissioner’s Analysis Shows $7.7B in Losses From Extreme Heat Events
Jul 5 2024 // The cumulative cost of the seven heat events in California in the past decade amounted to $7.7 billion in losses, a new report shows. The analysis from California Insurance Commissioner Ricardo Lara’s office is the...
Report: Combined California Workers’ Comp Losses and Expenses Down in 2023
Jul 1 2024 // Total insurer combined losses and expenses incurred in 2023 were down, a new report shows. The Workers’ Compensation Insurance Rating Bureau of California released its report on workers’ compensation losses and...
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P
Jun 28 2024 // In the topsy-turvy world of homeowners insurance, first-quarter loss ratios have been bouncing around for the last five years—from below 50 in 2020 to over 70 in 2021 and 2023, a new analysis shows. The S&P Global...
Insured Losses from Recent South Florida Floods Reaching into the Millions
Jun 21 2024 // Recent flooding in south Florida caused insured losses in the hundreds of millions of dollars, from auto and homeowners claims, Aon and AM Best reported. The Florida Office of Insurance Regulation is also reminding...
Allstate Reports May Pretax Catastrophe Losses of $1.4B
Jun 20 2024 // Allstate Corp. on Thursday reported May pretax catastrophe losses of about $1.4 billion. The Northbrook, Illinois-based insurer said 14 events contributed to nearly $1.5 billion in catastrophe losses for May, with 70%...
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