Insurance costs for nursing homes, particularly for professional liability insurance, are increasing due to factors such as higher inflation, rising costs, and growing verdicts on liability claims, as well as staffing issues, while new carriers are entering the market; underwriters are also asking questions about staffing agencies and accessibility to care.
More Americans are choosing not to buy home insurance due to rising premiums, putting them at significant risk of losing their homes and belongings in case of a disaster, with factors such as inflation and climate change being blamed, and those with lower incomes being more likely to go without coverage.
Coal producers are facing challenges in obtaining insurance coverage as insurers restrict their coverage for the coal industry, leading to higher costs and a move towards self-insurance, making it more difficult and costly to do business in the coal sector amid rising demand for fossil fuels.
Major insurers in the United States are reducing coverage and increasing premiums and deductibles in areas vulnerable to extreme weather events due to climate change, leaving homeowners in those regions without crucial insurance protections.
Used car sales and prices have surged during the pandemic due to supply chain disruptions, leading to a shortage of new and used cars, causing prices to remain elevated and creating a favorable market for the automotive industry.
Car buyers are finding some relief in the US market, as prices for new vehicles have dropped by up to 20% thanks to an increase in unwanted EVs, although certain vehicles remain expensive.
US companies' financial health improved in the second quarter of 2023, with higher cash ratios and reduced debt-to-equity ratios, while US private auto insurers are increasing premium rates to offset poor underwriting results, and the US office real estate sector faces a higher risk of loan defaults and delinquencies.
Rising insurance premiums, caused by climate change and insurers pulling out of coverage areas, will disproportionately affect low-income policyholders and hinder disaster recovery efforts in heavily affected regions.
Car insurance costs have risen more than 19% in the past year, outpacing overall inflation, due to factors such as risky driving habits, increased repair costs, and the impact of natural disasters.
Millions of American homeowners are facing increasing insurance costs and reduced coverage due to climate change-related risks, with properties in high-risk areas potentially becoming overvalued as insurance underprices the risk, according to a new analysis from the First Street Foundation.
Gas prices in the US have slightly decreased due to the switch to less expensive winter blend gasoline, but the decline is being slowed by higher oil costs, with the potential for prices to spike as oil prices surge. The Federal Reserve is pausing interest rate hikes as inflation, driven by a surge in oil prices, increases, but future rate hikes could impact consumer debt, including car insurance. Some states saw significant shifts in gas prices, with Nevada experiencing the largest increase and California having the highest gas prices in the nation. Shopping for cheaper auto insurance can help lower car ownership costs.
Insurers are struggling to make a profit in parts of the US due to climate change exacerbating the losses caused by disasters such as fires and floods.
The increasing frequency of extreme weather events and natural disasters is driving more travelers to purchase travel insurance to protect against trip cancellations, lost luggage, and delays, leading to a boost in the travel insurance market.
Insurance markets are currently becoming more difficult and challenging, also known as "hardening," which is a term used to describe the industry.
