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Apr 11
More Homeowners Risk 'Going Bare'

The number of U.S. homeowners who “go bare” and don’t buy property insurance has risen to 12 percent from 5 percent in 2015, reports Reuters (4/8/24, Taylor). Including the cost of homeowners insurance in 2023’s Consumer Price Index of 3.4 percent would have added 0.8 percent to that measure of inflation, reports Bloomberg (4/9/24, Hirji).

Apr 11
Safety Features, Labor Costs Shape Auto Claims

A new analysis finds high-tech safety features and higher labor costs due to their complexity make repairs and thereby auto claims costlier, reports Claims Journal (4/8/24, Jergler).

Apr 11
Market Progress in Florida

​Evidence of market improvement in Florida a year after reforms includes the fact that its property insurer of last resort continues to shed policies, including more than 100,000 this year, reports WESH TV (4/10/24, Dutes). A story in The Insurer (4/8/24) notes that its market turned a modest profit for the first time in seven years. ​

Apr 11
Storm-claims Law Firm is Bankrupt

The Texas-based law firm under investigation for Louisiana hurricane-claims fraud has filed for bankruptcy, reports IBA magazine (4/9/24, Frost). State insurance investigators nationwide plan to collect zip-code level data on premiums, claims and other measures as part of a study on affordability, but Louisiana will not participate and Florida may follow suit, reports IBA magazine (4/9/24, Schoeff).

Apr 11
Storms Batter Much of State

​Intense rain flooded parts of New Orleans on Wednesday while a tornado ripped up Slidell, reports the New Orleans Times-Picayune (4/10/24, Simerman). Officials are working to tally damage from storms that impacted communities from Lake Charles to the Felicianas, reports The Advocate (4/11/24, Sloan-Turner). Slidell was hit by a tornado of at least EF1 strength, reports The Advocate (4/10/24, Lubben). Colorado State University forecasters predict a “hyperactive" tropical storm season for Louisiana and other parts of the Gulf Coast, reports Newsweek (4/8/24, Phillips). The state's deputy commissioner of insurance noted some improvement in the New Orleans commercial market and said fixing the state's insurance crisis will take time, reports Fox8 (4/9/24, Wilson). Jefferson Parish is seeing more insurers write policies, reports BizNewOrleans (4/9/24, Collins).

Apr 11
Forecast: Rate Jumps and Storms

Louisiana and Florida are expected to see the biggest rate jumps among states due to disaster risk, reports Fox Weather (4/10/24, Wulfeck). The state’s new attorney general said taking on the “unaffordable” cost of flood insurance is a priority for her office, reports KATC (4/5/24, Touissant). 

Apr 11
Citizens Bill Dies Amid Party Divide

A split among GOP lawmakers doomed a proposal to exempt Louisiana Citizens Property Insurance Corp. from “bad faith” penalties, reports the New Orleans Times-Picayune (4/10/24, Finn). Lawmakers deferred action on proposals related to Citizens surcharges and insurer profits, reports Center Square (4/7/24, Wilson), while home-insurance affiliates could get more state scrutiny, reports the Times-Picayune (4/4/24, Karlin). Policyholders are increasingly desperate for a fix to the home-insurance crisis, reports the Times-Picayune (4/7/24, Karlin). 

Apr 04
Key Bridge Claims will be Enormous

​Insured losses from the deadly collapse of the Francis Scott Key Bridge in Baltimore could run to $4 billion, according to some early estimates, reports the Insurance Journal (3/29/24, National News).​

Apr 04
Subpar Rebuilding Swells NFIP Premiums

Homeowners in southwest Florida face a loss of discounts that will translate into a 25 percent jump in flood-insurance premiums because local officials permitted “subpar” rebuilding after 2022’s Hurricane Ian, reports the Insurance Journal (4/1/24, Southeast News). 

Apr 04
Premiums Headed for Record

​U.S. home insurance rates are expected to reach a record high this year, with the biggest increases occurring in states prone to severe weather events, according to a new analysis, reports Bloomberg (4/1/24, Liu). U.S. homeowners worry about the impact of climate change on their property values, reports Newsweek (4/2/24, Mohammed). Insurance prices could undermine home values in California, reports MarketWatch (3/30/24, Swaminathan).​

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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!