INSURANCE NEWS
Modeler KCC Puts Privately Insured Losses at $6.4B From Helene
Karen Clark & Co., the well-regarded storm modeling and analytics firm, estimates that privately insured losses from Hurricane Helene will be about $6.4 billion – from wind, storm surge and inland flooding in nine states. The figure includes residential, commercial …
California Wildfires Have Burned 1M Acres So Far This Year. Heat Wave Poses More Risk
The total acres burned in California this year surpassed 1 million as spiking temperatures this week added to the challenges facing firefighters struggling to contain a stubborn blaze in the mountains northeast of Los Angeles that flared up over the …
Louisiana Department of Insurance Warns of Online Scams Post Francine
The Louisiana of Department of Insurance (LDI) is warning residents to be cautious of online scams related to Hurricane Francine insurance claims. The LDI has detected an increase in online advertising activity related to Hurricane Francine, some of which attempts …
Agent Satisfaction With Insurers Holds Strong; Erie Tops for Personal Lines
Overall agent satisfaction with insurers of both personal lines and commercial lines has held strong despite a challenging underwriting environment, says a new J.D. Power study, with commercial lines satisfaction reaching an all-time high. According to the J.D. Power 2024 …
AM Best Revises Outlooks to Negative for Farmers Insurance of Flemington
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Farmers Insurance Company of Flemington. AM Best said the negative outlooks …
Dellwood Insurance Says AIG’s ‘Ginned-Up Claims’ Must Be Dismissed
The legal squabble between American International Group (AIG) and a startup-up formed by some former employees continued this week with another filing from Dellwood Insurance Group in support of its motion to dismiss AIG’s claims. Dellwood, in a U.S. District …
Vermont Diocese Files for Bankruptcy Citing No Insurance Left for Retroactive Sex Claims
The Roman Catholic Diocese of Burlington, Vermont has filed for Chapter 11 bankruptcy protection as it continues to face lawsuits over sexual abuse by its former clergy members in a state with no statute of limitations on such claims. Bishop …
Shelter Order Lifted for 90,000 Georgia Residents After Chemical Plant Fire
Authorities on Monday night ended a shelter-in-place order for more than 90,000 people east of Atlanta following a weekend chemical plant fire that sent a massive plume of dark smoke into the Georgia sky and led to complaints about a …
Viewpoint: Strike’s Duration Will Determine Impact on P/C Insurance Industry
The International Longshoremen’s Association (ILA) went on strike on Tuesday, Oct 1. The strike is expected to affect more than 20 ports along the Eastern Seaboard and Gulf Coast, including the ports of New York and New Jersey, Baltimore and …
Helene Claims in Florida Already More Than 65,700 – Far More than Idalia
The number of property insurance claims in Florida from Hurricane Helene had topped 65,700 by Tuesday, far more than the 25,000 seen in Hurricane Idalia a year ago, the Florida Office of Insurance Regulation reported. The total estimated insured losses …
Global Insurers Fight London Court Battle Over Jets Seized in Russia
Insurers are playing “pass the liability parcel” in a desperate fight against multi-billion dollar claims over aircraft stranded in Russia since the invasion of Ukraine two years ago, lawyers for aviation lessors told a London trial on Wednesday. Mark Howard, …
Hurricane Ravages Southern Cotton Crops Just Before Harvest
Cotton growers are facing devastating losses and delays from Hurricane Helene just as harvest was beginning, marking the latest blow to profits in an already weak market. The storm ripped through the cotton-growing regions of Georgia and the Carolinas after …