Tag: storm insurance

Storm insurance program may be in Texas’ future

H. Cutner
Storm insurance Tropical S Don

Governor Perry has announced that the topic could be a part of the special session of the Legislature. According to Texas Governor Rick Perry, a special legislative session that is already being convened for redistricting could also include the topic of a storm insurance program for the state. This would specifically focus on the overhaul of the Texas Windstorm Insurance Association (TWIA). The TWIA is already greatly troubled, but the governor has yet to say for certain whether or not lawmakers will be discussing this storm insurance topic within the…

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Insurance industry could face losses of $5 billion from storms

H. Cutner
tornado insurance Oklahoma

American insurers may be facing a growing number of severe weather issues such as tornadoes. According to the disaster modeling company, Eqecat, the United States insurance industry could find that the insured losses from severe storms and tornadoes that occurred last week may come with a bill of $5 billion. The estimate from the firm falls within a range of $2 billion to $5 billion, with most linked to the Moore tornado. Though this is still quite early after the Moore, Oklahoma tornado from May 20, for the insurance industry…

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Homeowners insurance checks to be expedited by New York Banks

G. Turner
Homeowners flood Insurance hurricane sandy damage

Financial institutions within the state are making efforts to try to issue the payments more quickly. The New York Department of Financial Services has announced that five of the largest banks and mortgage service institutions within the state have assigned reps to help to make the homeowners insurance cash settlements more quickly throughout this week for the Sandy claims that have remained unpaid. There have been a number of different locations established in which those representatives can be contacted. The reps are available to homeowners insurance customers at various Disaster…

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Insurance news from Zurich shows a massive $700 million superstorm bill

H. Cutner
Insurance news losses

The European insurer has released the figures relating to its claims from Sandy. Zurich has just released its latest insurance news by becoming the most recent insurer to have connected its figures to the damage caused by Hurricane Sandy, reporting that it is expecting that its net claims will reach approximately $700 million. These predictions are following closely on the heels of the figures release made by AIG. The numbers that were issued by AIG had forecasted that the storm would have generated post-tax net losses of approximately $1.3 billion.…

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Insurance news from Western Canada may soon involve higher rates

Julie Campbell
Insurance news

Severe summer storms in the province of Alberta caused massive amounts of insured damage. The severe storms that were faced by the Canadian province of Alberta are once again making insurance news as the millions of dollars in damages may now be sending rates in an upward direction. In August, insurers in Canada had to pay out approximately $550 million for a hail storm that hit Calgary. In July and August, the province faced three separate severe storms, which each made insurance news with their multimillion dollar price tags for…

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Insurance news from AIG predicts $2 billion in Sandy losses

H. Cutner
AIG Insurance company CEO - Building in Manhattan

The superstorm has taken its toll on the states and insurers are starting to release their numbers. AIG has announced that it expects to have lost $2 billion in pre-tax costs due to superstorm Sandy’s impact on the United States. This was revealed at the same time that it said it would be making a $5 billion sale of its aircraft leasing business. The storm, which smashed its way across the American Northeast coast led to more than 100 deaths and made insurance news with its vast amounts of property…

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Flood insurance opportunity for Sandy may have passed

insurance news - atlantic hurricane season

Homeowners who want coverage against flooding should have already purchased their policies. In the human tradition of leaving things until the last minute, many families are rushing to fill their gas tanks, crowding grocery stores to stock up on the food they might need over the next little while, and are calling their insurers to find out what flood insurance they have against Hurricane Sandy. Unfortunately, for many, inquiring about coverage is something they should have done much sooner. Homeowners across the Northeast of the country are getting themselves ready…

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