Live Insurance News

Citizens Insurance is still battling thousands of Hurricane Irma lawsuits

June 18, 2019June 14, 2019 Nordstrom

Citizens Insurance - Hurricane Irma - Home Destruction

The Florida insurer of last resort is still grappling with legal challenges from two years ago. Florida Governor Ron DeSantis and state lawmakers recently approved a Citizens Insurance overhaul plan. The overhaul redesigned the controversial “assignment of benefits” practice. It also added new restrictions regarding lawsuits that can be filed against insurance companies. The state-backed insurance company will still need to deal with its thousands of existing lawsuits. Citizens Insurance is still attempting to work its way through thousands of existing lawsuits. These were filed well before the overhaul was…

Munich Re profits likely to suffer as a result of 2017 hurricanes

October 31, 2017October 29, 2017 Marc

Munich Re profits - Thunderstorm Rolling in

Harvey, Irma and Maria will take their tolls on the insurance and reinsurance giant. One of the largest insurers in the world has stated that hurricanes would cause it to suffer a loss as Munich Re profits prove inadequate. The company said its 2017 third quarter would record a loss as a result of Hurricanes Harvey, Irma and Maria. The insurer predicts that the hurricanes would cost $3.1 billion in its covered insured damages. These damages occurred in the United States and the Caribbean and the size of the losses…

Lloyd’s insurance claims see rapid response and payments following storms

October 18, 2017October 16, 2017 Marc

Lloyd’s insurance claims - Home office building

The massive marketplace has reported quick customer service for customers affected by Harvey, Irma and Maria. Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments. The storms left behind an estimated $738 million in insured damages to properties and possessions. “It is heartening to see the Lloyd’s market swing into action in this way,” said Inga Beal, the market’s chief executive, when addressing the…

Travel insurance claims are pouring in following several hurricanes

September 26, 2017September 25, 2017 Marc

This busy storm season has led to a large number of filings from people whose vacations were interrupted. The active 2017 hurricane season has led to a sudden influx of travel insurance claims as vacations and business trips see interruptions. This type of storm season has helped to demonstrate the value that this type of insurance coverage can offer travelers. Thousands of people across the United States are breathing a sigh of relief after purchasing the coverage. Those who purchased their travel insurance policies before the storms were named can…

Climate change and severe weather could increase insurance rates for everyone

September 18, 2017September 16, 2017 Nordstrom

climate change extreme weather drought storms

Even homeowners who don’t reside in areas struck by recent hurricanes could feel the pinch. Homeowners across America wouldn’t likely be surprised to hear that climate change and the severe weather coming with it could raise insurance rates in areas like Florida and Texas. That said, just because an area wasn’t struck by Harvey or Irma, it doesn’t mean rates won’t rise there, too. Motorists and homeowners throughout many U.S. states will likely watch premiums rise over the next while. Insurance companies are being increasingly affected by climate change. Severe…

Hurricane Irma insurance losses may be far lower than first predicted

September 12, 2017September 11, 2017 G. Turner

Initial forecasts plotted a far more destructive path for the storm than was actually the case. Following predictions of apocalyptic Hurricane Irma insurance losses, it appears as though the storm may be costly, but nowhere near the worst case scenario. It’s still far too early for specific totals, but recent figures suggest they may be as low as $10 billion. Randy Binner, an insurance analyst, explained that while initial projections for Hurricane Irma insurance losses were as high as $100 billion, this has now been reduced to between $10 billion…

Mar-A-Lago carries NFIP flood insurance protection

September 11, 2017September 9, 2017 Logan B.

At the same time that the federal program faces an uncertain future, the president’s Florida estate is covered by it. Mar-A-Lago, Donald Trump’s Palm Beach, Florida estate and club, has a flood insurance policy through NFIP. The National Flood Insurance Program is the controversial program selling coverage to policies traditionally refused by private insurers due to high risk. The Mar-A-Lago mansion and other buildings were shuttered and empty following a mandatory evacuation order. Should President Donald Trump’s estate have suffered flood damage from Hurricane Irma, it is covered by NFIP.…