Modeler KCC Puts Privately Insured Losses at $6.4B From Helene
News Archives - Insurance Journal Oct 3, 2024 | 00:10 amKaren 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[…]
Read more...California Wildfires Have Burned 1M Acres So Far This Year. Heat Wave Poses More Risk
News Archives - Insurance Journal Oct 2, 2024 | 18:13 pmThe 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[…]
Read more...Louisiana Department of Insurance Warns of Online Scams Post Francine
News Archives - Insurance Journal Oct 2, 2024 | 12:52 pmThe 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[…]
Read more...Agent Satisfaction With Insurers Holds Strong; Erie Tops for Personal Lines
News Archives - Insurance Journal Oct 2, 2024 | 12:11 pmOverall 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[…]
Read more...AM Best Revises Outlooks to Negative for Farmers Insurance of Flemington
News Archives - Insurance Journal Oct 2, 2024 | 12:10 pmAM 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[…]
Read more...Dellwood Insurance Says AIG’s ‘Ginned-Up Claims’ Must Be Dismissed
News Archives - Insurance Journal Oct 2, 2024 | 11:41 amThe 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[…]
Read more...Vermont Diocese Files for Bankruptcy With No Insurance Left for Past Abuse Claims
News Archives - Insurance Journal Oct 2, 2024 | 11:18 amThe 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[…]
Read more...Shelter Order Lifted for 90,000 Georgia Residents After Chemical Plant Fire
News Archives - Insurance Journal Oct 2, 2024 | 10:55 amAuthorities 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[…]
Read more...Viewpoint: Strike’s Duration Will Determine Impact on P/C Insurance Industry
News Archives - Insurance Journal Oct 2, 2024 | 10:51 amThe 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[…]
Read more...Helene Claims in Florida Already More Than 65,700 – Far More Than Idalia
News Archives - Insurance Journal Oct 2, 2024 | 10:30 amThe 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[…]
Read more...Global Insurers Fight London Court Battle Over Jets Seized in Russia
News Archives - Insurance Journal Oct 2, 2024 | 10:05 amInsurers 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,[…]
Read more...Hurricane Ravages Southern Cotton Crops Just Before Harvest
News Archives - Insurance Journal Oct 2, 2024 | 09:50 amCotton 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[…]
Read more...University of California Purchases Sensor-Triggered Earthquake Parametric Policy
News Archives - Insurance Journal Oct 2, 2024 | 09:49 amWhat is being called the first sensor-triggered earthquake parametric insurance policy in the U.S. was purchased by The University of California. Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, and Safehub, a technology provider in seismic sensor and risk[…]
Read more...Flooded Farms, Fouled Rivers, Dozens Dead: Helene’s Rising Toll
News Archives - Insurance Journal Oct 2, 2024 | 09:42 amAs historic floodwaters unleashed by Hurricane Helene recede across the US Southeast, the region faces a humanitarian, economic and ecological crisis of staggering scope, with effects likely to last years. Cotton crops on the verge of harvest have been flattened.[…]
Read more...Flooded Farms, Fouled Rivers, Dozens Dead: Helene’s Rising Toll
News Archives - Insurance Journal Oct 2, 2024 | 08:31 amAs historic floodwaters unleashed by Hurricane Helene recede across the US Southeast, the region faces a humanitarian, economic and ecological crisis of staggering scope, with effects likely to last years. Cotton crops on the verge of harvest have been flattened.[…]
Read more...Employer, Workers’ Comp Insurer, Survivor Join Baltimore Bridge Collapse Litigation
News Archives - Insurance Journal Oct 2, 2024 | 08:20 amThe road construction firm that employed six workers who were killed and another who was seriously injured in the collapse of Baltimore’s Key Bridge, along with its workers’ compensation carrier, have filed claims against the owner and operator of the[…]
Read more...Insured Losses from Central European Floods Range From US$2.2B to US$3.4B: Verisk
News Archives - Insurance Journal Oct 2, 2024 | 07:59 amInsured industry losses from the flooding in the Czech Republic, Poland and Austria in September 2024 will range from €2 billion (US$2.2 billion) to €3 billion (US$3.4 billion), according to Verisk, the data analytics and technology provider. S&P Global Ratings[…]
Read more...US DOJ Charges British Man Over ‘Hack-to-Trade’ Scheme
News Archives - Insurance Journal Oct 2, 2024 | 07:57 amA British man has been arrested and charged by U.S. authorities with hacking into the computers of five companies to obtain details about their expected earnings, and making $3.75 million of illegal profit by trading before results were released. The[…]
Read more...Taiwan Rescues All Crew Members on Stricken Ship as Super Typhoon Nears
News Archives - Insurance Journal Oct 2, 2024 | 06:57 amTaiwan authorities completed the dramatic helicopter rescue of 19 crew members on a stricken ship, which foundered as Super Typhoon Krathon brings strong winds and heavy rains to the island. All those on the Barbados-registered “Blue Lagoon” were rescued, the[…]
Read more...People Moves: Markel Appoints 2 Senior Underwriters, 1 Claims Manager for International Casualty Team; BHSI Announces 2 Promotions in Global, UK Casualty Teams
News Archives - Insurance Journal Oct 2, 2024 | 06:20 amThis edition of International People Moves details appointments at Markel and Berkshire Hathaway Specialty Insurance (BHSI). A summary of these new hires follows here. Markel Appoints 2 Senior Underwriters, 1 Claims Manager for International Casualty Team Markel, the insurance operations[…]
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