California Department of Insurance

Allstate Announces November 2023 Implemented Rates

Retrieved on: 
Thursday, December 14, 2023
Insurance, Professional Services, Allstate, NYSE, California Department of Insurance, ALL

The Allstate Corporation (NYSE: ALL) today announced implemented auto and homeowners insurance rates for November 2023.

Key Points: 
  • The Allstate Corporation (NYSE: ALL) today announced implemented auto and homeowners insurance rates for November 2023.
  • “Allstate continued to make progress on our comprehensive plan to improve profitability.
  • Implemented rate increases and inflation in insured home replacement costs resulted in a 12.6% increase in homeowners insurance average gross written premium in November 2023 compared to the prior year,” said Jess Merten, Chief Financial Officer of The Allstate Corporation.
  • The rates are expected to raise annualized written premiums by approximately $1 billion.” Our implemented rate exhibit for auto and homeowners insurance has been posted on www.allstateinvestors.com .

NAIC Members Approve Model Bulletin on Use of AI by Insurers

Retrieved on: 
Tuesday, December 5, 2023
Colorado Division of Insurance, Risk management, Risk, Language, Artificial intelligence, California Department of Insurance, National Association, NAIC, Documentation, Committee, Paradigms of AI Programming, 2023 Louisiana elections, Artificial Intelligence System, AI, NIST, Use, Commissioner, Medical device, Insurance

The bulletin reflects the work of the NAIC Innovation, Cybersecurity, and Technology (H) Committee, chaired by Maryland Insurance Commissioner Kathleen A. Birrane.

Key Points: 
  • The bulletin reflects the work of the NAIC Innovation, Cybersecurity, and Technology (H) Committee, chaired by Maryland Insurance Commissioner Kathleen A. Birrane.
  • While not a model law or regulation, the AI model bulletin serves as a guiding document, fostering uniformity among state insurance regulators regarding expectations for insurance carriers deploying AI.
  • The bulletin comprises four key sections, each addressing crucial aspects of AI usage by insurers.
  • The completion and adoption of the model bulletin mark a significant step forward in adapting regulatory frameworks to the evolving landscape of AI in the insurance industry.

Amid California's Turbulent Insurance Market, California FAIR Plan Partners with ZestyAI to Determine Appropriate Pricing

Retrieved on: 
Monday, October 30, 2023
Climate, Insurance, CDI, Risk, California Department, SAN, California Department of Insurance

This cutting-edge technology will enable the FAIR Plan to assess the risk presented at each insured location to determine more accurate premiums for policyholders.

Key Points: 
  • This cutting-edge technology will enable the FAIR Plan to assess the risk presented at each insured location to determine more accurate premiums for policyholders.
  • The FAIR Plan recently received approval from the California Department of Insurance (CDI) to use ZestyAI's Z-FIRE wildfire risk analytics product when setting rates for dwelling policies.
  • "The California FAIR Plan is in a unique position as holder of the highest concentration of wildfire risk of any insurer in California," said Attila Toth, Founder and CEO of ZestyAI.
  • "At the California FAIR Plan, our job is to ensure that all Californians have access to the wildfire insurance coverage and peace of mind they deserve," said Victoria Roach, President of California FAIR Plan.

Kantor & Kantor, LLP Promotes Timothy Rozelle to Partner

Retrieved on: 
Friday, October 13, 2023
Proton, Diagnosis, LLP, Kantor, California Department, Insurance, University, ABA, California Department of Insurance, Cancer, Long-term care, Proton therapy, Lawyer, Coalition, PBT, Patient, Spectrum, Health insurance, Nursing

NORTHRIDGE, Calif., Oct. 13, 2023 /PRNewswire/ -- Kantor & Kantor, LLP, continues to build an exceptional team of superbly talented and diverse lawyers across their practice areas to carry the firm forward.

Key Points: 
  • NORTHRIDGE, Calif., Oct. 13, 2023 /PRNewswire/ -- Kantor & Kantor, LLP, continues to build an exceptional team of superbly talented and diverse lawyers across their practice areas to carry the firm forward.
  • Lisa Kantor said, "I am thrilled that Tim Rozelle has been promoted to partner at Kantor & Kantor.
  • "More than in any other professional environment I have been in, here at Kantor & Kantor I feel most like I can be myself.
  • You can reach Mr. Rozelle via email at [email protected] or call our Northridge, California main office at (818) 886-2525.

Consumer Watchdog Challenges Recidivist Mercury Insurance for Policyholder Price-Gouging, Discrimination and Deception

Retrieved on: 
Wednesday, October 11, 2023
Multimedia, Commissioner, California Department of Insurance, CDI, Consumer Federation of America, Press release, Book, California Department, Intervention, David Good (driver), Consumer Watchdog, Prop, Proposition 103, Left–right political spectrum, California Insurance Code, Mercury General, United States Coast Guard Legal Division, Public participation, Insurance commissioner, News, Child, Mercury, Insurance, Property management, Cryptocurrency

Consumer Watchdog said its participation in the matter would focus on the company's violations of Proposition 103, the 1988 insurance reform initiative.

Key Points: 
  • Consumer Watchdog said its participation in the matter would focus on the company's violations of Proposition 103, the 1988 insurance reform initiative.
  • Consumer Watchdog noted that Mercury had previously promised CDI it would stop many of these practices, which are unlawful under Proposition 103, but nevertheless continued to violate the law.
  • Mercury, as a repeat offender, must pay a steep price or no insurer will bother to obey the law.
  • Consumer Watchdog looks forward to working with CDI prosecutors to bring Mercury to justice – which we believe means barring Mercury from doing business in the state."

AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Topa Insurance Company and Dorchester Insurance Company, Ltd.

Retrieved on: 
Thursday, September 28, 2023
Consulting, Professional Services, Insurance, Finance, Good, AM Best, ALL, California Department, Risk management, Rhode Island Department of Education, Credit, California Department of Insurance, AM, Financial regulation, News, Credit rating agency, Security (finance)

AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of Topa Insurance Company (Calabasas, CA) and its subsidiary, Dorchester Insurance Company, Ltd. (U.S. Virgin Islands).

Key Points: 
  • AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of Topa Insurance Company (Calabasas, CA) and its subsidiary, Dorchester Insurance Company, Ltd. (U.S. Virgin Islands).
  • These companies, which collectively are referred to as Topa Insurance Group (Topa), are wholly owned subsidiaries of Topa Equities, Ltd.
  • Topa Equities, Ltd. is the parent company of Topa Insurance Company and its subsidiary, Dorchester Insurance Company, Ltd. Topa Equities, Ltd. will retain a minority common equity stake in the business.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

Lara's Deal with Insurance Industry Does Nothing for Consumers and Does Not Address Climate Change, Says Consumer Watchdog

Retrieved on: 
Tuesday, September 26, 2023
Commissioner, Consumer, Selling New York, Prop, California Department of Insurance, Policy, Wall Street, Fire, Multimedia, Lawyer, Burn, Proposition 103, Consumer Watchdog, Lara, Organization, Climate change, Investment, Risk, Algorithm, Comment, Artificial intelligence, Wall, Insurance

Consumer Watchdog has recommended establishment of a state land use commission to address this, and that insurance companies be required to insure all homeowners who harden their homes.

Key Points: 
  • Consumer Watchdog has recommended establishment of a state land use commission to address this, and that insurance companies be required to insure all homeowners who harden their homes.
  • Rules finalized last year require insurance companies to offer discounts to homeowners who protect their homes from fire.
  • However, the discounts that insurers began proposing in April have yet to be approved for implementation by the Department of Insurance.
  • "The insurance industry has shifted all of the costs of climate change onto homeowners, by non-renewing policies, increasing premiums, and delaying and denying claims.

Live burn demonstrations show effectiveness of research-based mitigation actions in Wildfire Prepared Home

Retrieved on: 
Tuesday, September 26, 2023
Office of the Oklahoma State Fire Marshal, IBHS, Insurance, Maintenance, California Department, Research institute, Business, CAL, Burn, Chartered Insurance Institute, Wood, Risk, California Department of Insurance, Coal

RICHBURG, S.C., Sept. 26, 2023 /PRNewswire/ -- The Insurance Institute for Business & Home Safety (IBHS) recently conducted two live wildfire demonstrations in California showing the effectiveness of the research-based wildfire mitigation actions in its Wildfire Prepared Home designation program, including maintaining a noncombustible five-foot buffer around a home – Zone 0 – to help reduce its risk of ignition. 

Key Points: 
  • RICHBURG, S.C., Sept. 26, 2023 /PRNewswire/ -- The Insurance Institute for Business & Home Safety ( IBHS ) recently conducted two live wildfire demonstrations in California showing the effectiveness of the research-based wildfire mitigation actions in its Wildfire Prepared Home designation program, including maintaining a noncombustible five-foot buffer around a home – Zone 0 – to help reduce its risk of ignition.
  • "Where we see a beautiful bush or wood mulch, an ember sees fuel," said IBHS CEO Roy Wright.
  • The side-by-side look at fire behavior showed how embers – the leading cause of home ignitions during a wildfire – attack and eventually burn an unmitigated structure while the mitigated building did not ignite.
  • Once a home ignites in a wildfire, it is almost always a total loss without firefighter intervention.

Guidewire Optimistic About New Direction of California Insurance

Retrieved on: 
Sunday, September 24, 2023
Software, Professional Services, Data Management, Technology, Residential Building & Real Estate, State, Local, Construction & Property, Environment, Data Analytics, Insurance, Natural Disasters, Climate Change, Public Policy, Government, Wildfire, California Department, Risk assessment, Climate change, Risk, Map, California Department of Insurance, City, Weather, SVP, NYSE, Reinsurance, Guy-wire

Guidewire (NYSE: GWRE) provided a public statement today regarding Governor Gavin Newsom’s executive order and the California Department of Insurance Commissioner Ricardo Lara’s proposal which seeks to ensure the viability of the state’s insurance market.

Key Points: 
  • Guidewire (NYSE: GWRE) provided a public statement today regarding Governor Gavin Newsom’s executive order and the California Department of Insurance Commissioner Ricardo Lara’s proposal which seeks to ensure the viability of the state’s insurance market.
  • “California's insurance crisis calls for collaboration between government regulators and insurers to create a sustainable insurance market – one that provides consumers protection and choice,” said Guidewire CEO Mike Rosenbaum.
  • We applaud the actions of California Governor Gavin Newsom and Insurance Commissioner Ricardo Lara in their efforts to adapt regulations to support a more viable insurance market."
  • California is the nation’s largest P&C market with more than $11 billion in homeowners and fire insurance premiums written.

AM Best Affirms Credit Ratings of Kemper Corporation, Its Affiliates and Subsidiaries

Retrieved on: 
Thursday, August 24, 2023
Banking, Professional Services, Insurance, Finance, Good, Kemper Corporation, Kemper, AM Best, KMPR, Fullerton Health Group, ERM, California Department, Long-Term Capital Management, L&H, Credit, FSR, Casualty, California Department of Insurance, AM, NYSE, Risk management

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of the property/casualty subsidiaries and affiliated insurance companies of Kemper Corporation (Kemper Corp.) [NYSE: KMPR], collectively referred to as Kemper Property & Casualty Group (Kemper P&C).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of the property/casualty subsidiaries and affiliated insurance companies of Kemper Corporation (Kemper Corp.) [NYSE: KMPR], collectively referred to as Kemper Property & Casualty Group (Kemper P&C).
  • AM Best also has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Kemper Corp.’s life/health subsidiaries, collectively referred to as Kemper Life & Health Group (Kemper L&H) (Chicago, IL).
  • Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) and indicative Long-Term IRs of Kemper Corp., the ultimate parent, headquartered in Chicago, IL.
  • The outlook of these Credit Ratings (ratings) is stable.