Live Insurance News

Wildfire insurance problems persist 2 years after Canadian Fort McMurray Disaster

May 8, 2018May 7, 2018 Julie Campbell

Wildfire insurance problems - Forest Fire

After flames ripped their way through entire neighborhoods of the Alberta town, rebuilding is been slow. Two years after the devastating Fort McMurray fire in Canada, wildfire insurance problems continue to plague homeowners. In fact, only 20 percent of the destroyed homes are rebuilt. The northern Alberta saw 2,579 homes completely destroyed by the wildfire that struck in 2016. The destruction produced the highest wildfire costs in Canada until that time, as Live Insurance News reported. Donations to support those whose homes were ravaged poured in from across the country…

California wildfire insurance stirs up heat between industry and state lawmakers

May 1, 2018April 28, 2018 Logan B.

California wildfire insurance - forest fire

The state Senate Insurance Committee is taking on the insurance industry regarding this coverage. California wildfire insurance was a hot topic, so to speak, between insurers and the State Insurance Committee. The committee is chaired by Senator Steve Glazer (D), widely considered to be the most moderate senator in the upper house. The Senate Insurance Committee voted on to bills that will dictate the future of wildfire coverage. The vote took place on Friday for the two bills. These bills were designed to make significant changes to the way California…

Climate change will be challenging for insurance companies, says Moody’s

March 23, 2018March 22, 2018 Julie Campbell

Climate Change - Insurance - Earth in Flood and Fire

A new report revealed the impact of warming climates worldwide on the insurance industry. The impact of climate change on the economy will have an increased liability risk for insurance companies. Catastrophes related to extreme weather are becoming more severe and frequent, according to a Moody’s Investors Service report. The report pointed to the rising instance of weather disasters like Hurricane Harvey in 2017. Moody’s Investors Service recently released a report. It investigated the economic aftermath of climate change. Insurance companies will face an increased liability risk from more frequent…

Insurance news made as Africa seeks epidemic disaster coverage

February 5, 2015February 2, 2015 Julie Campbell

health insurance news ebola hazmat isolation quarantine

Countries in that continent are now looking to broaden a catastrophe protection fund for emergencies like Ebola. African countries are in insurance news headlines as they now seek to widen a new type of catastrophe fund, which has already made its first payout, as of January, which was for $25 million. The catastrophe insurance fund is meant to provide protection against Ebola-like outbreaks. This insurance news could mean that countries that face catastrophes such as the devastation left behind by the Ebola outbreak in several African countries, could receive payouts…

Polar vortex batters the insurance industry

January 23, 2014January 21, 2014 Marc

winter water homeowners insurance industry

Polar vortex slams into the US, causing significant problems during the first two weeks of January The first two weeks of 2014 were marked by an unusual natural event that has been called the “polar vortex.” The event affected the majority of the U.S., causing property damage throughout the country as well as business interruption. The polar vortex broke into the U.S. on January 3, 2014, and lingered for nearly two weeks thereafter, bringing freezing temperatures and heavy snowfall to many states throughout the country. All states, including those notorious…

State agency seeks to provide guidance on homeowners insurance issues

November 22, 2013November 25, 2013 Nordstrom

Homeowners insurance confusion could be a problem for Illinois residents A powerful tornado swept through Illinois earlier this week, leaving a path of destruction in its wake. The city of Washington was one of those that suffered most from the natural disaster, which destroyed more than 500 homes and damaged property throughout the entirety of the city. The devastating event has caused some confusion concerning homeowners insurance and natural disasters, which has spurred the Illinois Department of Insurance to take action. Agency to provide one-on-one counseling sessions for disaster victims…

Is insurance worth it?

September 28, 2013 S.Vagus

What is the value of insurance coverage? Insurance can be a very tricky issue for many people. Coverage of any kind is often considered to be an extra expense that is difficult to justify. For some, the cost of insurance is not worth the protection it offers, while others consider insurance coverage to be mandatory even if it is expensive. The value of insurance coverage varies from person to person as much as it does from one type of coverage to another. Because there are many forms of insurance available,…