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Virginia Beach, Virginia Hit With EF3 Tornado

Virginia Beach, Virginia Hit With EF3 Tornado

A state of emergency has been declared in Virginia Beach, Virginia, after an EF3 tornado hit the city. The tornado struck the Great Neck area of the city around 6 p.m. on Sunday, causing significant damage.
May 2, 2023 Property Virginia

Rising Expectations

Rising Expectations

As inflation continues to run rampant throughout the United States economy, we have all experienced the effects of supply chain impediments, labor shortages, and increased costs in our daily personal lives. From higher prices at the pump to the cost of milk and eggs, everything is more expensive.
April 28, 2023 Litigation Property

Insured Losses From Mississippi Tornado Expected To Exceed $100M

Insured Losses From Mississippi Tornado Expected To Exceed $100M

The Mississippi state insurance department has reported that insurance losses from the March tornado that swept through parts of Mississippi have reached nearly $100 million, with uninsured losses expected to surpass this figure.
April 26, 2023 Catastrophe Property Mississippi

Louisiana Parish Sues FEMA Over NFIP Rate-Setting Model

Louisiana Parish Sues FEMA Over NFIP Rate-Setting Model

St. Charles Parish in Louisiana has sued the Federal Emergency Management Agency (FEMA) over the new Flood Risk Rating 2.0 that went into effect in October 2021.
April 26, 2023 Legislation & Regulation Litigation Property Louisiana

Sunshine State Homeowners Face New Property Insurance Fee

Sunshine State Homeowners Face New Property Insurance Fee

Homeowners in Florida should prepare for yet another increase in their insurance premiums as more insurers are leaving or failing in the state.
April 26, 2023 Catastrophe Insurance Industry Legislation & Regulation Property Florida

Claims Adjuster Pleads Guilty To Issuing $850K+ In Fake Payments To His Business

Claims Adjuster Pleads Guilty To Issuing $850K+ In Fake Payments To His Business

Paul Richard Massey, a resident of West Virginia, recently pleaded guilty to wire fraud and money laundering charges. Massey, who worked as a claims adjuster for Allstate Insurance Company from 2015 to June 2019, confessed to issuing fraudulent payments to a business that he owns.
April 25, 2023 Fraud Property West Virginia

Where There’s Smoke, There’s Fire

Where There’s Smoke, There’s Fire

Large explosion and catastrophic fire cases require investigating complicated scenes, so how do you know where to start?
April 25, 2023 Property

FEMA’s Risk Rating 2.0 Program Still Needs Work

FEMA’s Risk Rating 2.0 Program Still Needs Work

Department of Homeland Security Secretary Alejandro Mayorkas recently announced at a congressional hearing that the new federal system for setting flood insurance premiums, Risk Rating 2.0, requires more adjustments than anticipated.
April 24, 2023 Legislation & Regulation Property Louisiana

Earthquake Damage Estimates Doubled: $14.7B In Annualized Losses

Earthquake Damage Estimates Doubled: $14.7B In Annualized Losses

Earthquakes cause $14.7 billion in damages and related losses on an annualized basis in the U.S., according to an updated estimate from the U.S. Geological Survey (USGS) and the Federal Emergency Management Agency (FEMA).
April 21, 2023 Catastrophe Property California Oregon Washington

FEMA: No Doesn’t Mean No

FEMA: No Doesn’t Mean No

FEMA has been doing its best when it comes to helping Arkansans recover from the March 31 tornado.
April 21, 2023 Catastrophe Property Arkansas

Tornadoes Are Expanding In Space And Time

Tornadoes Are Expanding In Space And Time

Tornadoes are becoming more frequent in populated parts of the United States and are often occurring as damaging clusters -- a development seen in recent deadly outbreaks from Alabama to Michigan.
April 17, 2023 Catastrophe Property

Climate Change Is Creating A Huge Bubble In The U.S. Financial System

Climate Change Is Creating A Huge Bubble In The U.S. Financial System

Homes constructed in flood plains, storm surge zones, regions with declining water availability, and the wildfire-prone West are overvalued by hundreds of billions of dollars, recent studies suggest, creating a housing bubble that puts the U.S. financial system at risk.
April 17, 2023 Catastrophe Legislation & Regulation Property Risk Management

Nearly 580K Homes Impacted By Severe Spring Storms

Nearly 580K Homes Impacted By Severe Spring Storms

The recent outbreak of severe weather that crossed a large swath of the country reaching from the Great Lakes to the Gulf of Mexico on April 4 was responsible for more than 200 tornado reports, large hail, and hurricane force winds.
April 13, 2023 Catastrophe Property Illinois Iowa

Home Values Down, But Homeowners’ Insurance Rates Up

Home Values Down, But Homeowners’ Insurance Rates Up

As home market volatility continues to stomp its way through this year, homeowners’ insurance rates will be rising even as the home values themselves drop, said a recent Insurify report called the 2023 Insuring the American Homeowner report.
April 13, 2023 Property

How A One-Two Weather Punch And AWOL Adjusters Became A Property Program’s Perfect Storm

How A One-Two Weather Punch And AWOL Adjusters Became A Property Program’s Perfect Storm

Risk managers never sleep easy, nor do they take anything for granted. Charlene Schultson, the Executive Vice President Commercial, North America, for the Patriot Mutual Insurance Company, is no exception.
April 12, 2023 Property Risk Management
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