News
FEMA to Borrow $2B to Pay Flood Claims After Hurricanes Helene and Milton
The Federal Emergency Management Agency said it needs to borrow $2 billion from the U.S. Treasury to cover claims from National Flood Insurance Program policyholders. FEMA, administrator of NFIP, ...
Mercury Sees Subro, Re Recoveries Cutting Most of $1.6B+ Wildfire Losses
Although Mercury Insurance Group expects gross losses from the 2025 California wildfires in the $1.6 billion-$2.0 billion range, potential subrogation and reinsurance recoveries will drop the ...
Musk Turns to Texas for Hands-off Regulation of Robotaxis
Elon Musk told investors in late January that Tesla would roll out "autonomous ride-hailing for money" by June in Austin, Texas — a state where the company faces almost no regulation, raising ...
Truck Crash Deaths Surge, List Highlights Most Dangerous States
Deaths related to truck crashes have soared in recent years, according to a report issued by a government safety coalition. Since 2009, truck-related crash deaths increased by nearly 75 percent, data ...
Recent Aviation Disasters Spur Fear Over Flying Safety
The spate of recent aviation disasters and close calls have people worried about the safety of flying. The midair collision that killed 67 near Washington, the fiery plane crash in Philadelphia and a ...
Ex-AIG Chief Duperreault Secures $700M for Mereo Reinsurance Startup
Mereo Advisors, a Bermuda-based firm chaired by former American International Group Inc. Chief Executive Officer Brian Duperreault, has secured more than $700 million to fund its new reinsurance ...
AIG Q4 General Insurance Underwriting Income Down 29% on Catastrophes
American International Group reported fourth-quarter 2024 net income of $898 million compared to $86 million the prior year, but insurance underwriting income was down 29 percent on high catastrophe ...
LA Fires: Calif. Insurance Commissioner OKs FAIR Plan Request for $1B Assessment
California Insurance Commissioner Ricardo Lara approved a California FAIR Plan request for a $1 billion assessment on admitted market insurers to cover claims from the Los Angeles wildfires. The FAIR ...