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Weekly News Roundup, November 17

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In this week's news will talk about how Canopius adds to current cannabis insurance offerings, how more insurance companies opt to exit California market and much more...

More insurance companies opt to exit California market

California has yet to stem the tide of companies exiting its embattled insurance market as four Kemper Corp. subsidiaries recently revealed plans to not renew home and auto policies starting 2024.

The four companies – Merastar Insurance, Unitrin Auto and Home Insurance, Unitrin Direct Property and Casualty, and Kemper Independence Insurance – all cited a nationwide restructuring decision by their parent company as the reason behind the move.

According to documents filed with the California Department of insurance, the companies are withdrawing from the state as part of Kemper’s decision to exit the preferred personal lines marketplace.

Higginbotham partners with WRM Group

Higginbotham recently announced its affiliation with Alabama's WRM Group, LLC, a consortium consisting of longstanding independent agencies with strong connections to the state and surrounding areas.

Celebrating its 75th anniversary, Higginbotham's growth strategy has been centered around partnering with firms that have established reputations in their local markets and share similar cultural values.

The transaction was facilitated by Reagan Securities, Inc., which acted as the exclusive financial advisor to the WRM Group.

Rusty Reid, Higginbotham's chairman and CEO, expressed enthusiasm about the new relationship with the WRM Group.

IRCC responds to call for super visa insurance change

Canada has boasted record immigration numbers in recent years, but some newcomers to the country looking to reunite with their families through the super visa scheme could be putting themselves at financial risk by only seeking the minimum yearly health insurance coverage limit required by Immigration, Refugees and Citizenship Canada (IRCC).

This is according to Goose Insurance co-founder Omar Kaywan, who has called for IRCC and the federal government to increase the minimum super visa medical insurance coverage requirement from $100,000 to $250,000, citing examples of families being faced with surprise massive medical bills.

“Considering the rise in medical costs in Canada, it would be wise for the federal government to increase the super visa medical insurance coverage amount to at least $250,000”. “We have seen one too many cases, where Canadians are out of pocket trying to pay for medical fees of parents and grandparents visiting on super visas.”

Canopius adds to current cannabis insurance offerings

Canopius Group, a global specialty lines reinsurer, has announced additions to its cannabis insurance product offerings. The new products will cover intrastate or interstate transportation of items as allowed by federal, state, and local laws.

“Canopius stands at the forefront of this field, empowered by our specialized expertise to tailor our program to the distinct needs of each client and market,” said Dan Oldham, head of commercial transportation at Canopius.

“Our meticulous alignment with state-specific legal frameworks and federal regulations underscores our deep commitment to this growing industry,” he added.

Insurtech – insurance's partner "liberator"?

Insurance Business caught up with attendees of Insuretech Connect Las Vegas to find out what they believe insurtech’s biggest impact has been on the industry – and while there were some common themes, everybody had a different take.

From accelerator, to liberator, to equalizer, a variety of attendees at Insuretech Connect’s November conference believed that insurtech has had a role to play in re-shaping the insurance industry, though perhaps not necessarily in the disruptive guise that was originally anticipated by some.

For Tim Hardcastle, Instanda CEO and co-founder, insurtech has proven itself to be insurance’s “liberator” and now offers a “rainbow of hope and aspiration”.

“A lot of the insurance community are very innovative and they’d like to do more for their customers, and they’d like to be more creative, and a lot of people we’ve talked to are held back from being able to do that, because of the processes that they’re forced to use, or the technology that they’re using is not relevant, or it’s not suitable for today’s customer needs,”