The latest news, regulation and trends in property & casualty insurance.
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Congress appears eager to approve federal aid for the victims of Hurricane Harvey, but it could have a tougher time as it races an end-of-September deadline to renew the National Flood Insurance Program, which is already $25 billion in debt thanks to past storms. But pressure to keep premiums artificially low, compared to actual risks, has left the program…
—The massive flooding Harvey has caused in Texas and Louisiana comes as Congress weighs renewing a federal flood insurance program that continually pays out more than it takes in through premiums, potentially leaving taxpayers on the hook for $24.6 billion and counting. Congress is likely to reauthorize the program before then because failure to do so would…
Melissa Willis, who lives in Aransas Pass, 22 miles northeast of Corpus Christi, is cleaning up and trying to get her damaged home habitable. She has already applied for FEMA assistance, but believes the federal government will probably go to areas, such as neighboring Rockport, that suffered the most damage first. “It seems like FEMA is coming in,” Willis said.
—Two weeks before Harvey’s flood waters engulfed much of Houston, President Donald Trump quietly rolled back an order by his predecessor that would have made it easier for storm-ravaged communities to use federal emergency aid to rebuild bridges, roads and other structures so they can better withstand future disasters. Critics note the president’s order…
Aug. 30– Kanye West won’t get compensated for prematurely halting his Saint Pablo tour last year because the breakdown that led to the cancellation was fueled by his use of prescription and illegal drugs, and was therefore his fault, an insurance company is suggesting, TMZ is reporting. Lloyd’s of London doesn’t specifically state that West was using alcohol or…
The Insurance Institute for Highway Safety issued the following news release:. An aftermarket device that attaches to the sides of a tractor-trailer successfully prevented a midsize car from sliding underneath the trailer in a 40 mph crash test conducted Tuesday by the Insurance Institute for Highway Safety. Held at the IIHS Vehicle Research Center and…
Aug. 30– Hurricane Harvey’s devastating property damage toll will easily be counted in the billions of dollars, but insurance industry experts say they shouldn’t have an impact on property insurance rates in hurricane-prone Florida. Lynne McChristian, spokesperson for the Insurance Information Institute, an industry organization, said that Florida…
Aug. 29– CEDAR RAPIDS– President Donald Trump has approved a disaster declaration for seven Iowa counties, including four northeast Iowa counties that suffered significant damage from severe storms, tornadoes, straight-line winds and flooding from July 19-23. The Federal Emergency Management Agency announced the approval that makes federal disaster…
HOUSTON- The remnants of Hurricane Harvey pelted Texas on Monday as forecasters warned that the soaking rains would continue for days and major flooding would spread to neighboring states. President Donald Trump late Monday pledged swift action by the federal government to provide relief to states affected by Harvey, and he is scheduled to visit Texas on…
Trump said those hit by the“ epic” disaster would see“ very rapid action from Congress, certainly from the president…. Trump promised the relief package coming from Congress during a joint White House news conference with Finnish President Sauli Niinisto. He also played down concerns that recovery efforts could be hampered if he follows through with a threat to…
Aug. 29– As Texas grapples with unprecedented flooding due to Tropical Storm Harvey, “catastrophe teams” from insurance companies are moving in to assess damage to hard-hit areas, the Insurance Council of Texas said. “It is the worst flooding we have ever seen and the fact that it is occurring over a heavily populated area makes it that much worse,” said Mark Hanna, a…
Aug. 28– A controversial new Texas law designed to protect insurance companies from abusive lawsuits in the wake of “forces of nature”– such as hurricanes– is about to get an immediate test. The law is set to take effect Friday, while much of the Texas coast remains a drenched disaster area after Hurricane Harvey made landfall near Corpus Christi last week as a…
Aug. 29– As floodwaters continue to surge in much of southeast Texas, hundreds of State Farm and Allstate employees have flocked to the state to start assessing the mounting damage from Hurricane Harvey. Total insured losses from the storm, which made landfall Friday and has not stopped pummeling much of the affected area, could be $10 billion to $20 billion,…
The Federal Emergency Management Agency’s disaster fund currently contains more than $3 billion, but FEMA on Monday said response to Harvey is “quickly drawing down” disaster balances. The administration says it will make sure Texas gets what it needs. “What you’re going to see is the national government and we anticipate the Congress are going to make the…
BOSTON, Aug. 28, 2017- Catastrophe modeling firm AIR Worldwide estimates that industry insured losses resulting from Hurricane Harvey’s winds and storm surge in Texas will range from USD 1.2 billion to USD 2.3 billion. Hurricane Harvey’s Category 4 wind speeds brought devastation to the city of Rockport, Texas, and surrounding towns when the storm made…
—President Donald Trump on Monday issued a federal emergency declaration for Louisiana as heavy rains from Harvey ratcheted up fears of destructive flooding. Tornado and flash flood watches covered parts of southwest Louisiana as Harvey dropped torrential rains on that part of the state. Trump’s emergency declaration initially covers five parishes in…
—President Donald Trump has been showcasing the federal government’s response to Harvey on Twitter and praising the spirit of Texans as they cope with the storm. “and” HISTORIC rainfall in Houston, and all over Texas. Harvey is the first major natural disaster of Trump’s presidency and a significant test for a White House that is often chaotic and rife with…
Massive flooding caused by Tropical Storm Harvey along Texas’ refinery- rich coast could have long-standing and far-reaching consequences for the state’s oil and gas industry and the larger U.S. economy. The storm’s remnants left much of Houston underwater on Sunday, and the National Weather Service says it’s not over yet: Some parts of Houston and its suburbs…
The National Hurricane Center says tide gauges off the coast of Texas indicate that storm surge is already occurring near Corpus Christi and Port Aransas. The center says Harvey has maximum wind speeds of 120 mph as the powerful storm churns off the Texas coast. The center says Harvey has maximum wind speeds of 120 mph as the powerful storm churns off the Texas…
Aug. 25– In the hours ahead of the first strong winds, supplies became scarce as Harvey’s strength grew– leaving those seeking to top off their tanks and grab flashlights on a scavenger hunt for some of the most basic emergency supplies. Contrary to rumor, officials will not turn off utilities before the storm, according to the city of Corpus Christi’s Twitter…
