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Weekly News Roundup, September 8

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In this week’s news will talk about Hurricane Idalia insured loss estimates, Property insurance crisis prompts Senate hearing, and much more...

Allianz publishes comprehensive net-zero transition plan

Allianz has released its comprehensive net-zero transition plan, reaffirming its commitment to achieving net-zero emissions by 2050 within its investment and property and casualty underwriting portfolios and by 2030 in its own operations.

This plan outlines specific intermediate targets for 2030, focusing on reducing greenhouse gas (GHG) emissions across Allianz's business operations, investment portfolio, and P&C insurance business.

Additionally, Allianz announced its goals, which are to strengthen its engagement with customers and investee companies in their journey towards net-zero emissions, expand investments in renewable energy, low-carbon technology, and sustainable mobility, and advocate for climate action alongside partners, the financial services sector, other industries, and policymakers.

Property insurance crisis prompts Senate hearing

Washington lawmakers have come together to discuss the growing insurance crisis spurred by climate change-induced natural disasters and the exodus of insurers from high-risk states like Florida and California.

The Senate Committee on Banking, Housing and Urban Affairs convened a hearing on Thursday to explore potential solutions, receiving testimonies from insurance industry experts and consumer advocacy groups.

Witnesses at the hearing raised concerns over surging insurance premiums as the US faces a record-setting year for weather-induced property damage.

State Farm accused of violating privacy laws

A proposed class-action lawsuit has accused State Farm of violating privacy laws.

The lawsuit claims that State Farm improperly shared the personal health information of five Illinois plaintiffs with Insurance Services Office (ISO), a company that conducts risk management analyses, according to a report by WGLT, a National Public Radio affiliate station.

All five plaintiffs were injured in accidents involving drivers covered by State Farm, WGLT reported. The lawsuit was filed on July 19 in Cook County, Ill. It accuses State Farm and ISO of violation of privacy, negligence and unjust enrichment.

Both federal law and the Illinois state constitution prohibit the sharing of an individual’s personal health information without permission.

Revealed – Hurricane Idalia insured loss estimates

Onshore property insured losses caused by Hurricane Idalia are anticipated to range from $2.5 billion to $4 billion, according to data from Verisk.

The assessment from the data analytics firm includes estimated wind damage and insured estimates of storm surge along Hurricane Idalia's path, with most losses attributed to wind damage.

On Aug. 30, Hurricane Idalia made landfall in Taylor County within Florida's Big Bend region, near Keaton Beach. At that time, it was categorized as a powerful Category 3 hurricane.

Meet America's Top Insurance Employers in 2023

Dedication to attracting top talent and providing competitive benefits are critical to the success of this year’s Top Insurance Employers. The 2023 winners were selected based on their benefit packages, compensation, culture, and diversity and inclusion programs.

The awardees highlight the importance of continuous employee development, empowering young talent, utilizing technology and AI, valuing diverse benefits and well-being, and other strategies for a healthy and thriving work environment.

Among this year’s leading employers committed to their employees are: