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...Home insurance is becoming increasingly unaffordable in areas such as California and Australia, as global warming has made storms, floods and wildfires more frequent and severe....
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...Last month, California’s insurance commissioner announced a series of executive actions intended to stabilise the local market....
...Leaseholders pay towards insurance policies that cover the whole building, but typically have no control over how that policy is chosen or the level of commission shared with brokers and freeholders....
...According to the business department, taxpayers could be liable for £2mn in redundancy payments that were paid to staff of Greensill Capital’s management company by the National Insurance Fund....
...Shah’s previous business Health IQ, a life insurance broker that used AI, filed for bankruptcy last year after rising interests hit its ability to meet debt payments....
...A string of big home insurers have halted new business in California, for example, in response to a surge in extreme weather losses....
...Is Napa Valley quantitatively important to California wine? Absolutely not. The volume of wine it produces is just four per cent of the total. But in terms of image and prestige, it is vital....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...Mairaj’s was one of them, in 2022. He accepted an offer to buy his home from Blue Acres, a programme led by the New Jersey Department of Environmental Protection....
...And it has plans to pursue more: . . . since 2022, the Allstate brand implemented rate increases of 33.3%, which included 16.4% in 2023 and 6.9% in the fourth quarter driven by the recent approvals in California...
...The Department of Justice said Mizuhara made “unauthorised transfers” worth more than $16mn from November 2021 to January 2024 from Ohtani’s account....
...The reinsurance industry says it cannot currently price the type of localised risk that is pushing up home insurance costs and leading to reduced coverage in states like California....
...Shohei Ohtani’s former interpreter was charged with bank fraud by the US Department of Justice, which accused him of wiring more than $16mn from the Los Angeles Dodgers baseball star’s bank account to pay...
...still to a two-and-a-half-year low of 3.2 per cent....
...The plans could mean harsh cuts in some departments given promises of bigger increases in areas including healthcare....
...Cruise’s cars were “not safe for the public’s operation”, California’s Department of Motor Vehicles said as it announced it was revoking permits for Cruise to test and deploy its vehicles on public streets...
...The announcement comes days after California’s Department of Motor Vehicles barred Cruise’s autonomous cars from the roads and accused the company of misrepresenting details about an accident this month...
...The company’s cars are “not safe for the public’s operation”, California’s Department of Motor Vehicles said as it announced it was revoking Cruise’s permits both to test and deploy its vehicles on public...
...Several big US insurers, including State Farm and The Hartford, have paused their underwriting of new home policies in the state of California....
...Globally, insurance companies manage assets of about $44tn, according to the International Association of Insurance Supervisors....
...This includes looking at how nature-based adaptations such as better forest management or the restoration of salt marshes can reduce wildfire or flood risk, argues Dave Jones, a former California insurance...
...Sucre and Seguros Rocafuerte, and three other Ecuadorean officials, the US Department of Justice said on Monday....
...Departments are already facing squeezed budgets in the next parliament....
...When suspending Cruise’s driverless permit, the California Department of Motor Vehicles said the company had misrepresented the details of the accident by failing to disclose in meetings the day after it...
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