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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

59th Lithium-Ion Battery Fire This Year In NYC Kills Two People

59th Lithium-Ion Battery Fire This Year In NYC Kills Two People

A 7-year-old boy and a teenager were killed in a fire sparked by an e-bike's lithium-ion battery in New York on Monday, marking the city's fifth death in connection with the batteries this year, officials said.
April 12, 2023 Property New York

US Extreme Weather Losses Q1 May Reach $9.5B

US Extreme Weather Losses Q1 May Reach $9.5B

According to BMS Re, a specialised reinsurance broker, and available industry data, it is estimated that the insured losses caused by severe weather events such as hail, tornadoes, and thunderstorm wind gusts in the US during the first-quarter amount to a range of $7 billion to $9.5 billion.
April 12, 2023 Catastrophe Insurance Industry Property

Colorado Would Offer Last-Resort Property Insurance Under New Bill

Colorado Would Offer Last-Resort Property Insurance Under New Bill

Colorado homeowners and businesses unable to get property insurance from private companies could obtain expensive, bare-bones coverage from a quasi-governmental insurer of last resort under a bill introduced Thursday in the state legislature.
April 10, 2023 Legislation & Regulation Property Colorado

5 Factors Stoking The Fires Of Global Unrest

5 Factors Stoking The Fires Of Global Unrest

Anger over growing social inequality and the cost of living, sinking faith in governments and institutions, and increasingly polarized politics, together with a rise in activism and environmental concerns, are the main factors expected to fuel incidents of strikes, riots and civil commotion (SRCC).
April 10, 2023 Property

 2023 So Far: 478 Tornado Reports Across 25 States

2023 So Far: 478 Tornado Reports Across 25 States

A string of destructive tornadoes ripped through huge swaths of the country in recent weeks, with experts saying a warmer-than-usual winter across the South likely fueled what has been one of the busiest recorded starts to the tornado season.
April 7, 2023 Catastrophe Property
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