1+ day, 18+ hour ago (575+ words) Successful reforms targeting medical malpractice in 1975 and workers' compensation in 1991 solved Louisiana's insurance crises of those times. Putting the current auto liability crisis into that historical context may help provide a path for the present. In 1975, Louisiana enacted medical malpractice reform legislation aimed at addressing the escalating costs and diminishing availability of medical malpractice insurance. The legislation introduced a cap on noneconomic damage and limited awards for pain and suffering to $500,000, while allowing unlimited economic damages. This reform was designed to stabilize the medical malpractice insurance market, reduce the burden on health care providers and ensure that patients still had access to necessary medical services. At the same time, legislators created an underwriting entity, the Patients' Compensation Fund (PCF), to spur the market. Today, this insurance market is stable, competitive and healthy. In 1991, Louisiana passed comprehensive workers' compensation reform legislation…...

4+ day, 13+ hour ago (612+ words) While State Farm Insurance posted several highly visible rate hikes this year " and appears poised to return to profitability with the strongest underwriting performance in two decades " the credit rating firm AM Best has downgraded the insurer's financial strength outlook. AM Best, the world's largest credit-rating agency specializing exclusively in the insurance industry, said the downgrade reflects an "adverse underwriting experience" from increasing losses in both auto and homeowners insurance. It also noted a challenging regulatory environment and frequent hurricanes and wildfires. The downgrade knocked State Farm, the country's largest property and casualty insurer by market share, from the very top of AM Best's rating scale (A++) to A+. The agency also downgraded the company's long-term issuer credit rating to "aa", from "aa+" . While the insurer's ratings still indicate high financial strength, even a relatively small ratings cut could substantially…...

1+ week, 1+ day ago (162+ words) State Farm is asking California regulators to approve a 6.2% rate decrease on car insurance, citing a trend of decreasing auto claims costs, the company announced Thursday. State Farm Mutual Automobile Insurance Co. is the largest auto insurer in both California and the U.S. as a whole, insuring 18% of the market nationwide as of 2024, according to the National... State Farm is asking California regulators to approve a 6.2% rate decrease on car insurance, citing a trend of decreasing auto claims costs, the company announced Thursday. State Farm Mutual Automobile Insurance Co. is the largest auto insurer in both California and the U.S. as a whole, insuring 18% of the market nationwide as of 2024, according to the National" Vanguard On The 3 Best Investments " And Tech Stocks Aren't 1 Of Them Matters of Life and Death ICMG 2026: 3 Days to Transform Your Business Speed Networking, deal-making, and insights that…...

2+ week, 5+ day ago (367+ words) Chicago, Nov 11, 2025 "The coming year may pose challenges to insurers that are outside their control, such as economic uncertainty and weather catastrophes. However, there are several steps they can take to improve customer retention, which has fallen in 2025, according to TransUnion's latest analysis. The research includes a survey of consumers' attitudes and plans for managing their property and auto insurance policies over the coming year. These findings and many more insights on moderating rates and profitability are included in TransUnion's 2026 Trends and Outlook Report. "The landscape in 2026 will continue to be increasingly competitive, especially for auto policy growth," said Patrick Foy, senior director of strategic planning for TransUnion's Insurance business. "Using targeted marketing to speak to consumers about what they value most will create a significant advantage." Among the top reasons consumers said would make them more likely to stay…...

2+ week, 6+ day ago (681+ words) (The Center Square) " Illinois Secretary of State Alexi Giannoulias has expanded his campaign to regulate auto insurance rates. Giannoulias visited Chicago churches Sunday to push his campaign aimed at restricting insurance companies from using certain data to determine premiums. "After a successful virtual town hall series, where our office heard from over 900 Illinoisans, our office wanted to continue to build momentum by launching a faith-based focused outreach," the secretary said in a statement. "That's why we went to three Churches today to meet with faith leaders and their congregants and urge them to use their voice and share their story," Giannoulias added. A statement from the Secretary of State's office said over 900 Illinoisans participated in the town halls to learn more about the issue and share their stories. During the virtual town hall for Springfield residents last month, Giannoulias said…...

4+ week, 2+ day ago (115+ words) Florida Chief Financial Officer Blaise Ingoglia Progressive Insurance is poised to refund its Florida auto insurance customers nearly $1 billion at the end of 2025, as a result of state regulations that bar auto insurers from earning excess profits from policies, Florida officials reported last week. Florida Chief Financial Officer Blaise Ingoglia Progressive Insurance is poised to refund its Florida auto insurance customers nearly $1 billion at the end of 2025, as a result of state regulations that bar auto insurers from earning excess profits from policies, Florida officials reported last week. Dogecoin (DOGE) Price: Memecoin Drops 8% Following Fed Meeting Federal judge grants Wellmark injunction blocking enforcement of parts of Iowa drug pricing law...

1+ mon, 16+ hour ago (418+ words) MALVERN, Pa.--(BUSINESS WIRE)-- A new analysis by the Insurance Information Institute (Triple-I) and the Casualty Actuarial Society (CAS), finds that legal system abuse (LSA) and related litigation trends contributed to $231.6 billion to $281.2 billion found in increased liability insurance losses over the past decade, a surge that far exceeds what can be explained by economic inflation alone. The report, The Impact of Increasing Inflation on Liability Insurance: 20152024, finds that rising jury awards, litigation financing and evolving legal dynamics have driven higher claims costs and defense expenses for personal auto, commercial auto, other liability occurrence and product liability occurrence. "This analysis illustrates that the severe spikes in liability insurance claims losses go well beyond normal economic inflation," said Sean Kevelighan, CEO, Triple-I. "Legal system abuse, manifested through excessive verdicts and litigation behaviors, has fueled a structural rise in claim costs that…...

1+ mon, 2+ week ago (433+ words) Tariffs are rewriting the math of content claims. Higher costs for consumer goods are impacting the cost of property/casualty insurers paying claims for contents of homes that are damaged or destroyed. In the past, contents were treated as too small to matter significantly in claims severity trends. But with tariffs raising the costs of items such as clothing, electronics and appliances, contents are now a source of volatility. These costs are further compounded by the increased severity and frequency of catastrophe claims. A white paper from Adjusto, "The Cost of Everything: What Tariffs Mean for Claims and Insurers," described how tariffs are raising the cost of paying claims for contents. Decades of economic research show that tariffs are overwhelmingly passed down the supply chain, the report said. Importers adjust prices, wholesalers add margins, retailers raise sticker prices and consumers…...

1+ mon, 2+ week ago (249+ words) STAMFORD, Conn.--(BUSINESS WIRE)-- In The Car, LLC., an embedded digital-first insurance platform, today announced that it has filed a U.S. provisional patent application for its innovative technology that delivers personalized auto insurance in real time to customers during new car purchases or service appointments. The patented system enables OEMs and automotive dealerships to provide customers individualized insurance quotes from an A-rated insurer near instantly. The new technology can be seamlessly integrated into the automobile dealer's sales process without changing the customer experience. Car dealers access the new technology by incorporating In The Car into their dealership management system (DMS). By leveraging secure data connections, real-time event triggers, and automation, In The Car transforms the way consumers discover and purchase insurance. Laura Crabill, Vice President of Operations, added: "We're focused on building a system that benefits all parties " simplifying dealership operations while…...

1+ mon, 2+ week ago (133+ words) Source: Getty Images With homeowners" insurance replacement costs jumping 55% between 2020 and 2022 and nearly two-thirds of U.S. drivers finding auto insurance unaffordable, the personal lines insurance industry must transform from a reactive "repair-and-replace" model to a proactive "predict-and-prevent" approach to rebuild consumer trust and ensure long-term... Source: Getty Images With homeowners" insurance replacement costs jumping 55% between 2020 and 2022 and nearly two-thirds of U.S. drivers finding auto insurance unaffordable, the personal lines insurance industry must transform from a reactive "repair-and-replace" model to a proactive "predict-and-prevent" approach to rebuild consumer trust and ensure long-term" Drummond Takes Mulready to Task Over Homeowners Rates As Republicans and Democrats fight in DC, 300,000 Oklahomans face surging health insurance costs...