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Carrier Management reposted this
During a three-day hearing about State Farm General’s request for an interim emergency homeowners insurance rate increase last week, testimony centered on the financial condition of the California affiliate of State Farm Mutual Automobile Insurance Company. There was much less discussion of factors used to develop and trend catastrophe and non-catastrophe losses to support an indicated double-digit rate increase. https://lnkd.in/gNPsumDV
In this issue of Carrier Management's Insurtech Newsletter, read about: ℹ️Tech Innovation Guides Work at Turvi ▶️ https://lnkd.in/ge6fx9TB ℹ️The Future of the Insurance Customer Experience Is Unity, Personalization ▶️ https://lnkd.in/gRCWrvWZ ℹ️The Insurance Industry's Talent Crunch: Attracting and Retaining Gen Z ▶️ https://lnkd.in/gGUjv2bC and more! Subscribe to this free weekly newsletter to get smart, curated updates on the tech reshaping insurance ▶️ https://lnkd.in/gSH4xBG6
https://lnkd.in/d7Xd2eCs This sneak peek of Between the Lines: The Road Ahead hosted by Carrier Management Deputy Editor, Elizabeth Blosfield, with Michael Anderson MBA of Guidewire Software, explores how emerging self-driving technologies could impact insurance claims — particularly in collision frequency, severity, and repair costs. While these advanced systems promise safer roads, experts highlight a growing concern: the technology is expensive, and repair costs continue to rise. From sensors to software, the parts that enable autonomous driving also increase claim severity. Yet, the expected drop in claim frequency hasn’t clearly materialized. As tech evolves, so too does the risk landscape — raising big questions for insurers. Watch the full webinar to learn more: https://lnkd.in/gB9Eie6q
Roof repair and replacement cost value totaled nearly $31 billion last year — up nearly 30% since 2022, according to a new report from Verisk. The strategic data analytics and technology provider reported that roof-related line items made up more than a quarter of all residential claim value in 2024. Wind and hail were the predominant drivers of these loss costs and accounted for more than half of all residential claims. https://lnkd.in/gvPSejMe
Lawyers for State Farm General, the California Department of Insurance and Consumer Watchdog presented opening arguments in a hearing to determine the fate of State Farm’s request for an emergency homeowners rate increase yesterday. https://lnkd.in/gfE3ZYWZ
A federal judge ruled on Friday that Republican U.S. President Donald Trump’s administration violated a court order by halting Federal Emergency Management Agency’s disbursement of millions of dollars in grant funding to states. https://lnkd.in/gacgp9wY
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https://lnkd.in/ecsBzcaU In this preview of Between the Lines: The Road Ahead hosted by Carrier Management Deputy Editor, Elizabeth Blosfield, it unpacks the hidden risks in self-driving car supply chains — specifically the challenge of managing not just your vendors, but your vendor’s vendors. With limited visibility into subcontractors and growing pressure from 2027 and 2030 compliance deadlines, ensuring due diligence across the supply chain is becoming increasingly complex. The discussion highlights why insurers and tech leaders must act now to address these layered risks. Watch the full webinar to learn more: https://lnkd.in/gB9Eie6q With expert speakers, Melissa Ventrone and Linda Watson of Clark Hill Law.
Lawyers for State Farm General, the California Department of Insurance and Consumer Watchdog presented opening arguments in a hearing to determine the fate of State Farm’s request for an emergency homeowners rate increase yesterday. The public hearing in Oakland, Calif., before Administrative Law Judge Karl-Fredric Seligman was originally set for parties to present arguments for and against a 22 percent rate hike. But last Friday, State Farm’s California homeowners insurer and CDI agreed that the figure for the interim increase could be lowered to 17 percent. https://lnkd.in/gfE3ZYWZ
Carrier Management reposted this
"Absent the rate increase and absent the capital infusion, I think it’s like rolling the dice. You don’t know what is going to happen to State Farm General.”