By Nadia Lopez | Bloomberg California plans to extend its last-resort insurance program to cover higher-value properties in areas prone to wildfire, adding new potential liabilities for the already stressed plan. The FAIR plan, which provides coverage to customers who can’t find it elsewhere, will raise limits for commercial properties such as condominiums, the California … Read more
SINGAPORE: Mr Ronald Ong, the chairman of Income Insurance, had recused himself from the board’s decision to appoint Morgan Stanley as the financial adviser in its deal with Allianz, said Income Insurance. The Singapore insurer issued a statement in the early hours of Saturday (Jul 27), as questions emerged the day before on a potential conflict … Read more
SINGAPORE: Income Insurance will continue to provide affordable insurance for lower-income customers after the deal with Allianz, said NTUC Enterprise chairman Lim Boon Heng on Thursday (Jul 25) amid concerns about the German company buying a majority stake in the Singapore co-operative. “NTUC Enterprise will also continue as an active shareholder of Income Insurance to … Read more
President Joe Biden’s proposal this week to cap rent increases in larger apartment buildings across America has elevated an idea that’s long been embraced by progressive housing advocates in Colorado — but, in a split among Democrats, is opposed by Gov. Jared Polis. What’s more, at the local level, rent-stabilization policies are essentially illegal under … Read more
“When somebody has mental illness, there are also a lot of financial implications. They may not be able to work. More often than not, the caregiver also will be affected and needs to incur additional costs. For example, they cannot leave somebody that they love at home alone [for safety reasons],” she said, explaining that … Read more
Screens show the Blue Screen of Death (BSoD) at a departure floor of LaGuardia Airport in New York on July 19, 2024, after a faulty CrowdStrike update caused a major internet outage for computers running Microsoft Windows. (AP) The aviation sector was amongst the worst affected by the global Microsoft software outage, with multiple airlines, … Read more
In yet another sign of instability across California’s home insurance market, Allstate is seeking to raise policyholders’ premiums by an average of 34%. The insurance giant, the sixth-largest provider in the state, is asking regulators to approve what would be its steepest California rate hike in at least seven years. The increase would affect more … Read more
By Dorany Pineda and Rebecca Blackwell | Associated Press HORSESHOE BEACH, Fla. — Lisa Bregenzer’s waterfront home was her “little slice of heaven.” She watched sunsets and migrating birds from the porch, the Gulf of Mexico in the distance. There, she felt close to God and her late father. When Hurricane Idalia tore through Florida … Read more
SINGAPORE: The trading of Great Eastern shares will be suspended from Monday (Jul 15) as less than 10 per cent of the listed company is now owned by the public, the insurer announced late on Friday. OCBC’s takeover offer for Great Eastern closed on Friday, with the bank holding more than 93 per cent of the company. … Read more
California’s largest insurer, State Farm, recently notified California’s Department of Insurance to allow them to hike home insurance rates for millions of residents, or they will drop coverage of many insured. The request comes amid the state’s ongoing insurance crisis as coverage costs increase. Several insurers, such as Allstate, Farmers Direct, and State Farm, have … Read more
