6+ hour, 30+ min ago (86+ words) Insurtech bolt launched a new homeowners insurance offering the firm is calling VTRO. VTRO is a California-based managing general agent created by bolt. VTRO combines comprehensive coverage with bolt's smart water sensor technology. The firm said the policies are underwritten by an A.M. Best "A" and Standard & Poor's "A+" rated carrier. VTRO policies are now accessible to licensed agents across the state through bolt's digital platform. bolt is a distribution platform for property/casualty insurance. Topics California New Markets Homeowners...

6+ day, 4+ hour ago (322+ words) The Tulsa City Council last week approved an ordinance allowing the city's fire department to charge insurance companies for responses to some motor vehicle accidents. The cost recovery program will charge the at-fault driver's insurance carrier, and the fee amount will vary based on the severity of the crash. Fees will range from $710 to $1,865 per response. The city of Tulsa expects to generate up to $1.2 million in reimbursements next year, Deputy Fire Chief Doug Carner told councilors. The ordinance could go into effect as early as Dec. 13. Most insurance companies already have a built-in line item for first responder recovery fees, Carner said. "Just from our recovery of funds, there should not be a price increase to individuals' insurance premiums," Carner said. The Tulsa fire department has partnered with FireRecovery USA, a third-party vendor, which will collect recovery costs from…...

1+ week, 6+ hour ago (442+ words) Florida's insurance commissioner has approved a 6.9% average decrease in workers' compensation rates for the voluntary market for 2026, marking the ninth straight year of rate cuts in the state. The average rate reduction will be for new and renewal workers' comp policies, starting Jan. 1. Like most states, Florida has seen a steady drop in experience, or worker injury rates, in the last decade in most job classifications. Florida also has seen a decline in workers' compensation medical costs. "This rate decrease directly translates to reduced operating costs for businesses, encouraging investment and growth throughout Florida's economy," Commissioner Michael Yaworsky said in a statement. The approval follows a September filing by the National Council on Compensation Insurance, which recommends rates or loss costs changes for 38 states. The NCCI based its recommendation on 2022 and 2023 data. Not everyone in Florida is pleased with the…...

1+ week, 1+ day ago (256+ words) Citizens Property Insurance Corp., the state-created insurer of last resort, is no longer the largest carrier in Florida. The ranking is seen as a significant milestone in the push for a more stable, market-based insurance system in the state. Citizens" leadership announced that October takeouts and assumptions by other insurers had trimmed Citizens" policy count to about 560,000 " a level not seen since spring of 2021, just before a litigation crisis worsened and multiple carrier insolvencies began to balloon Citizens" exposure. The drop means Fort Lauderdale-headquartered Universal Property & Casualty Insurance and State Farm Florida Insurance are now the largest property insurers in Florida. Universal reported some 561,546 policies in Florida at the end of September. State Farm held some 646,429 policies at the end of August, according to the latest information from Florida regulators. A Citizens spokesman called the new numbers "significant," and are…...

1+ week, 1+ day ago (531+ words) When Matt Sutika, CEO of Nimble Insurance in Sarasota, Florida, heard that the agency had been named one of the best agencies to work for in the Southeast, he said it validated so much that he and the agency's employees had worked for over the last decade. "It means more than just about any other award we could win," Sutika said. "Most recognition in our industry is based on numbers or metrics'but this one came from our own team. That hits differently." Employees at Nimble, which also has a branch office in Spring, Texas, seem to agree, according to Insurance Journal's survey of agency workers and their feedback. Comments repeatedly emphasized the commercial insurance agency's deep focus on employee well-being, as well as "nimble" and responsive customer service. "Our agency is one of the best places to work because we…...

1+ week, 4+ day ago (229+ words) The National Flood Insurance Program (NFIP) has been reauthorized until the end of January 2026. With the passage of HR 5371, which ended the 43-day shutdown of the federal government, NFIP was temporarily extended until Jan. 30, 2026. The program lapsed without a reauthorization at the start of Oct. 1. No new federal flood insurance policies were sold or renewed during the timeframe. The Federal Emergency Management Agency (FEMA), administrator of NFIP, could have made payments for claims with available funds. The spending bill reauthorizes NFIP retroactively, backdated to Oct. 1, according to Louisiana Commissioner of Insurance Timothy Temple. Citing a FEMA bulletin, Temple said NFIP insurers can issue policies effective as of the date they received the application, and any claims made during the lapse can be processed and paid. NFIP has been reauthorized more than 30 times since 2017. APCIA provided feedback to a FEMA Review…...

1+ week, 5+ day ago (621+ words) During earnings conference calls last week leaders of two large personal lines insurers commented on affordability issues, highlighting the downward impact of Florida tort reforms on auto insurance prices. "At a time when voters are clearly voting with their pocketbooks, this is really a golden opportunity for other states," said Tom Wilson, president and chief executive officer of Allstate, suggesting that more states should "lean in" to the types of reform measures that took hold in Florida 2023. "Tort reform may seem arcane from an inflation standpoint, but it has the potential to really help consumers deal with increased inflation. It is just a terrific way to help customers," he said. At competitor Progressive, where CEO Tricia Griffith and Chief Financial Officer John Sauerland specifically reported that the company has put through two auto insurance rate reductions this year in Florida…...

2+ week, 1+ day ago (283+ words) Two U.S. Congressmen, one a Democrat from Louisiana and the other a Republican from Mississippi, have introduced legislation to retroactively restore the National Flood Insurance Program (NFIP). Congressmen Troy A. Carter, Sr., D-La., and Mike Ezell, R-Miss. introduced H.R. 5848, the NFIP Retroactive Renewal and Reauthorization Act, a bill that would reauthorize the NFIP through 2026 and include a retroactive renewal period for policyholders whose coverage expired during the government shutdown. NFIP's lapsed without congressional authorization as the federal government shutdown Oct. 1. New federal flood insurance policies have not been issued or renewed. The 30-day grace period to renew policies expired for some policyholders at the end of October, meaning they could face partial-risk assessments and higher rates, Carter said. If Congress does not enact a retroactive reauthorization, any new or renewed policies will only take effect on or after the date the program is…...

2+ week, 1+ day ago (275+ words) The Missouri Department of Commerce and Insurance (DCI) sent a bulletin to insurers last week stating that insurers should avoid non-renewals and cancellations for master policies issued to condominiums that experienced damage from severe storms this year. DCI sent out the addendum on Nov. 4 after it received multiple complaints indicating that condominium complexes throughout the state have received non-renewal or cancellation notices. The complaints refer to master policies issued to the condominium owner/association and not HO-6 policies. "The Department understands these condominiums are still in the process of negotiating their damage claims with their insurance companies or are in the process of completing repairs," the bulletin states. DCI said in a previous Oct. 16 bulletin that homeowners whose properties were damaged by severe storms should have a reasonable amount of time to complete necessary repairs before insurers take "adverse underwriting actions…...

2+ week, 4+ day ago (492+ words) A few of the victims of the Los Angeles wildfires in January are asking California Gov. Gavin Newsom to call for the resignation of California Insurance Commissioner Ricardo Lara over reforms Lara pushed that were designed to help ease the state's homeowners insurance crisis. The calls for Lara's resignation follow a New York Times article an agreement between Lara and several insurers, intended to keep carriers from continuing to withdraw from the wildfire-prone state, enabled carriers to drop tens of thousands of policyholders ahead of the L.A. fires. Related: The LA Fires Destroyed 11,000 Homes. Less Than 10% Have Permits to Rebuild According to the New York Times article, in 2023 Lara struck a deal with insurers that enabled them to drop policyholders in exchange for future rate hikes, but it was billed as a way to keep people out of the California FAIR…...