California wildfires ignite an insurance crisis

In summary

California’s never-ending wildfires have ignited an insurance crisis that demands bold new thinking.

As if California needed another crisis, the state’s seemingly perpetual wildfires are forcing millions of homeowners in fire-prone areas to pay skyrocketing premiums for insurance coverage — if, indeed, they can buy it at all.

As the number and severity of wildfires increase, insurers are increasingly reluctant to renew policies and even if they do, premiums often double or triple.

Insurance is required for most homeowners since their mortgage lenders demand it. And if they cannot obtain regular coverage, they are forced into the insurer

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Birth trauma common at Philadelphia hospitals, but not covered by insurance

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Philadelphia resident Carolyn Santamauro vividly remembers lying in bed at a Philadelphia hospital as she recovered from an emergency cesarean section, and finding out doctors had started her newborn on a morphine drip without telling her or her husband.

Santamauro was blunt about her response that day. “I lost my sh-t,” she said. “I didn’t know for 24 hours.”

Morphine is used to wean a baby off opioids when a mother has been using during pregnancy. But Santamauro

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Insurance fraud investigation leads to Cedar Rapids woman’s arrest

She fabricated over $7,000 in medical claims, complaint says

Insurance fraud investigation leads to Cedar Rapids woman’s arrest

Kimberly Lovekin-Poorman, 50, of Cedar Rapids, charged with insurance fraud and other charges.

CEDAR RAPIDS — A Cedar Rapids woman has been charged with submitting falsified medical records to her insurance company for claims over several months at more than one medical office in Linn County.

Kimberly Joy Lovekin-Poorman, 50, is charged with second-degree fraudulent practice, insurance fraud, forgery and tampering with records between Sept. 11, 2019, and March 4, 2020, according to criminal complaint.

She was arrested earlier this month and a judge set her bail at $10,000, which she

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A new age for insurance procurement

In this episode of the McKinsey on Insurance podcast series, we discuss the opportunities available to insurance carriers, vendors, and partners in light of the huge tremors the COVID-19 pandemic has sent through global supply chains. An edited transcript of the conversation follows. For more conversations from McKinsey on Insurance, our podcast series about the trends, disruptions, and strategies that are reshaping the insurance industry today, subscribe to the series on Apple Podcasts, Google Podcasts, Spotify, or Stitcher.


A new age for insurance procurement


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Genworth revives mortgage insurance unit’s IPO, targets over $3 bln valuation

Sept 13 (Reuters) – Genworth Financial Inc on Monday revived plans for an initial public offering (IPO) of Enact Holdings, aiming for a valuation of more than $3 billion for its mortgage insurance unit, according to a regulatory filing.

The company had deferred the IPO in May due to market volatility, with Chief Executive Officer Tom McInerney saying the market pricing did not accurately reflect the company’s value.

Enact’s existing shareholders plan to raise as much as $266.21 million by selling about 13.31 million shares in the IPO, priced between $19 and $20 per share. Proceeds from the sale

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4 Books That Changed My Relationship to Money

Welcome to Personal Finance Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money.

Open book with money signs coming out of it on orange background 4x3

Rachel Mendelson/Insider

Here’s what: Books I’m currently obsessed with

I’m a book lover. You can find me reading no less than three books at any given time. Usually one is a novel and the other two are nonfiction.

Picking up a nonfiction book is one of the most cost-effective ways to mentally download a ton of information about a particular topic. And there’s no shortage of books about my favorite topic of all: personal finance.


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