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States Continue to Target AI-Driven Rental Pricing Nineteen states are considering bills that would limit the use of third-party software relying on competitor data to set rental housing prices, according...
Trump, Congress Weigh Measures to Preempt State AI Laws The Trump administration circulated—and then put on hold—a draft executive order aimed at preempting state laws regulating artificial...
Last year, after Colorado and California became the first states in the nation to expand privacy protections to include neural data, we said more states could follow suit . This year two more have done...
MI Lawmakers Advance Medical Debt Protections The Michigan Senate’s Health Policy Committee has advanced a trio of bipartisan bills aimed at reducing the burden of medical costs on residents of...
EU Reversing Course on Tech Regulation After aggressively regulating the technology industry for over a decade, the European Union is moving to loosen its landmark digital privacy and artificial intelligence...
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Recent turmoil in the insurance industry related to climate change has largely been concentrated in states like California, Florida and Louisiana. But the problem appears to be spreading to other states, including Arkansas, Ohio and Utah.
Last year insurers in 18 states lost money on homeowners coverage, according to analysis by The New York Times. That number is up 50% from the 12 states where homeowners insurance was unprofitable in 2018 and 125% from the 8 states that fell into that category in 2013. Consequently, insurers are raising premiums, reducing coverage or pulling out of states entirely. (NEW YORK TIMES)
Farmers Insurance said it will resume writing commercial multi-peril policies for several industry sectors in California, including auto service & repair, manufacturing, real estate and wholesale distribution, beginning on Aug. 1.
In a statement the insurer’s president of Business Insurance, Eric Coleman, said: “Farmers has operated in California for nearly a century, and while challenges remain, we are encouraged by the positive changes taking place in the state’s commercial insurance marketplace.”
Those positive changes include increased willingness among state officials to discuss ways of expediting rate filings and allowing insurers to use catastrophe modeling in setting rates.
The news from Farmers comes shortly after it announced it would lift a temporary moratorium on writing new commercial auto insurance policies in California. Last May the company decided to stop writing new property/casualty insurance polices in the state due to inflation and the increased risk of wildfires. (INSURANCE JOURNAL)
—Compiled by SNCJ Managing Editor KOREY CLARK
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