new National Weather Service tool offers real-time flood forecasting at the
street level if communities are likely to see rainfall that will cause flooding
of 1 inch or more, reports Scientific American (11/13/23, Kim).
The Florida Supreme Court may soon weigh in on whether insurers can sue auto-glass shops over assignment-of-benefits and the practice of gift giving to insureds, reports the Insurance Journal (11/9/23, Rabb). In California, another insurer will exit the state despite a recent push for market reform, reports IBA magazine (11/14/23, Pangilinan).
nation in 2023 has seen a record 25 natural disasters that caused at least $1
billion in destruction, federal data show, reports the Insurance Journal (11/15/23, National
News). States as varied as market-focused Florida and consumer-centered
California face growing insurance crises, reports APM Research Lab (11/9/23, Kalale).
U.S. households are spending more income on insurance as repair costs, storm
frequency and other factors make coverage increasingly unaffordable, reports IBA magazine (11/15/23,
Jeff Landry will look to industry for input on coastal-protection strategy in a
shift from his predecessor, reports The Advocate (11/13/23, Finn).
Landry also recently formed a confidential working group to advise him on the
proposed $2.5 billion sale of Blue Cross and Blue Shield of Louisiana, reports Louisiana Illuminator (11/11/23,
Coastal Plaquemines Parish is suing the state to halt the $3 billion Mid-Barataria Sediment Diversion, citing concerns over flood risk, reports The Advocate (11/10/23, Baurick). In Livingston Parish, worries over flooding and other effects of growth have made new development a core issue in local politics, reports The Advocate (11/9/23, DeRobertis).
The state's insurer of last resort is making headway in the form of fewer policyholders and smaller rate increases, reports the New Orleans Times-Picayune (11/13/23, Karlin). Louisiana Citizens Property Insurance Corp. premiums are forecast to rise by 4 percent in 2024 after surging by 64 percent last year, the story notes.
Incoming Insurance Commissioner Tim Temple stresses competition and the fact that insurers can choose where they do business in a Q&A in the New Orleans Times-Picayune (11/16/23, Grace). The regulatory and legal framework will be key to companies doing business in Louisiana, Temple notes.
Escalating risk from climate-driven disasters is eating into property values in some places as more prospective homebuyers back out of deals over the rising cost and uncertain availability of insurance, reports Fox Business (11/7/23, Colomer).
Five years after the deadliest wildfire in California history, some Paradise residents say rebuilding has been stalled by ballooning insurance costs, reports the Associated Press (11/7/23, Hair). Some proposed market reforms are prompting concerns over consumer protection among California Democrats, reports IBA magazine (11/9/23, Pangilinan).
|No, this isn't actually my picture. I just haven't gotten around to updating this section. It's good to know that someone is reading every last word though. Thanks!