Weekly Industry News

Around the Western Alliance States – Week of April 24, 2023

Oregon — Help with Bad Insurance Bills: Public hearings on HB 3242-A and 3243-A were held in Senate Judiciary Committee on April 18 and 19. These bills could increase the cost of resolving claims, which can impact the cost of insurance for homeowners, drivers, renters, business owners, and medical professionals. According to the Division of …

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An Alleged Artificial Intelligence Ponzi Scheme Stopped in Montana

Montana State Auditor and Commissioner of Securities and Insurance Troy Downing says his department is joining Alabama and Texas and is taking enforcement actions to stop a fraudulent artificial intelligence firm from operating in the Treasure State. The company is YieldTrust.ai and its CEO Stefan Ciopraga is accused of illegally soliciting investments tied to an …

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Around the Western Alliance States – Week of April 10, 2023

California — Wildfire Homeowner Refunds: As part of his ongoing effort to keep insurance prices fair, Insurance Commissioner Ricardo Lara announced that Kemper Independence Insurance Company has issued over $1.5 million in refunds to thousands of California homeowners after the Department of Insurance found the company overcharged policyholders for wildfire risk. Kemper and its affiliate …

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2022 Underwriting Losses — The Largest in Over a Decade

The American Property Casualty Insurance Association (APCIA) and Verisk often take a detailed look at what’s happening with insurance income. The latest look has to do with underwriting. The APCIA said insurers saw a net underwriting loss in 2022 of $26.9 billion. That’s a staggering six-times more than the $3.8 billion lost in 2021. It …

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