Page 21 - Plan Association News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Texas FAIR Plan Rate Increase Filings Approved April 26, 2021 The Texas Department of Insurance (TDI) has approved the FAIR Plan’s rate changes. The changes resulted in overall statewide average rate increases for homeowners, dwelling, condominium and renters policies. On Jan. 22, 2021, the FAIR Plan Association filed residential property insurance rates for its homeowners (HO-A), dwelling (TDP-1), tenant (HO-BT), and condominium (HO-CONB) policy forms with TDI. The approved rates are effective for new business and renewals on Aug. 1, 2021. Approved Chang...

Insurers Have Paid Nearly $1.7B Property, Auto Claims from Texas Winter Storm April 19, 2021 As of late March, Texas policyholders had filed 386,108 property and auto insurance claims related to the winter storm that blanketed the state in mid-February. That number reflects preliminary results from a data call issued February 26 to property and auto insurers by the Texas Department of Insurance seeking information on claims stemming from the storm that impacted the state Feb. 11 – 19. TDI has released a report, February 2021 Winter Storm Survey Data Indus...

California FAIR Plan Endorses Bill Expanding Coverage to Farms April 8, 2021 The California FAIR Plan Association is publicly supporting a bill to amend the California Insurance Code to allow the FAIR Plan to write commercial coverage for permanent structures on farms. The California Fair Access to Insurance Requirements, or FAIR, Plan is an insurance pool established by law to assure the availability of basic property insurance to people who own insurable property in California and who are unable to obtain insurance in the private insurance market. Senate ...

‘DON’T TELL ME YOUR VALUES, SHOW ME YOUR BUDGET’ The PG&E donations covered in this story all came from the corporation’s own funds and could have been spent on other priorities if the company had desired. Like the money that PG&E donated as a convicted felon to Gov. Gavin Newsom and a supermajority of the legislature in 2018, the company’s 2020 donations were not illegal. They do raise ethical questions because PG&E holds a state-granted monopoly over 16 million Californians, a population greater than the cities of New York, Los Angeles, and Chicago combined. Related Articles “Th...

Winter Storm Uri Losses in Texas Expected in $10B – $20B Range March 1, 2021 It’s likely that insured losses in Texas from Winter Storm Uri, which overwhelmed the state in mid-February, will climb into the $10 billion to $20 billion range, according to catastrophe modelers and insurance industry market analysts. Losses from Uri may be “somewhat comparable to those from Hurricane Harvey, which was a Category 4 hurricane that made landfall on Texas and Louisiana in August 2017,” according to S&P Global ratings. The market intelligence organization sai...