News
RockRose Risk raised $9 mn to expand wildfire insurance brokerage
13+ hour, 49+ min ago (229+ words) RockRose Risk, a climate-focused insurance brokerage and captive underwriting manager that specializes in wildfire-exposed commercial property insurance in the U.S., raised $9 mn in funding to expand its brokerage platform focused on wildfire-exposed properties. CEO and founder Andrew Engler confirmed the financing....
Outdated flood maps drive debt in US National Flood Insurance Program
13+ hour, 19+ min ago (281+ words) The National Flood Insurance Program provides flood coverage to households and businesses across the United States. Yet the program continues to struggle with persistent debt and funding pressures. New research co-authored by Upmanu Lall of Arizona State University suggests outdated…...
California FAIR Plan expands as insurers withdraw from lower-risk neighborhoods
13+ hour, 39+ min ago (411+ words) California's property insurance market shows growing strain as insurers retreat from areas once considered moderate wildfire risk. Thousands of homeowners now rely on the California FAIR Plan for basic insurance coverage. The program was designed as a safety net for…...
California bill proposes statewide rules for wildfire smoke insurance claims
13+ hour, 4+ min ago (398+ words) California lawmakers introduced legislation designed to standardize how insurers handle wildfire smoke damage claims. The proposal follows major fires that contaminated thousands of homes across the state. The measure, called the Smoke Damage Recovery Act, was introduced by Ricardo Lara…...
Hawaii insurance regulator urges quick claims after severe storms
13+ hour, 14+ min ago (257+ words) The Hawaii Department of Commerce and Consumer Affairs and its Hawaii Insurance Division are urging residents to review insurance coverage and report storm damage quickly after recent high winds and heavy rainfall across the islands. Officials recommend that homeowners, renters,…...
NFIP shutdown risk exposes gaps in flood insurance cover access
1+ week, 6+ day ago (242+ words) Last year's federal government shutdown exposed a structural weakness in the National Flood Insurance Program. When congressional reauthorization lapsed, NFIP operations stalled, freezing issuance of new policies, renewals and coverage increases, according to Ward and Smith. During the shutdown, new…...
California bill targets wildfire non-renewals, adds 6-month notice
2+ week, 5+ day ago (270+ words) California lawmakers are advancing a bill that would tighten rules around wildfire-related non-renewals. State senators from Northern and Southern California introduced the measure roughly a year after Los Angeles County experienced the costliest insured wildfire in state history. The proposal…...
Insurtech Titan Flood launches private residential flood program with Nationwide
3+ week, 14+ hour ago (263+ words) 96% of US households carry no flood insurance, even as flooding ranks among the most frequent and costly natural disasters nationwide. Titan Flood, an AI-enabled flood insurance platform, has launched a private residential flood program in partnership with Nationwide E&S…...
Oklahoma insurance reform advances as profit oversight House Bill 2933 fail
3+ week, 12+ hour ago (268+ words) Oklahoma Insurance Commissioner Glen Mulready's policy package cleared its first legislative hurdle after the House Civil Judiciary Committee unanimously advanced House Bill 2933. The measure, sponsored by Rep. Mark Tedford, now moves to the Judiciary and Public Safety Oversight Committee and…...
Oklahoma senator files bills targeting insurer profits and rates
3+ week, 15+ hour ago (271+ words) An Oklahoma state senator introduced a package of insurance reform bills aimed at addressing rising premium costs across the state. Sen. Julia Kirt, Minority Leader of the Oklahoma Senate, pre-filed three measures ahead of the legislative session beginning in early…...