Latest news with #AmericanPropertyCasualtyInsuranceAssociation
Yahoo
04-05-2025
- Politics
- Yahoo
Lies about sad Frisco track stabbing don't help families or get justice
The Frisco track meet stabbing is sad for both families. (April 16, 8A, 'Frisco track meet stabbing suspect Karmelo Anthony released from jail on lower bond') Spreading lies about it hurts the cause of reaching a reasoned and just outcome. Some have objected to the lowering of Karmelo Anthony's bail from $1 million to $250,000. But it was clearly excessive, especially with the state of the criminal justice system. Defendants will wait two or three years before their cases make it to court. Bail is correctly set to ensure appearance at court and to prevent harm to the public. Anthony is confirmed at home with an ankle monitor, so any bail is redundant and excessive. - John Nolan, Arlington An April 23 headline on asked: 'Home insurance rates are through the roof. Can Texas lawmakers do anything?' Insurance rates reflect increasing risk. Texas had 20 billion-dollar disasters in 2024, its most ever and the most of any state. Texas, in fact, has been the leader in big storms consistently over the last few decades. Add the fact that the Lone Star State also leads the nation in lawsuit abuse and verdicts of $10 million or more, and that produces increased upward pressure on insurance rates. Lawsuit abuse leads to higher insurance rates that every Texan ends up paying. The Legislature can't control severe weather or economic inflation, but it can rein in lawsuit abuse. - David A. Sampson, Gainesville, President and CEO, American Property Casualty Insurance Association As a longtime librarian, I am appalled at the numerous attacks against libraries coming from the Texas Legislature. Bills in the state House and Senate would remove the affirmative defense to prosecution on charges of providing harmful materials to minors. The exemption prevents frivolous accusations and prosecutions. Without it, any individual who dislikes a book in a library could contact law enforcement and accuse the librarian of providing harmful materials to minors and law enforcement would investigate. No librarian should live in fear of being arrested for giving a child a book. Librarians study for years to ensure that patrons can access helpful information. We are public servants in the best sense of the word and don't deserve this. - Jennifer Franz, Grapevine I agree with the April 23 commentary 'If Texas wants to bolster school choice, it needs fair funding for charters.' Two of my grandchildren attend Uplift Education charter schools. It is an amazing opportunity for them. They live with their single mother and need every advantage they can obtain. It gives them an opportunity to get a quality education, which will make a huge difference in their lives. I am impressed with the dedication of the people I have seen there. I would like to think our legislators would see things the same way as the contributor, but I am not impressed with their understanding of the whole educational system in Texas. Any support for these schools is money well spent. - John Coleman, Quitman Like many people worldwide, I was saddened to hear of the passing of Pope Francis. He was a kind and humble man who had served admirably. He wasn't rigid, stuffy, self-centered or a stick in the mud. I liked it when he furthered the aims of Vatican II to enable the church to keep its local sphere of worshiping without walking in lockstep with the dead Latin language. Francis died with his boots on by being visible just one day before his death. It's unknown who the cardinals will select as his successor. But I hope it will be someone in the same vein as Francis, who brought fresh air to the papacy. - James A. Marples, Longview
CBS News
22-04-2025
- Business
- CBS News
Insurers colluded to limit coverage in California areas at high risk for wildfires, lawsuits allege
Sacramento — Two lawsuits filed in Los Angeles allege major home insurance companies have colluded to limit coverage in California communities at high risk for wildfires and force homeowners onto the state's last-resort insurance plan that offers basic coverage and high premiums. Insurers, including State Farm and 24 other companies that hold 75% of California's home insurance market, were part of an "illegal scheme" in violation of California's antitrust and unfair competition laws, according to one of the lawsuits, filed last week. The lawsuit said the companies worked together in 2023 to "suddenly and simultaneously" drop coverage or halt writing new policies in fire-prone areas, including in neighborhoods like Pacific Palisades and Altadena that were leveled in the January wildfires that destroyed nearly 17,000 structures and killed at least 30 people. That's forced hundreds of homeowners onto the FAIR Plan that offers limited coverage capping at $3 million, leaving them underinsured and now struggling to rebuild after the fires, says the lawsuit filed by a group of homeowners who lost their houses in the L.A. fires. The other lawsuit includes all policyholders who obtained the FAIR Plan after January 2023, when the conspiracy allegedly began, the suit says. "Insurance is a product that homeowners hope never to need, but rely on for peace of mind in normal times and for critical help rebuilding after a catastrophe," Michael J. Bidart, who represents the homeowners, said in a statement. "The complaints allege that, by colluding to push plaintiffs and so many like them to the FAIR Plan, the defendants have reaped the benefits of high premiums while depriving homeowners of coverage that they were ready, willing, and able to purchase to ensure that they could recover after a disaster like January's wildfires." The lawsuits come as California is struggling with an ongoing insurance crisis, where companies are boosting rates, limiting coverage or pulling out completely from regions susceptible to wildfires and other natural disasters. In 2023, several major insurance companies either paused or restricted new business in the state, saying they can't truly price the risk on properties as wildfires become more common and destructive due to climate change . The American Property Casualty Insurance Association, the largest national trade association representing home, auto and business insurers, said it complies with the state's antitrust laws and monitors its members to ensure they do the same. "These suits defy logic, advance meritless claims, and we are going to focus on solving the challenges in the insurance market in California," said Stef Zielezienski, the group's chief legal officer. The state Department of Insurance said it isn't involved in the suits but said its focus is on protecting consumers. "Californians deserve a system that works - one where decisions are made openly, rates reflect real risk, and no one is left without options," department spokesperson Gabriel Sanchez said in a statement. State Farm, the largest home insurer in California with roughly a million policies, didn't immediately respond to requests for comment. The FAIR Plan is an insurance pool that all the major private insurers pay into. The plan issues policies to people who can't get private insurance because their properties are deemed too risky to insure. The plan, with high premiums and basic coverage, is designed as a temporary option until homeowners can find permanent coverage, but more Californians are relying on it than ever. There were more than 555,000 home policies on the FAIR Plan as of March, more than double the number in 2020. The complaints also allege that insurers were pushing policyholders onto the FAIR Plan because companies wouldn't have to shoulder all financial responsibility to sustain the plan. When the state's top insurance regulator in February ordered insurers to provide $1 billion to the FAIR Plan to help it pay out claims related to the L.A. wildfires, he allowed for half of the cost to be recouped from policyholders statewide. Another lawsuit was filed last week to block the cost-shifting regulation. California has been in the process of implementing various new regulations to give insurers more latitude to raise premiums in exchange for issuing more policies in high-risk areas. That includes regulations allowing insurers to consider climate change when setting their prices and allowing them to pass on the costs of reinsurance to California consumers.
The Hill
22-04-2025
- Business
- The Hill
Lawsuits accuse insurers of colluding to drop coverage in fire-prone parts of California
SACRAMENTO, Calif. (AP) — Two lawsuits filed in Los Angeles allege major home insurance companies have colluded to limit coverage in California communities at high risk for wildfires and force homeowners onto the state's last-resort insurance plan that offers basic coverage and high premiums. Insurers, including State Farm and 24 other companies that hold 75% of California's home insurance market, were part of an 'illegal scheme' in violation of California's antitrust and unfair competition laws, according to one of the lawsuits, filed last week. The lawsuit said the companies worked together in 2023 to 'suddenly and simultaneously' drop coverage or halt writing new policies in fire-prone areas, including in neighborhoods like Pacific Palisades and Altadena that were leveled in the January wildfires that destroyed nearly 17,000 structures and killed at least 30 people. That has forced hundreds of homeowners onto the FAIR Plan that offers limited coverage capping at $3 million, leaving them underinsured and now struggling to rebuild after the fires, says the lawsuit filed by a group of homeowners who lost their houses in the LA fires. The other lawsuit includes all policyholders who obtained the FAIR Plan after January 2023, when the conspiracy allegedly began, the suit says. 'Insurance is a product that homeowners hope never to need, but rely on for peace of mind in normal times and for critical help rebuilding after a catastrophe,' Michael J. Bidart, who represents the homeowners, said in a statement. 'The complaints allege that, by colluding to push plaintiffs and so many like them to the FAIR Plan, the defendants have reaped the benefits of high premiums while depriving homeowners of coverage that they were ready, willing, and able to purchase to ensure that they could recover after a disaster like January's wildfires.' The lawsuits come as California is struggling with an ongoing insurance crisis, where companies are boosting rates, limiting coverage or pulling out completely from regions susceptible to wildfires and other natural disasters. In 2023, several major insurance companies either paused or restricted new business in the state, saying they can't truly price the risk on properties as wildfires become more common and destructive due to climate change. The American Property Casualty Insurance Association, the largest national trade association representing home, auto and business insurers, said it complies with the state's antitrust laws and monitors its members to ensure they do the same. 'These suits defy logic, advance meritless claims, and we are going to focus on solving the challenges in the insurance market in California,' said Stef Zielezienski, the group's chief legal officer. The state Department of Insurance said it is not involved in the suits but said its focus is on protecting consumers. 'Californians deserve a system that works — one where decisions are made openly, rates reflect real risk, and no one is left without options,' department spokesperson Gabriel Sanchez said in a statement. State Farm, the largest home insurer in California with roughly a million policies, didn't immediately respond to requests for comment. The FAIR Plan is an insurance pool that all the major private insurers pay into. The plan issues policies to people who can't get private insurance because their properties are deemed too risky to insure. The plan, with high premiums and basic coverage, is designed as a temporary option until homeowners can find permanent coverage, but more Californians are relying on it than ever. There were more than 555,000 home policies on the FAIR Plan as of March, more than double the number in 2020. The complaints also allege that insurers were pushing policyholders onto the FAIR Plan because companies wouldn't have to shoulder all financial responsibility to sustain the plan. When the state's top insurance regulator in February ordered insurers to provide $1 billion to the FAIR Plan to help it pay out claims related to the LA wildfires, he allowed for half of the cost to be recouped from policyholders statewide. Another lawsuit was filed last week to block the cost-shifting regulation. California has been in the process of implementing various new regulations to give insurers more latitude to raise premiums in exchange for issuing more policies in high-risk areas. That includes regulations allowing insurers to consider climate change when setting their prices and allowing them to pass on the costs of reinsurance to California consumers.
The Independent
21-04-2025
- Business
- The Independent
Lawsuits accuse insurers of colluding to drop coverage in fire-prone parts of California
Two lawsuits filed in Los Angeles allege major home insurance companies have colluded to limit coverage in California communities at high risk for wildfires and force homeowners onto the state's last-resort insurance plan that offers basic coverage and high premiums. Insurers, including State Farm and 24 other companies that hold 75% of California's home insurance market, were part of an 'illegal scheme' in violation of California's antitrust and unfair competition laws, according to one of the lawsuits, filed last week. The lawsuit said the companies worked together in 2023 to 'suddenly and simultaneously' drop coverage or halt writing new policies in fire-prone areas, including in neighborhoods like Pacific Palisades and Altadena that were leveled in the January wildfires that destroyed nearly 17,000 structures and killed at least 30 people. That has forced hundreds of homeowners onto the FAIR Plan that offers limited coverage capping at $3 million, leaving them underinsured and now struggling to rebuild after the fires, says the lawsuit filed by a group of homeowners who lost their houses in the LA fires. The other lawsuit includes all policyholders who obtained the FAIR Plan after January 2023, when the conspiracy allegedly began, the suit says. ' Insurance is a product that homeowners hope never to need, but rely on for peace of mind in normal times and for critical help rebuilding after a catastrophe,' Michael J. Bidart, who represents the homeowners, said in a statement. 'The complaints allege that, by colluding to push plaintiffs and so many like them to the FAIR Plan, the defendants have reaped the benefits of high premiums while depriving homeowners of coverage that they were ready, willing, and able to purchase to ensure that they could recover after a disaster like January's wildfires.' The lawsuits come as California is struggling to rein in an ongoing insurance crisis, where companies are boosting rates, limiting coverage or pulling out completely from regions susceptible to wildfires and other natural disasters in the era of climate change. In 2023, several major insurance companies either paused or restricted new business in the state, saying they can't truly price the risk on properties as wildfires are becoming more common and destructive in California due to climate change. The state Department of Insurance said it is not involved in the suits but said its focus is on protecting consumers. 'Californians deserve a system that works — one where decisions are made openly, rates reflect real risk, and no one is left without options,' department spokesperson Gabriel Sanchez said in a statement. State Farm, the largest home insurer in California with roughly a million policies, didn't immediately respond to requests for comment. Representatives from the American Property Casualty Insurance Association, the largest national trade association representing home, auto and business insurers, also did not respond for comment. The FAIR Plan is an insurance pool that all the major private insurers pay into, and the plan then issues policies to people who can't get private insurance because their properties are deemed too risky to insure. The plan, with high premiums and basic coverage, is designed as a temporary option until homeowners can find permanent coverage, but more Californians are relying on it than ever. There were more than 555,000 home policies on the FAIR Plan as of March, more than double the number in 2020. The complaints also allege that insurers were pushing policyholders onto the FAIR Plan because companies wouldn't have to shoulder all financial responsibility to sustain the plan. When the state's top insurance regulator in February ordered insurers to provide $1 billion to the FAIR Plan to help it pay out claims related to the LA wildfires, he allowed for half of the cost to be recouped from policyholders statewide. Another lawsuit was filed last week to block the cost-shifting regulation. California has been in the process of implementing various new regulations to give insurers more latitude to raise premiums in exchange for issuing more policies in high-risk areas. That includes regulations allowing insurers to consider climate change when setting their prices and allowing them to pass on the costs of reinsurance to California consumers.
Yahoo
05-04-2025
- Automotive
- Yahoo
Trump's tariffs are now raising prices for car parts. Will your auto insurance increase, too?
You may be aware that President Donald Trump's tariff war with Canada and Mexico will see Americans paying more for consumer goods, but have you considered the cost of services will also rise? According to a February report from Insurify, the cost of full-coverage car insurance in the U.S. could increase by 8% on average this year if Trump persists on 25% import tariffs on car parts made in Mexico and Canada. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Here are 3 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Plus, with Canadian steel and aluminum facing the same tariff, the price of manufacturing auto parts in America could also skyrocket. The cost of auto parts is a major factor in the final price of your auto insurance. The car industry in the U.S. is highly reliant on our neighbors to the north and south, as the U.S. imports roughly 32% of its total auto parts from Canada and Mexico, according to data cited in the Insurify report. Imports of finished cars and trucks from Canada and Mexico also account for a fifth of all vehicles sold. Increasing insurance costs may not be the only headache, as demand for cars produced domestically will see automakers expand their workforces, and add to the final cost of the vehicles they make. They'll also have to absorb the higher cost of steel and aluminum imports, which will likely be reflected in car prices, too. Whether you're buying a new car or repairing a used one, the cost of parts will make transportation more expensive for Americans. Demand for cars made domestically may also increase if imports become prohibitively expensive. USA today reports that according to Wolfe Research, tariffs could make the average cost of a new car rise by about $3,000. Read more: Trump warns his tariffs will spark a 'disturbance' in America — use this 1 dead-simple move to help shockproof your retirement plans ASAP In February, the American Property Casualty Insurance Association reported that approximately six in 10 auto replacement parts used in U.S. repair shops are imports from Canada, Mexico or China. With higher costs for these auto parts leading to increased costs for insurers, premiums will rise accordingly. According to a recent report from the Kelley Blue Book, the national average cost for car repairs is $838. With tariffs, this could put the cost for repairs well over $1,000. In spite of these rising insurance costs, remember that repairing your vehicle is often cheaper than leasing a new one. You can also save money in the long run through proactive maintenance, and the upfront cost of a comprehensive plan can be worth it if you're involved in a serious accident. Speaking to USA Today, Insurify data journalist Matt Brannon projects that New York state will see the biggest increases in insurance rates this year, totalling $489 by the end of the year. Nearly a fifth, or $110 of that cost is directly attributed to tariffs, he reported. The good news? Brannon said that car owners probably won't see increases in their insurance bill until the end of the year. Most insurers, he noted, have to be approved by state regulators to increase the cost of premiums. This process can take months. 'We expect those price increases would show up when drivers renew their policies or switch to a new insurer, rather than in the middle of a six-month coverage period,' he said. You can get ahead of these anticipated costs by setting aside more funds in your savings, and starting to do some research to find a more competitively-priced policy for your auto insurance, so that when you renew you won't feel it in your wallet. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Cost-of-living in America is still out of control — and prices could keep climbing. Use these 3 'real assets' to protect your wealth today, no matter what Trump does This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
