California’s destructive Christmas Eve and January storms are a grim reminder that the state is perilously exposed to massive flooding. A paltry 215,000 Californians—less than 2 percent of the state’s homeowners—buy flood insurance, which is excluded in conventional homeowners insurance …
The Florida Legislature will conduct a special session during the week of December 12 focusing on fixes for a failing, flailing insurance market in the state that has reached crisis levels. Symptoms of the crisis include the financial collapse of …
It has been three weeks since Hurricane Ian struck Florida on Sept. 28, 2022. The storm took at least 119 lives and caused estimated insured losses ranging from $31 billion to $74 billion, with most estimates in the $60 billion …
Judge William Blackstone’s 18th century Commentaries on the Laws of Englandhas been deemed among the most significant influences on the development of U.S. law, second only to the Bible. Blackstone continues to be cited regularly in Supreme Court decisions. In …
A September 8 U.S. Senate Banking, Housing and Urban Affairs Committee hearing on current issues in insurance included useful discussion on some of the industry’s most pressing concerns. Comments from the committee’s members and from one witness, Maryland Insurance Commissioner …
On June 23, the U.S. Senate Banking, Housing, and Urban Affairs committee held a hearing to discuss legislative proposals to reform the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP). There were 17 proposals included in FEMA’s 104-page …
Florida’s homeowners insurance market is in a perilous, precarious position. Florida has not been struck by a hurricane since 2018, yet there have been seven Florida insurer insolvencies in the recent hurricane-free years, including three so far this year. Hurricane …
If the Florida homeowners’ insurance market were in a medical exam, the diagnosis would find the patient in dangerously poor condition. The patient’s vital signs—its financial results—are troubling. What is more, there are multiple co-morbidities. The welter of symptoms collectively …
Any major event or upheaval that affects the economy, the environment, technology, health or law somehow touches insurance. War is no exception. The repercussions of Russia’s unprovoked military invasion of Ukraine are already being felt in numerous corners of the …
The insurance industry is far from the economy’s most-admired sector. A Forbes survey found insurance ranking low in popularity in the public eye. Three main reasons are responsible for insurers’ relatively poor rating. First is the intangible nature of the …
