New York-regulated insurers were ordered today to accelerate the resolution and payment of insurance claims by businesses and individuals who suffered damage as a result of looting.
Read moreThe Securities and Exchange Commission settled charges against Bermuda-based insurance company Argo Group International Holdings for allegedly failing to fully disclose CEO compensation.
As millions of Americans shelter in place, work from home, or face business closures and layoffs, the number of cars on the road has fallen precipitously and, as a result, the number of daily car accidents will diminish dramatically, consumer groups say.
In direct premium life insurance, Northwestern Mutual ascended to the top spot with a 7% market share and $11.3 billion in premium.
The Securities and Exchange Commission settled charges against Bermuda-based insurance company Argo Group International Holdings for allegedly failing to fully disclose CEO compensation.
–The cost of homeowners insurance has risen considerably in recent years, and will continue to rise in 2020 according to a new report from ValuePenguin.com by LendingTree. The states with the greatest increase in rate filings for 2020 include California, Nebraska and Illinois. Insurance companies seek to compensate for an increase in their loss ratios by…
Kalispell, Mont., June 1, 2020 – Sixty-two percent of homeowners say they’re prepared for a flood, but only 12 percent…
Hippo, the high-growth company that’ s transforming home insurance and ownership, announced today that it has entered into a definitive agreement, pending regulatory approval, to acquire Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 states and rated A- by A.M. Best Company. Hippo Insurance Services has partnered with…
NEW YORK- With the focus on the COVID-19 pandemic, the coming hurricane and wildfire season is likely not on many Americans' radars right now. That's according to an American Institute of CPAs survey of 2,050 U.S. adults conducted by The Harris Poll in the fall of 2019.. “In the face of a natural disaster, protecting your family from harm should be your primary concern,”…
Jun. 1– LANSING– All Michigan auto insurance companies must give partial premium refunds because people are driving less during the coronavirus pandemic, state officials said Monday. Under an order issued by the Department of Insurance and Financial Services, auto insurance companies have until June 10 to submit filings that include the proposed refund or…
Already reeling from coronavirus pandemic losses, the property and casualty industry finds itself engulfed in another national calamity.
–The 2020 hurricane season is officially here. Merlin Law Group is stressing the importance of reviewing your property insurance coverage to ensure you are adequately covered. The National Oceanic and Atmospheric Administration is projecting an “above-normal” 2020 Atlantic hurricane season.
Chicago Mayor Lori Lightfoot denied that the city prioritized protecting the Loop over neighborhoods on the South and West sides over the weekend and promised to help rebuild. Lightfoot made her comments after protests over the death of George Floyd, who died at the hands of Minneapolis police, led to nationwide civil unrest, including widespread looting and…
May 31– SARASOTA– If a hurricane approaches, Sarasota- Manatee residents who flee to disaster shelters could be met with medical screenings, and even “no vacancy” signs. That's because more space is needed at shelters to accommodate the Centers for Disease Control's new social-distancing guidelines. “We will not be able to hold as many people as we normally could…
May 31– In his spirited attempt to pass legislation that he says will lower auto insurance prices by 25%, Insurance Commissioner Jim Donelon has taken to blaming boogeymen: television lawyers. Louisiana's civil justice is set up so that it is often cheaper for the insurance companies to pay policy limits– the minimum legal requirement is $15,000 per person and…
How people manage their money in the post-pandemic economy depends as much on people's psyche as it does on the COVID-19 contagion itself, according to a local banker, insurer, accountant and money manager. As it was during a stay-at-home economy, expect online interaction to continue as a primary way of conducting business like banking, said Rick Wallis,…
For the fifth consecutive year, Sarasota- Manatee ranked eighth among major U.S. metro areas for storm surge risk, according to a study released on Thursday by real estate database CoreLogic. “Storm surge has historically been the deadliest and most destructive hazard we deal with,” said Thomas Jeffery, principal of science and analytics at CoreLogic.
Frontier Communications encourages customers to take readiness steps in advance of the 2020 Atlantic hurricane season, which runs from June 1 through November 30. National Weather Service forecasts are predicting an above-average season likely to produce 13 to 19 named storms, of which 6 to 10 could become hurricanes. Preparing in a calm and organized way…
Insurance companies would go broke paying all the business-interruption and workers’ compensation claims they could face because of coronavirus and the resulting shutdowns, according to A.M. Best, the insurance ratings agency.
If the measure clears the full House later this week, as expected, SB418 would have to return to the Senate for their agreement on the newly added language. The session ends in a week, on Monday, June 1, at 6 p.m.. Kirk Talbot, the chief sponsor, said the legislation brings Louisiana into line with the way most other states handle civil trials, which insurance companies say…
Allstate said Tuesday it will extend its coronavirus rebate through June 30, returning a total of roughly $1 billion in auto insurance premiums to customers over three months. Last month, the Northbrook- based insurer introduced its“ Shelter-in-Place Payback” program because fewer drivers are on the road as a result of coronavirus state lockdowns.
The Ohio Department of Insurance has resolved 47 complaints in the past year from people in this area saying their insurance company mishandled claims related to windstorm damage, siding more often with the insurer, a Dayton Daily News analysis found. The state sided with Teresa and Frank Semons in their complaint against Liberty Mutual Insurance they filed…
Some of them have changed their circumstances where they don't want to be where the disaster occurred, they want to be somewhere else, “said Michael Vanderburgh, chairman of the Miami Valley Long-Term Recovery Operations Group. The record 16 tornadoes tore through communities across the region, destroying or inflicting major damage to 293 structures in…
Today many of the people in the areas hardest hit by the Memorial Day tornadoes remain frustrated and tired after a year spent putting their lives back together piece by piece, nail by nail, only to now face a global pandemic. The rapid spread of the coronavirus led to the cancellation of an influx of volunteers and community resources scheduled this spring to…
May 21– Record mid- Michigan flooding following days of storms and the failure of two dams forced the evacuation of an estimated 10,000 residents, who are staying with friends, family and at local shelters. Watch: Overhead footage of historic mid- Michigan flooding. National Weather Service and U.S. Geological Surveymaps of high river water levels throughout…
There is little doubt Wednesday that life has now gotten much harder for an estimated 10,000 mid- Michigan residents who have homes that were destroyed in a record flood amid a pandemic. Moreover, the costs to recover for cities like Midland, which were underwater, will be staggering– and long-lasting. On Wednesday night, President Donald Trump said he'd spoken…
–States, countries, and cruise lines are beginning to open for summer travel, but travel insurance consumer trends show COVID-19 concerns remain top of mind. Travel insurance comparison site, Squaremouth.com, reveals how COVID-19 has changed travel this summer. Domestic trips account for 48% of all planned summer travel, up from just 15% in 2019. Travelers…
Rick Ward told his colleagues Tuesday. So Ward offered Senate Bill 477 to try to keep policy holders from being caught unaware. The Senate approved SB477 Tuesday, 31-4. It now goes to a House committee for consideration.
Colorado State University predicts that we'll have an “above average” Atlantic hurricane season, which begins in June. And the U.S. Forest Service says what once was a four-month wildfire season now stretches to six or eight months. “The sooner you start taking action, the better your outcome will be,” says Kate Bulger, director of business development at Money…
The backing of the wildfire victims keeps PG&E on track to meet a June 30 deadline to emerge from bankruptcy in time to qualify for a coverage from a California wildfire insurance fund created to help protect the utility from getting into financial trouble again. The current bankruptcy case, which began early last year, will require PG&E to pay out about $25.5…
May 17– Randy and Amanda Rucker opened River Twice, their modern American BYO on Passyunk Avenue, seven months ago, hoping that his culinary talent and her business acumen would establish the restaurant as a fixture on one of Philadelphia's most competitive restaurant corridors. River Twice, like all other restaurants in the city, was ordered to close its dining…
May 16– BOSTON– Empty roads and vacant workplaces due to the coronavirus outbreak mean fewer cars on the road, fewer fender benders and fewer insurance clams. Attorney General Maura Healey's office wants auto insurers to return their windfall to businesses that have been especially hard hit. “Without a reduction, Massachusetts businesses will be overpaying…
A London insurer gave hints of how the industry will fight a series of lawsuits in one of the first responses to business interruption insurance claims related to COVID-19. Certain Underwriters at Lloyd’s London, a defendant in a Florida lawsuit brought by Prime Time Sports Grill, argues physical loss must be present.
Attorney General Maura Healey called on the state’s Division of Insurance (DOI) to take immediate steps to ensure that Massachusetts commercial insurance policyholders, such as small businesses, pay fair auto insurance premiums that reflect the businesses’ decreased exposure to claims and accidents during the COVID-19 pandemic.
—The pandemic will cost the insurance industry over $200 billion, according to Lloyds of London, who estimated that its own payouts are now on a par with the Sept. 11, 2001 attacks or the combined impact of hurricanes Harvey, Maria and Irma in 2017.. Lloyds, which as an insurance market pays out to insurers affected by disasters, said it expects to pay between $3…
Tom Wolf has been using the state-regulated insurance industry as a cudgel to beat down the grass-fire rebellion by counties and local-business owners chafing against Pennsylvania's coronavirus shutdown order. I happen to think it is blatantly false, “writes Art Boyle, a 30- year Pennsylvania insurance industry veteran and managing partner at Controlled…
COLUMBUS, OHIO – The COVID-19 pandemic has impacted the kinds of concerns agents must address from their customers, including a…
May 12– SARASOTA– FCCI Insurance Group has fired its chief executive after he was arrested following an alleged altercation at a Sarasota restaurant last week. The commercial property and casualty insurance company, founded in Sarasota, announced Tuesday that the company's board of directors voted to terminate president and CEO Craig Johnson and remove him…
The lawsuit filed May 8 in the U.S. District Court for the Northern District of Texas says Hartford denied Grailey’s Fine Wines& Spirits’ damages claim made after Dallas County authorities ordered all non-essential businesses to close in March. Hartford is trying to make up an excuse after the fact and cite language not even in Grailey’s policy to reject this…
In fact, FEMA reports about 22% of Floridian homeowners in 2017 had flood insurance, which is a separate policy from other coverage policies. If you’ re part of that small group, FEMA has extended its 30- day grace period of policy renewals by up to 120 days until June 15 to support policy holders getting ready while also dealing with the COVID-19 outbreak.
May 10– DELMONT– As Pastor Brian Lemcke stood in front of a brand new church Sunday in Delmont, delivering a powerful prayer, it's hard to fathom it was once a pile of rubble five years ago. Although a devastating tornado ravaged through the town of Delmont on May 10, 2015, dismantling everything in its path, including a local Zion Lutheran Church, it couldn't destroy…
“COVID is a harsh awakening that usage-based insurance is a smart choice,” Mike LaRocco, State Auto Financial chairman, president and CEO, told analysts on a conference call to discuss its third-quarter financial results last week. Surveys by J.D. Power back that up. Now it's 27%, said Kyle Schmitt, J.D. Power's vice president and managing director.
Approximately 600 legislators, government officials, industry professionals, and others from around the nation discussed the proposed legislation during an April 24 webinar sponsored by the Rutgers Center for Risk and Responsibility at Rutgers Law School and the National Council of Insurance Legislators. Matt Lehman began by expressing NCOIL's…
Baton down the hatches: The 2020 hurricane season, which officially starts June 1, has leading experts predicting above-normal probability for major hurricanes and storms making landfall in the U.S. Meteorologists from Colorado State University, one of the nation's top hurricane forecasters, predicts 16 tropical storms will form, of which eight will become…
Hand lives on Whitestocking Road in Burgaw, which had heavy flooding during 2018' s Hurricane Florence. Like many on Whitestocking Road and throughout Pender County, Hand has waited almost 20 months to come home after Hurricane Florence. I really worry that that combination drags out recovery even longer and makes the process even more difficult not just in…
American International Group is budging for COVID-19 catastrophe losses that exceed Hurricane Katrina, an executive said Tuesday morning. The insurer set aside $419 million for catastrophe losses in the quarter with $272 million of that estimated to be for losses related to COVID-19. And the worst is yet to come.
–Insurance companies are offering several forms of assistance to their policyholders, but many drivers aren’t taking advantage of them. Only 31% have asked for a form of financial help. ValuePenguin defined financial help in our survey as a discount, payment extension, waived late fee or a refund on a premium already paid.
And to make matters worse, forecasters expect the Atlantic season, which begins June 1, to be more active than normal. The National Weather Service recommends those who live in a hurricane-prone area to evaluate their risk, review insurance policies and make a list of supplies they'll need. In addition to the standard emergency supplies that should be on hand–…
Because of widespread uncertainty and lack of clear guidance about mortgage relief options, home loan borrowers will need to be on guard against scams and profiteering if they decide to skip payments because of COVID-19-related financial hardship. That relief is guaranteed in federal law, and by guidance issued to mortgage loan servicers by federal…
The property & casualty insurance industry is facing numerous class-action lawsuits related to denials of coverage for business interruption. Insurers are treating the pandemic as an exclusion, while businesses claim they should be covered.
May 2– SAUGATUCK– With the Kalamazoo River spilling over into the streets of Saugatuck again this week, business owners and residents in Saugatuck are worried about what a serious storm surge would do to their properties. Floodwaters covered the west end of Spear Street and the south end of Butler Street and threatened businesses on the river's edge, like The…
Apr. 29– A new report by a consumer advocate claims that some Michigan drivers will see only minimal savings this year from the coming rollout of the state's revamped auto insurance system, although Gov. The report by Douglas Heller, a California- based insurance consultant hired by the Coalition Protecting Auto No-Fault, a Michigan group known as CPAN that…
COLUMBUS, Ohio – Nationwide announced today a plan to permanently transition to a hybrid operating model that comprises primarily working-from-office…
A lot of uncertainty surrounds the effects of COVID-19 on insurance, analysts with the American Academy of Actuaries said during a webinar on Tuesday.
The American Property Casualty Insurance Association issued the following statement by President and CEO David A. Sampson along with industry data:. “Insurers joined a broad business trade coalition calling for the COVID-19 Business and Employee Continuity and Recovery Fund, which would provide immediate financial assistance to impaired businesses to…
Governor Greg Abbott announced that the State of Texas has appealed the Federal Emergency Management Agency's denial of Texas' Major Disaster Declaration request for Public Assistance for Dallas and Erath Counties following severe storms, straight-line winds, and tornadoes during the period of October 20-21, 2019. When Governor Abbott initially…
Tornadoes took 41 lives across the United States in 2019, according to the Insurance Information Institute. The National Oceanographic and Atmospheric Administration reported 1,520 tornadoes, up from 1,126 in 2018.. And for the first three months of 2020, the institute reports 180 tornadoes including those that killed 25 people on March 3 in and around…
MARSHFIELD– Marshfield residents who buy federal flood insurance should see a 15 percent decrease in their premiums in October after the town improved its flood rating. The 15 percent discount for Marshfield residents should mean $300,000 in savings for property owners in the town, Massachusetts Coastal Coalition Chairman Joe Rossi said.
As of April 17, Tennesseans impacted by the March 3 tornadoes had filed more than 15,000 claims, totaling just over $1.1 billion, Mainda said. More than 7,400 claims had been processed and paid by April 17 to the tune of about $370 million. On April 12, another tornado outbreak tore through southeastern Tennessee, leaving swaths of damage in Hamilton, Polk, Marion and…
State legislation aimed at retroactively rewriting business interruption policies nationwide would cost insurers tens of billions of dollars a month and quickly imperil the U.S. insurance industry's solvency, according to the Insurance Information Institute. “Pandemics are an extraordinary catastrophe that can impact nearly every economy in the…
Although most policyholders are currently focused on looking back to find coverage for existing and ongoing losses, let’s look forward at what policyholders need to consider with their renewal policies.
The World Resources Institute said its Aqueduct Floods prediction tool shows 147 million people per year will be impacted by flooding events along rivers and in coastal area within 10 years, up from just 72 million in 2010.. The 28- page report says economic damage in riverine urban areas, meanwhile, will soar from $157 billion to $535 billion annually, and from…
Apr. 22– PG&E Chief Executive Officer William “Bill” Johnson will retire on June 30, the target date for the company to emerge from a $51.69 billion bankruptcy linked to the series of catastrophic wildfires caused by the disgraced utility. Johnson came on board PG&E about a year ago, taking on the role of chief executive officer and president of the PG&E parent…
