Insurers Warn Washington Court Ruling Will Raise Rates for a Million Consumers April 26, 2021
Insurer groups expressed disappointment over a judge’s ruling denying an industry request to halt an emergency rule that temporarily bans the use of insurance credit scoring in Washington.
The Independent Insurance Agents and Brokers of Washington, the Professional Insurance Agents of Washington, and the American Property Casualty Insurance Association had joined together in a lawsuit Kreidler’s ban.
The groups warned that if Judge Mary Sue Wilson’s ruling against insurers’ request for a preliminary injunction in a regulatory matter will negatively impact Washington consumers. Wilson found that industry associations challenging the rule were unlikely to succeed with their arguments, and that Kreidler demonstrated good cause for the emergency rule and did not exceed his authority as the regulator of insurance practices in the state.
TALLAHASSEE An effort to end the state’s no-fault auto insurance system is set for a vote next week in the Florida House.
The House took up the proposal Friday and, with little discussion, positioned it for a vote. The bill (SB 54) would eliminate the requirement that motorists carry personal-injury protection, or PIP, coverage, and replace it with a requirement that they have bodily-injury coverage.
The Senate already approved the bill, but the proposal would have to bounce back to the Senate if it is backed by the House. That is because the House made changes to the bill Friday.
Florida drivers send 12K letters to lawmakers opposing PIP repeal
Stock image via Adobe. Any reforms to Florida’s auto insurance system should be focused on reducing consumer costs.
Nearly 12,000 Floridians have sent letters to lawmakers this month urging them to preserve Florida’s existing personal injury protection and “no-fault” auto insurance system.
“Florida drivers are taking action and writing to their elected officials to ask that they oppose
Logan
McFaddin, assistant vice president of state government relations for the American Property Casualty Insurance Association (APCIA). “Floridians already pay the
highest premiums in the country for full auto insurance coverage, so they are understandably concerned about any public policy changes that would push costs even higher.”
Climate Change Could Cut World Economy by $23 Trillion in 2050, Insurance Giant Warns
Poor nations would be particularly hard hit, but few would escape, Swiss Re said. The findings could influence how the industry prices insurance and invests its mammoth portfolios.
Flooding in Jakarta, Indonesia, after torrential rains in February. An analysis by Swiss Re found that a “severe case” of temperature gains would shrink the economy of Indonesia by 40 percent.Credit.Dita Alangkara/Associated Press
April 22, 2021Updated 10:10 a.m. ET
WASHINGTON Rising temperatures are likely to reduce global wealth significantly by 2050, as crop yields fall, disease spreads and rising seas consume coastal cities, a major insurance company warned Thursday, highlighting the consequences if the world fails to quickly slow the use of fossil fuels.
by John Haughey, The Center Square contributor | April 21, 2021 07:00 PM Print this article Doing away with no-fault insurance and requiring Florida drivers purchase mandatory bodily injury (MBI) coverage won’t lower Florida’s nation-leading auto insurance rates but increase them further, another auto insurer maintains.
For at least 40 percent of Florida’s 16 million drivers who don’t now have MBI coverage – about 7 million – replacing the state’s no-fault system with MBI could mean annual rate increases of $600 to $1,000, according to Don Moser, president of Amwins Specialty Auto of Florida.
“This will be most pronounced in the segment of our population with limited income, including a disproportionate impact on minorities,” Moser said in a Tuesday statement.