Latest news with #MercuryInsurance
Los Angeles Times
2 days ago
- Business
- Los Angeles Times
Mercury Insurance Builds Climate Science Team
Steve Bennett will lead a team of experts focusing on how risk mitigation can positively influence property and casualty insurance Mercury Insurance, a leading provider of property and casualty insurance, has appointed Steve Bennett as its senior director of climate and catastrophe science. In this new position, Bennett will build and lead a team dedicated to helping identify ways Mercury and its policyholders can work together to better prepare for – and be more resilient – in the face of increasingly severe climate-driven weather events. This move is the latest in a series of investments by Mercury to better understand and counteract forces facing insurance providers in high-risk areas. Climate change, population growth and resulting urban expansion has placed the insurance industry at a crossroads, resulting in many insurers pulling back from areas prone to wildfires, hurricanes and other catastrophic climate events. Mercury has taken a different approach to this challenge over the past year, working with homeowners, municipalities and governments to create more resistant and insurable risks. The result has led to Mercury writing more policies in areas where its competitors have cancelled or non-renewed coverage for tens of thousands of consumers. 'Mercury is constantly looking for ways to say 'yes' to consumers, and to do that we are taking a science-based approach to risk,' said Bennett. 'When customers do their part to harden their homes and communities from potential catastrophic events, we will do ours by extending affordable coverage options to those who may have difficulty securing policies. I'm proud to be part of a larger Mercury vision dedicated to ensuring that investments in mitigation and smarter rebuilding translate into a healthier and more efficient insurance marketplace for everyone.' Mercury's efforts on this front have been challenged over the past year in dramatic ways. Late last year, Mercury announced that it was the first major insurer to begin writing homeowners coverage for homes in Paradise, CA, a town largely destroyed by the Camp Fire in November 2018. The move was made possible through the efforts of local and state government, the Insurance Institute for Business and Home Safety (IBHS) – and the homeowners – who worked in lockstep to reimagine zoning, construction and many other aspects of the rebuilding process. Mercury leadership closely followed the progress in Paradise, taking numerous trips to the area to see the transformation first-hand and to use the new parameters instituted for wildfire mitigation in their assessment of risk in that area. Following Mercury's return to Paradise, the catastrophic fires that ravaged Pacific Palisades and Altadena earlier this year once again underscored the enormity of the challenge. 'Mercury continues to develop a different approach to managing catastrophic risks,' said Victor Joseph, president and chief operating officer of Mercury Insurance. 'We look at geography, prevailing wind patterns, building methods and materials, and policy concentration and apply this knowledge to individual risks. It's not good enough to simply rule out entire zip codes. There are ways to significantly reduce risk even in the highest danger areas that would make these risks acceptable for Mercury.' 'The lessons learned in Paradise helped us better understand the importance of all constituencies, including individual homeowners, city, state and federal organizations, builders, urban planners and insurance companies. We all need to work together to rebuild in a way that reduces the risk of future catastrophes. Steve and his team will strengthen Mercury's ability to understand and adapt to this complex equation, providing our company with a clearer understanding of the challenges posed by climate-driven catastrophes while also helping our policyholders better prepare for these events.' Bennett joins Mercury with over three decades of leadership at the nexus of extreme weather, climate risk and effective risk management. Information sourced from Mercury Insurance. Learn more by contacting ssmith@
Yahoo
3 days ago
- Automotive
- Yahoo
Mercury Insurance Offers DIY Gift Suggestions for Dad's Special Day
All Gift Ideas Are Available Through Amazon for Less Than $50 LOS ANGELES, June 11, 2025 /PRNewswire/ -- Father's Day is just around the corner, and many are still searching for a gift that shows Dad just how much he means to them. To help take the guesswork out of gift shopping, Mercury Insurance has curated a list of thoughtful and practical DIY-friendly gifts — all available on Amazon for less than $50. "These gifts are great for dads who enjoy tackling home projects or just love a good tool upgrade," said Justin Yoshizawa, Director, Product Management, State at Mercury Insurance. "They're budget-friendly and show that you put thought into something he'll actually use." Here are Mercury's top picks: CCCEI Modular Power Tool Organizer Wall Mount with Charging Station – $47.59A heavy-duty storage solution that helps Dad organize his tools and charge batteries all in one spot. TESLYAR Wooden Phone Docking Station – $33.83This stylish nightstand organizer holds his phone, keys, wallet, watch and more. Kaluns Grilling Accessories Set – $29.99A stainless steel BBQ set complete with apron and aluminum case — perfect for summer cookouts. JOREST Contour Gauge with Lock – $23.99A clever gadget that helps with measuring and duplicating shapes for woodworking or tiling. HOTO 98ft Laser Measuring Tool – $39.99Compact and precise, this laser tool is great for any dad who loves home improvement. DEWALT TSTAK Extra Large Tool Box – $34.71Durable and water-resistant with a removable tray — perfect for keeping tools in one place. RoverTac 11-in-1 Multitool Set with LED Flashlight – $33.99Includes an axe, tactical knife and flashlight all packed in a gift-ready box labeled "Best Dad Ever." Tietoc 6-Inch Mini Electric Chainsaw – $39.99Ideal for trimming trees or doing small yard work — powerful and easy to use. Amazon Basics 131-Piece Household Tool Set – $46.99A comprehensive tool set for everyday tasks and quick fixes around the house. Telescoping Magnetic Pickup Tool Set – $19.99A fun and functional gadget featuring an LED flashlight, magnetic pick-up tool and mirror. These Father's Day gift suggestions should make finding the perfect gift a little easier — and remind Dad how much he is appreciated every day of the year. About Mercury Insurance Headquartered in Los Angeles, Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states. Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service, through nearly 4,100 employees and a network of more than 6,500 independent agents in 11 states. Mercury has earned an "A" rating from A.M. Best, as well as "Best Auto Insurance Company" designations from Forbes and For more information visit or follow the company on Twitter or Facebook View original content to download multimedia: SOURCE Mercury Insurance Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
Mercury Insurance Marks National Homeownership Month with Resources to Help Protect What Matters Most
Company Highlights Tools, Tips and Coverage Guidance to Support Homeowners Nationwide LOS ANGELES, June 4, 2025 /PRNewswire-PRWeb/ -- In recognition of National Homeownership Month, Mercury Insurance is reaffirming its commitment to helping homeowners safeguard their most valuable investment — their homes. For more than 60 years, Mercury has provided millions of homeowners across the United States with affordable coverage and trusted advice. This June, the company is expanding its outreach through seasonal safety tips, digital tools, and educational resources available to policyholders at the company's website and through the Mercury blog. "A home is often the largest investment a person makes, and it deserves the kind of protection that goes beyond just a policy," said Adam Bakonis, Senior Product Manager State for Mercury Insurance. "National Homeownership Month is a reminder that preparation and prevention are essential to protecting the dream of homeownership." Mercury's National Homeownership Month efforts include: Home Safety Education: Seasonal content on topics like extreme heat, hurricane prep, and wildfire defense helps homeowners proactively reduce risks. Insurance Coverage Reviews: Mercury encourages homeowners to evaluate their policies to ensure coverage reflects current home values, recent renovations and personal property. Mercury agents are available to help customers tailor their coverage and identify available discounts. Smart Home Savings: Installing smart devices — such as leak detectors, smart thermostats and fire alarms — can enhance home safety and may qualify for discounts. Digital Tools & Resources: The Mercury website offers checklists, seasonal prep guides and tips for improving home resilience year-round. "Our goal is to make homeowners feel confident and prepared," added Bakonis. "We want them to feel protected not just when something happens, but long before." About Mercury Insurance Headquartered in Los Angeles, Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states. Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service, through nearly 4,100 employees and a network of more than 6,500 independent agents in 11 states. Mercury has earned an "A" rating from A.M. Best, as well as "Best Auto Insurance Company" designations from Forbes and For more information visit or follow the company on Twitter or Facebook Media ContactShane Smith, Mercury Insurance, (424) 903-3665, ssmith@ View original content to download multimedia: SOURCE Mercury Insurance Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
03-06-2025
- Business
- CBS News
Residents in Paradise learn lessons about rebuilding their community after Camp Fire
Six years have passed since the northern California town of Paradise was decimated by the Camp Fire and now the community has been rebuilt, but in a way that can better withstand another wildfire. Jen Goodlin is the director of the Rebuild Paradise Foundation organization, in a town that gained notoriety in 2018 when the Camp Fire ripped through. "We were a heavily wooded forest town, beautiful, millions of trees with homes plopped in there. and now we're not that," Goodlin said. Ninety percent of Paradise's homes were lost in the fire, but six years later, the landscape has changed to prepare for future incidents. "We are growing like crazy. We were the fastest growing town three years in a row in the whole state of California," Goodlin said. "Not just 90% of homes lost, but we lost our canopy." In place of Paradise's previous tree canopy, there are now fire-resistant landscapes everywhere. "Our town has created an ordinance that you actually cannot plant next to your house," she explained. The ordinance was triggered by an economic reality affecting homeowners in recent years. "My insurance went up 600%. I have a home built to the highest code; I don't have any plants next to it," Goodlin said. "I know we live in a high-hazard area. That's never going to change, but if I'm reducing my risk, there should be some give." Since several of Goodlin's neighbors had also taken similar precautions, she invited Mercury Insurance president Victor Joseph to visit Paradise. "He saw the measures that our community was taking, not only the homeowner but the town and the Fire Safe Council," Goodlin said. "All the layers of protection and he started writing policies that day, getting people off the FAIR Plan." Goodlin's insurance bill dropped by $4,000. "I think we see each other as enemies: insurance and the homeowner and it's just the wrong way to see it, we are not at odds," she said. "They want us to reduce our risk, I also want to because I don't want my home to burn down." For her neighbors who prefer the forested landscape of the past, they'll inevitably face pressure to adapt to firewise standards since no one household can be fire-safe alone. "The more people start following these standards, the more insurable we'll be as a community," she said.
CBS News
02-06-2025
- Business
- CBS News
Mercury Insurance CEO plans to continue doing business in Southern California following devasting wildfires
One of the largest insurers in the state spoke to KCAL News about the future of the insurance market in California and whether it has enough funds to cover claims from the Palisades and Eaton fires. It's the first time since January's devastating fires that any head of an insurance company has gone on camera with KCAL News to answer some tough questions about rates and future policies. The CEO of Mercury Insurance, Gabriel Tirador, joined State Insurance Commissioner Ricardo Lara at the Global Sustainable Insurance Summit in Long Beach and told the crowd that Mercury is committed to doing business in Southern California. "We want to do it prudently, but yes, we want to grow both homeowners and auto in California," Tirador said. Mercury Insurance is the third-largest insurer writing homeowners' policies in the state. "Eighty percent of our business is in California. We were founded in California back in 1962. We are not going anywhere," he added. A main concern customers have following the fires is if their insurance policies will be affordable. Mercury recently had a 12% rate hike approved by the Department of Insurance and in July, Mercury's own "Reinsurance," which is an insurance company's way of transferring some of its risk to another insurer, is up for renewal. If those rates go up, Tirador said the costs will be passed along to consumers. "The higher costs we have have to be passed on at some point, what's really important is the risk mitigation," Tirador said. "The more that homeowners can do to mitigate their risk and harden their homes, the more discounts we can provide them." Mercury currently has a filing pending with the Department of Insurance that has discounts in place for home hardening. "That filing is what we call revenue neutral, which means some rates go up, some rates go down," he explained. Tirador claims he understands Californians' frustration with rising insurance rates, but he also says the homeowner has a responsibility to make their homes more fire-resistant. "There are folks who think they live two miles down from the wild land area and they're not exposed, but look at what happened in Altadena," he said. "It's really about trying to mitigate risk so that the prices can come down and insurance becomes more affordable." Consumer advocates have criticized the insurance company for fleecing consumers and mismanaging their finances, but Tirador said that's simply untrue. "The gross loss from these wildfires for Mercury are $2.15 billion. Our capital was about $2 billion. Luckily, we have a lot of reinsurance. We buy our own insurance. We try to price our product to only make 4%," Tirador said. "We have not made money in homeowners for quite some time. Earlier this year, Mercury became the first major insurer to start writing policies in Paradise, which was decimated by the Camp Fire in 2018.
