So far, insurers have been mostly successful at fending off business interruption lawsuits stemming from the COVID-19 pandemic. Disputes are generally focused on whether the virus is a valid exclusion under policies.
Read moreARLINGTON, VA, March 8, 2021 — U.S. commercial insurance prices again grew significantly in the fourth quarter of 2020, according…
Allianz Partners, a leading travel insurance and assistance company, is rolling out enhancements to its travel insurance products that may provide coverage to customers who become ill with COVID-19 or a future epidemic, are individually ordered to quarantine,* or are denied boarding due to a suspected illness.
Scheduled to take effect in October is a major overhaul of FEMA's National Flood Insurance Program– the biggest change to the program's methodology since 1968. Across New England, tens of thousands of residential properties are considered to have a substantial flood risk– defined as having a 1% annual chance of flooding, or a “100- year flood” risk.
Some Ohio homeowners who carry flood insurance on their properties may be in for a rude awakening come fall. New data recently released by a New York City- based research group suggests millions of American homeowners, including some in Ohio, could face skyrocketing premiums starting in October when a major overhaul of the nation's flood insurance program…
Ro Khanna, a California Democrat who chairs an environment subcommittee, sent a letter to the Electric Reliability Council of Texas, saying he is concerned that the loss of electric service—“ and the resulting human suffering, deaths and economic costs”— will happen again unless ERCOT and the state of Texas adequately prepare for a predicted increase in extreme…
HORRY COUNTY- As the floodwaters begin the slow process of receding, the impact of a late-winter rain event has brought forward plenty of emotions and concerns throughout the Horry County community- with areas separated by some 30 miles now allies in the never-ending battle with devastating flooding that has reared its ugly head over the past 6 years.
The acquisition of Monitor Life, previously a wholly owned subsidiary of AmFirst Insurance Company, has authority to operate in 27 states and the District of Columbia. “The acquisition of Monitor Life marks an exciting start to 2021,” said Gary McGeddy, President of C&F Accident& Health. In addition, our ability to provide international Accident& Health…
WASHINGTON, March 2– The National Association of Insurance Commissioners issued the following news release on March 1, 2021:. The National Association of Insurance Commissioners released data today on life/fraternal and property/casualty insurers. *Total reported premiums for life insurance, including annuity considerations, deposit-type contract…
The largest and oldest power cooperative in Texas is filing for bankruptcy protection, citing last month’ s winter storm that left millions without power, and it is unlikely to be the last utility to seek shelter in the courts. Brazos said Monday that it was a“ financially robust, stable company” before the Arctic freeze that hit Texas between Feb. 13 and Feb. 19.
That's what happened in Memphis, Shreveport, Louisiana, and Jackson, Mississippi. Memphis utility leaders said Wednesday the city's water system had reached green status after the city had been under a precautionary boil advisory for six days. On Thursday, once mandatory water pressure levels were reached, Memphis, Light, Gas and Water, with the Tennessee…
The complaint filed Wednesday in San Francisco Superior Court is an offshoot of a $13.5 billion settlement that PG&E reached with the wildfire victims while the utility was mired in bankruptcy from January 2019 through June last year. As part of that deal, PG&E granted the victims the right to go after the utility's hierarchy leading up to and during a series of…
—Class action lawsuits were filed in Nevada against 10 major auto insurance companies on Tuesday, contending that the companies charged excessive insurance premiums during the pandemic by failing to account for a drop in driving and crashes. The lawsuits were filed on behalf of Nevada insurance customers against State Farm, USAA, Geico, Acuity, Liberty Mutual,…
First Street Foundation found that there are nearly 4.3 million residential homes across the country with substantial flood risk that would result in financial loss. The Foundation’s analysis was conducted in part with home value data acquired from ComeHome by HouseCanary.* About ComeHome by HouseCanary* http://www.comehome.com/>: HouseCanary’s…
The 2020-21 winter season will be an expensive one for U.S. property/casualty insurers, Moody’s Investors Service said today. The winter…
WASHINGTON- Deadly weather will be hitting the U.S. more often, and America had better get better at dealing with it, experts said Wednesday as Texas and other states battled winter storms that blew past the worst-case planning of utilities, governments and millions of shivering citizens. In Oklahoma City, an Arctic blast plunged temperatures in the state's…
Roy Cooper said Wednesday that the state must learn from the surprise tornado that struck Ocean Isle Beach with little or no warning, leaving three people dead and 10 injured. The governor surveyed the brunt of the damage, at Ocean Ridge Plantation, a neighborhood where residents recounted near-death experiences from the powerful EF3 tornado that approached…
—Nearly 150,000 customers remained without power Wednesday in and around Portland, Oregon, nearly a week after a massive snow and ice storm swept into the Pacific Northwest, taking out hundreds of miles of power lines as ice-laden trees toppled. The damage wrought by the storm to the power system was the worst in 40 years, and more than 2,000 power lines— about 208…
Feb. 17— Over a couple frigid days in February, as demand for power soared, generators across Texas tripped up and failed to operate in wintry conditions. Yes, Texas has been here before. Although temperatures throughout the state have touched record lows over the past few days, creating a perfect storm to stress the power system, severe outages on Texas' deregulated,…
DENVER- Denver experienced record-setting cold temperatures, but other places definitely felt lower. We're up in the northeast corner, almost near Nebraska, “said Chief Jeff Hunker of the Crook Fire Protection District. “We're along I-76 and we have a small volunteer department that are about a dozen guys and myself and we answer anywhere between 100 and 160…
—Freezing weather in Texas led to a chain of events that left almost 5 million customers in northern Mexico without power Monday as a shortage of natural gas disrupted electricity production. Mexico uses gas to generate about 60% of its power, compared to about 40% in the United States. Mexico built pipelines to take advantage of cheap natural gas from the U.S.,…
—A winter storm dropping snow and ice also sent temperatures plunging across the southern Plains, prompting a power emergency in Texas a day after conditions canceled flights and impacted traffic across large swaths of the U.S.. Rotating power outages were initiated by the Electric Reliability Council of Texas, or ERCOT, early Monday morning, meaning…
—Snow and ice blanketed large swaths of the U.S. on Sunday, prompting canceled flights, making driving perilous and reaching into areas as far south as Texas’ Gulf Coast, where snow and sleet were expected overnight. “Typically, we just don’ t have quite this much cold air in place that far south,” said Marc Chenard, a meteorologist with the National Weather Service's…
—The smaller, lighter vehicles that women more often drive, and the types of crashes they get into, may explain why they are much more likely to suffer a serious injury in a collision than men, a new study published Thursday found. Researchers from the Insurance Institute for Highway Safety, a research group supported by auto insurers, looked into whether there was…
Feb. 10— Prep work is expected to begin this summer on a major lock that will protect Houma and other parts of Terrebonne Parish from Gulf of Mexico storm flooding. The $366 million lock will serve as the linchpin to the Morganza- to-the-Gulf hurricane-protection system, a 98- mile collection of levees, locks and floodgates that protects nearly 200,000 residents…
JERSEY CITY, N.J., February 8, 2021 — In the first nine months of 2020, the private U.S. property and casualty…
Mr. Mollica succeeds Leigh Anne Sherman, who has been appointed Division President of ESIS, Inc., a Chubb company, and a leading third-party claims administrator. In this role, Mr. Mollica will have overall responsibility for leading the company’s Private/Not-For-Profit Management Liability business, which focuses on providing Directors& Officers…
Feb. 8— Amid a continuing insurance crisis in California's wildfire country, multiple state agencies will work together to create a unified standard for “home hardening”— the business of making buildings and communities more resistant to fires. The Department of Insurance announced Monday it will develop the standards in partnership with Cal Fire, the…
In most states, you're required by law to carry car insurance. Maybe you're a loyal customer or you shop around for rates. CR requested 869 unique auto insurance quotes from nine different insurers across six states and Washington, D.C. It found that three major auto insurance companies-Geico, Progressive, and Liberty Mutual-quoted higher average premiums to…
Feb. 3— Batten down the hatches and stock up on road salt. A winter storm watch is being issued for late Friday afternoon through late Saturday night, according to David Thomas, a meteorologist with the National Weather Service at the Buffalo Niagara International Airport in Cheektowaga. “That would include the City of Buffalo and out towards the airport, as well as…
Just a few years ago, car subscriptions looked like the next sure thing. Picking up on consumers’ comfort with paying monthly for the likes of streaming services or phones, many automakers introduced programs that allowed people to get a new car and a variety of perks for a monthly fee. But as of 2021, BMW, Genesis, Mercedes-Benz, Nissan and, most recently, Audi have all…
A bipartisan state Senate bill would ban use of hand-held cellphones and other wireless devices while driving. It has as primary sponsors Republicans Jim Burgin of Johnson County and Kevin Corbin of Cherokee County, and Democrat Mike Woodard of Durham County. According to the National Conference of State Legislatures, 25 states have bans on hand-held…
Two weather events that affected South Carolina were among the 50 global disasters last year that each broke the $1 billion mark for damages, from hurricanes, severe storms, fires and other hazards. They join a record 50 such disasters from across the planet in 2020 that sparked more than $1 billion each in losses, which was also a record. Twenty-six of these events…
State Farm made a January 2020 move that would power the insurer through a turbulent year: It rekindled its iconic tagline, “Like a Good Neighbor, State Farm Is There.” The 49-year-old line is among the most recognizable phrases in advertising, said Ad Age, which named State Farm a 2020 Marketer of the Year.
—U.S. construction spending rose a moderate 1% in December as the number of new homes offset a sustained weakness in nonresidential construction. The increase followed a 1.1% gain in November, the Commerce Department reported Monday. Construction totaled $1.49 trillion at a seasonally adjusted annual rate in December, 5.7% higher than the level in December…
YONKERS, New York, Jan. 29– Consumer Reports issued the following news release on Jan. 28, 2021:. Drivers with less education and less lucrative job titles could end up paying more for auto insurance compared to consumers with identical driving records who have advanced degrees or job titles that come with higher pay, according to a new investigation by Consumer…
AAA members who insure their vehicles through the Interinsurance Exchange of the Automobile Club and its affiliate insurers will receive an additional premium refund totaling approximately $90 million. According to the publication S&P Global Market Intelligence, Auto Club Enterprises Insurance Group is one of only a few insurers in the country to…
By the end of summer, soil moisture content in portions of central and eastern Wyoming hovered in the tenth percentile. Areas of Fremont and Natrona county were in what's classified as extreme drought. “For the bulk of the state, the outlook is the drought will persist,” said Chris Jones, a meteorologist with the National Weather Service in Riverton.
According to the Oklahoma Forestry Service, damaging and life threatening wildland fire episodes are possible through April as 2021 is set up to present above average fire occurrence during late dormant season. “Weather patterns and forecast model data for the long-term are showing similar trends that we saw several years ago, when wildfires plagued…
Thanks to cheaper gas and insurance rates and better roads and highways in Tennessee than in most states, analysts from the personal finance website WalletHub calculate that motorists in the Volunteer State can drive their cars for less money than in any other state. Jill Gonzalez, an analyst for WalletHub.com, said Tennessee has better roads and less…
–A preliminary analysis by the National Insurance Crime Bureau shows auto theft took a dramatic leap upward in 2020 compared to 2019, reversing two years of auto theft declines. “Preliminary reports indicate a sharp increase in automobile thefts for 2020,” said NICB President and CEO David Glawe.. “Preliminary reports indicate a sharp increase in automobile…
The Vermont Department of Economic Development announced today that the State of Vermont licensed 38 new captive insurance companies in 2020, Vermont is now home to 589 licensed captives, consisting of 564 active and 25 dormant captive insurance companies. “It is great news that Vermont has remained a consistent leader in the captive industry during the…
The Florida Supreme Court settled last week a critical property/casualty coverage issue dating to Hurricane Frances in 2004, ruling that an apartment complex owner cannot sue for lost rental income. The case threatened to set a critical precedent for P&C insurers.
For nearly a year, we have been unable to make long-term plans or create a realistic budget due to the COVID-19 pandemic. Unemployment, furloughs, and pay cuts have made it difficult for many people worldwide to pay their bills. Call your current insurance carrier to inquire if you can still take advantage of them, “explains Clay Janson of Phocus Insurance, a…
New York– A trio of Covid-19 related risks heads up the 10th Allianz Risk Barometer 2021, reflecting potential disruption and…
TAMPA, Fla. Rosemary Harris is ready for her flood nightmare to be over and she doesn't want to get stuck with a big bill that her insurance company should have covered. Harris' Tampa home flooded in February when a pipe burst in the bathroom. She says it wasn't until September that her insurance company, Universal Property& Casualty Insurance approved the claim to…
New data released by Consumer Federation of America show that good drivers in Washington State face auto insurance penalties of 35% if they have Fair credit histories rather than Excellent credit, and those with Poor credit pay 79% more on average. State Farm charges the highest credit score penalty of 69% for drivers with Fair credit and 185% for drivers with…
This is the second season of the “At Home with Baker” series, and Progressive knows it has hit on something big. The spots run nationally, and folks at the Mayfield Heights (yes, Mayfield), Ohio-based insurance company have seen lots of evidence of their impact, including social media chatter.
The spike in cybercrime has driven demand for cyber insurance, and prospective buyers are requesting higher limits. Price and capacity remain notable barriers, however, and it is too early to say if demand will translate into sustained market growth.
City Manager Norman McNickle reported Wednesday that city crews have removed 1,780 tons— more than 3.5 million pounds— since they started hauling the debris piled along city streets in mid-November. The City of Stillwater provided a dump site at Wittenberg Park for a few weeks after the Oct. 26-29 storms for residents who wanted to haul their own limbs.
Ned Lamont said he learned from the Federal Emergency Management Agency that the September request to President Donald Trump has been approved for all eight counties. Tropical Storm Isaias struck Connecticut on Aug. 4. Christine Dempsey can be reached at [email protected]
Jan. 12— Bangor-based Cross Insurance said Monday that it has acquired a Connecticut insurer, continuing its pattern of acquisitions around New England. Daigle& Travers Insurance, founded in 1983 and based in Fairfield County, offers personal, business, equine and farm insurance to individuals and businesses in Connecticut and New York. “Our partnership will…
Jan. 12— For at least the last three years, as Washington has seen some of the worst wildfires in recent memory, state Public Lands Commissioner Hilary Franz has pushed legislation to try to get a permanent funding source to fight and prevent fires. The Legislature balked at a tax on property and casualty insurance and it balked at a surcharge on insurance premiums.
–NFL Great Antonio Gates and his wife, Sasha Gates, are suing their homeowners’ insurance company, AIG Property Casualty Company, accusing them of delaying coverage and ignoring their claim for insurance policy benefits after a burglary at their home in December 2018. They are represented by attorney Derek Chaiken from Merlin Law Group. When the San Diego…
The Atlantic Ocean saw more hurricanes than ever during the past season and the western United States experienced historic wildfires, fueled by the second-warmest year on record, the report by global insurer Munich Re said. Fires in the western United States– hitting California, Colorado and Oregon the hardest– totaled another $16 billion in damages.
Compare-autoinsurance.org has launched a new blog post that explains how teen drivers that are safe driving can obtain lower car insurance rates. For more info, please visit https://compare-autoinsurance.org/top-safe-driving-tips-for-teen-drivers/. Teen drivers are more likely to be involved in a car accident than any other age group.
The new year brings six new insurance laws in California, sponsored by Insurance Commissioner Ricardo Lara and the California Department of Insurance.
Dec. 30— ENID, Okla.— Contractors began a second pass through Enid on Tuesday to pick up more tree debris from October's ice storm, after having already collected more than 4,000 tons before Christmas. Two trucks from TFR Enterprises, last in Enid on Dec. 22, will pick up debris through areas mainly south of Garriott and east of Van Buren, and from South 3rd to 5th, Public…
–Milliman, Inc., a premier global consulting and actuarial firm, announced today that it has released version 2.0 of its Claim Variability Benchmarks TM, an insurtech solution that helps property and casualty insurers increase efficiencies and provides richer analysis in the face of regulatory and economic change such as reserve range and cash flow…
Dec. 30— One disaster 2020 hasn't dumped on the Tuscaloosa area is severe weather, but as the calendar year closes, residents should be alert for possible high winds, heavy rainfall and a chance of tornadoes Thursday evening, rolling into Friday. After a freezing yule in which neighboring counties saw White Christmas flurries, temperatures may shoot as high as 70…
