Browsing: Insurance Crisis

The U.S. insurance market is facing a severe crisis as climate change continues to drive up premiums and push insurers out of high-risk areas, leaving homeowners struggling to afford coverage.

California homeowners face another sharp increase in insurance rates as State Farm raises prices by 17%, following a 20% hike last year, amid growing concerns over climate change and its impact on the insurance industry.

California Insurance Commissioner Ricardo Lara has approved State Farm’s emergency rate hike request following devastating wildfires

California’s home insurance woes are more a result of regulatory climate than actual climate change

California’s insurance commissioner, Ricardo Lara, has approved a 17% emergency rate hike for State Farm homeowners insurance customers following the devastating Los Angeles wildfires.

The U.S. homeowner’s insurance market faces significant challenges due to climate change and urban development, threatening millions of families nationwide. This article examines the crisis, its cascading effects, and potential mitigation strategies across three key domains: pricing and underwriting innovations, data availability and modeling capacity, and built environment vulnerability mitigation.

As extreme weather intensifies, voters nationwide are increasingly concerned about rising property insurance costs and want government intervention to protect consumers

Two law firms sue California’s largest insurers, alleging they colluded to drop customers and stop writing policies, pushing homeowners to the FAIR Plan.

California homeowners pay some of the lowest insurance rates in the US, but this affordability masks a deepening crisis in the state’s insurance market.

New Mexico faces a potential property insurance crisis as over 23% of homeowners lack insurance coverage, nearly double the national average.