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California Wildfire Mitigation And Recovery Bill Package Introduced

Article 1 Comment California Insurance Commissioner Ricardo Lara and a group of state lawmakers are pushing a 10-bill legislative package designed to improve disaster preparedness and help protect wildfire survivors. The bills intended focus are on consumer protection, climate resiliency and market strength. Among the proposals are a statewide grant program to assist with wildfire hardening, protections for businesses against insurance non-renewals and measures to maximize insurance claim payouts by limiting public adjuster fees. The bills are: The California Safe Homes Act authored by Assembly Member Lisa Calderon provides state-tax-free funds to assist residents in purchasing fire-rated roofs and to develop non-ignition zones around properties. The act would establish a grant program at the California Department of Insurance using existing funds. The Business Insurance Protection Act, jointly authored by Senators Sasha Renée Pérez and Susan Rubio, aims to extend existing protections by broadening the commissioner’s ability to issue an insurance non-renewal and cancelation moratorium after emergency declarations following wildfires to include commercial policies, covering businesses, homeowners’ associations, condominiums, affordable housing units and non-profits. The Insurance Payment Protection Act (AB 597, authored by Assembly Member John Harabedian) is designed to ensure that wildfire survivors receive the maximum funds from their insurance...

iA Financial Group Announces the Acquisition of Global Warranty 0

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iA Financial Group Announces the Acquisition of Global Warranty

Quebec City, QC (Feb. 4, 2025) – iA Financial Group is pleased to announce the acquisition of Global Warranty, a group of companies that are important independent warranty providers and administrators in the used vehicle market in Canada. Founded in 1987, Global Warranty does business with a network of over 1,500 automotive dealerships and more than 400 authorized repair centres across the country. Headquartered in London, Ontario, Global Warranty is a leading provider of vehicle warranties and other vehicle protection products. Global Warranty protects customers with warranty packages that are insured and provides excellent client service. Global Warranty has been a Better Business Bureau (BBB) Accredited Business since March 1997 and enjoys a BBB Accredited Business Rating of A+. “We couldn’t be more pleased with the acquisition of Global Warranty. It is a well-run organization with a strong reputation and we are pleased to welcome this highly professional team into iA Financial Group,” said Gwen Gareau, Senior Vice-President, iA Dealer Services and iA Auto Finance. “This will increase our presence in the used vehicle warranty market, with long-standing operations in London, where our subsidiary Lubrico Warranty is also based.” “The acquisition of Global Warranty fits perfectly with iA Dealer Services’ growth...

Farmers Mutual Hail to Acquire Palliser Insurance 0

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Farmers Mutual Hail to Acquire Palliser Insurance

West Des Moines, IA (Feb. 4, 2025) — Farmers Mutual Hail Insurance Company of Iowa (FMH) is pleased to announce the acquisition of Canadian company Palliser Insurance. Palliser is a leading crop hail insurance provider headquartered in Saskatoon, Saskatchewan, Canada, offering crop hail insurance across Western Canada, supported by the industry’s largest network of agents and adjusters. Farmers Mutual Hail previously had a 20 percent share in the company, with FMH leaders serving on Palliser’s Board of Directors. Shannon Rutledge, FMH president and CEO, commented, “I am excited about this partnership and the impact it will have as we continue to expand and diversify our footprint. The regional expertise, knowledge, and accomplishments that the Palliser team brings with them will contribute to our long-term strategy of strengthening and enhancing our core crop insurance business.” Rutledge added how this move was a good fit for both companies as Palliser has been a partner company with FMH for over three decades, and FMH will continue to support Palliser’s ability to expand and grow their relationships. This is FMH’s first acquisition of a non-U.S.-based company. “FMH has been a valued business partner with Palliser since 2008, recognizing and respecting our important legacy, role,...

DKI Expands in Toronto, Welcoming DKI – Midtown 0

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DKI Expands in Toronto, Welcoming DKI – Midtown

Antigonish, NS (Feb. 7, 2025) — DKI Canada is pleased to announce the addition of DKI – Midtown to its growing network of franchisees. This exciting new partnership brings experienced restoration professional Adam Aayesh and his team into the DKI group, further solidifying DKI’s presence in the Toronto market. “We are thrilled to welcome Adam and his team as our newest DKI location.” Said Chris Schmidt, CEO of DKI Canada. “DKI is committed to providing exceptional disaster restoration services to homeowners and businesses across the country. Adam’s passion and enthusiasm makes him an excellent fit for DKI and provides expertise and compassionate support to even more residents and businesses in need, helping them recover quickly and effectively from unexpected disasters.” Adam brings many years of expertise in disaster restoration to Toronto, specializing in services ranging from fire and water damage restoration to mould remediation and emergency response. With a customer-first approach and a commitment to exceeding expectations, DKI – Midtown Toronto is poised to become a trusted partner for homeowners, businesses, and insurers in the area. “Their dedication to quality, innovation, and community aligns perfectly with our values, and we are confident that their addition will further strengthen the DKI brand in the...

QuickFacts Announces Strategic Partnership with IBAA 0

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QuickFacts Announces Strategic Partnership with IBAA

Toronto, ON (Feb. 14, 2025) – QuickFacts, a leader in innovative tools for insurance brokers, is thrilled to announce its new strategic partnership with the Insurance Brokers Association of Alberta (IBAA). This collaboration is set to enhance the accessibility of QuickFacts’ software by providing exclusive benefits to IBAA member brokerages across the province. In partnership with IBAA, QuickFacts will focus on several key goals to strengthen the support provided to Alberta’s insurance brokers, including: Addressing the challenges posed by shifting regulations and emerging industry information. Creating resources that assist brokers in maintaining compliance and expanding their knowledge base. Delivering targeted educational content on operational topics that align with IBAA’s professional development initiatives. Reinforcing our mutual commitment to advancing the brokerage community and driving operational excellence within the industry. “Partnering with the IBAA allows our organizations to collaborate and bring significant value to Alberta brokerages in today’s competitive market,” says Jeff Barsalou, Chief Revenue Officer at QuickFacts. “We’re determined to help support the association’s activities and leverage technology to assist brokerages in their day-to-day operations, education, and training.” By taking advantage of QuickFacts software, IBAA members will be able to streamline their underwriting processes, improve overall efficiency, and enhance the level...

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Los Angeles Sees Mudslides With Heavy Rains

Article 0 Comments Heavy rains caused flooding and mudslides in Los Angeles late Thursday and early Friday, as authorities ordered evacuations and warned of potentially dangerous conditions across land burned by last month’s devastating wildfires. About half a foot of rain has fallen across the area, according to the National Weather Service. Strong winds were also reported, including 80 miles-per-hour gusts in the mountain areas near San Gabriel and San Luis Obispo. Authorities warned about possible downed power lines and damage to trees and roofs. Residents living near areas burned by the Palisades, Sunset and Hurst blazes were told to leave their homes by early Thursday, according to the Los Angeles Fire Department. Emergency officials warned residents to stay off the roads. Debris from a mudslide near Malibu swept one motorist’s vehicle off the road and into the ocean Thursday evening, according to Los Angeles Fire Department spokesman Erik Scott. Flood warnings and watches were canceled as the storm system started tapering off late Thursday, but forecasters warned that flooding and mudslides could continue well after the rain ends. The deluge was fueled by an atmospheric river, a plume of moisture from the Pacific that can contain as much water...

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AIG’s Zaffino Talks More on Insurer-Reinsurer Split as $200B Cat Year May Loom

Article 0 Comments American International Group CEO Peter Zaffino used the insurer’s fourth quarter earnings call to again talk about reinsurance attachments points, throwing in the possibility 2025 could be the year for $200 billion in insured catastrophe losses. “This could recalibrate the entire industry,” he told analysts on the call. Zaffino spoke about the topic of reinsurance at the conclusion of the third quarter 2024. He said then that the reinsurance market at Jan. 1 renewals would not reduce attachment points, leading to a continued trend of primary insurers’ absorption of a large majority of natural catastrophe losses. Peter Zaffino Related: AIG CEO Zaffino on Approach to Catastrophe Losses in Today’s Reinsurance Market Zaffino on the most recent call reiterated that higher reinsurance retentions and increased catastrophe losses have led to more risk retained by primary insurers – as much as 90% in 2023 and 2024, he added – in stark contrast to the time before 2023 when the insurer-reinsurer split was about 50/50 on average. Insurance covered 50% of the economic loss from Hurricane Katrina, Zaffino pointed out. This has made AIG’s “focus on maintaining lower excess-of-loss attachment points, including meaningful aggregate coverage” even more important as eye-popping...

The Insurance Landscape for Insurers, MGAs, and Insurtechs in 2025: Insly 0

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The Insurance Landscape for Insurers, MGAs, and Insurtechs in 2025: Insly

New report provides a strategic roadmap for Canadian insurance providers in 2025 London, UK (Feb. 11, 2025) – Insly, the insurance industry’s leading provider of low-code software, has unveiled its latest report, Insurance Trends 2025: The Landscape for Insurers, MGAs, and Insurtechs. This comprehensive eBook offers a deep dive into the evolving risk landscape, emerging market trends, and the transformative role of technology in the insurance sector. A global leader in insurance software, Insly provides flexible solutions designed to help insurers, MGAs, and brokers streamline policy administration, underwriting, and claims management. Already trusted by insurance businesses across Europe, the UK, US, Insly continues to expand its presence in Canada, enabling businesses to maximise efficiency, profitability and growth in a rapidly evolving market. In 2025, Canadian businesses face a combination of mounting regulatory pressures, intensifying climate risks, and the digitalisation of underwriting and claims processing, which are reshaping the market. The Insly report provides critical insights from sector experts on these shifts and explores how insurers and MGAs can stay ahead of the curve. Key trends highlighted include: The continuation of the hard market, with rising premiums and stricter underwriting standards is creating challenges for insurers. Those who embrace advanced analytics...

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Edison Utility Faces Shareholder Lawsuit Over LA Wildfires

Article 0 Comments The parent company of Southern California Edison has been sued for allegedly defrauding shareholders before the recent Los Angeles-area wildfires by assuring them it could shut down power lines to reduce the risk of catastrophic damage. Tuesday’s proposed class action against Edison International appeared to be the first shareholder lawsuit stemming from the Eaton Fire, which broke out on January 7 east of Los Angeles in Altadena, California during a Santa Ana windstorm. Related: Edison Probing Retired Power Line as Possible Start of LA Eaton Fire The fire burned more than 14,000 acres, destroyed more than 9,400 structures and killed 17 people. Edison had no immediate comment, saying it will review the complaint. Shareholders led by Felipe Antillon said Edison made materially false and misleading statements over nearly four years before the fire, in assuring that its utility unit used a power shutoff program to “proactively de-energize power lines” to reduce wildfire risks during “extreme weather events.” Related: Edison Shares New Details on Transmission Lines in Eaton Amid Wildfire Probe The shareholders said the truth began to emerge amid reports that Edison had not de-energized nearby power lines, while lawsuits blamed the company’s electrical equipment for starting...

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Israel Financial System Resilient Despite Wars, Central Bank Says

Article 0 Comments Israel’s financial system shows “high resilience” despite the country’s military conflicts and ongoing geopolitical uncertainty that have persisted for more than a year, the Bank of Israel said in a report on Tuesday. The banking sector’s profits have been boosted by high interest rates, cushioning them over the final six months of last year from macroeconomic risk that kept Israel’s economic activity below the long-term trend and led to higher government financing costs, a higher risk premium and credit rating downgrades. The central bank cautioned of a possible deterioration should there be renewed fighting in Gaza and, as U.S. President Donald Trump’s tariffs raise risks to growth, it warned of the risks attached with “deglobalisation.” In its Financial Stability report for the second half of 2024, the central bank said credit repayment delinquency rates remained stable and historically low, while banks’ loan loss provisions also decreased. “The resilience of major financial institutions remained high, with improvements in capital ratios for both banks and insurance companies, which were already high,” Tuesday’s report said. Israel’s economy is forecast to have grown 0.6% in 2024, with Israel’s wars against Palestinian militant group Hamas in Gaza and Hezbollah in Lebanon weighing...