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Unlicensed Company Pays $350K Fine After Adjusting Thousands Of Claims In Texas

Unlicensed Company Pays $350K Fine After Adjusting Thousands Of Claims In Texas

A California company has entered into a consent order with the Texas Department of Insurance (TDI) after adjusting thousands of property and casualty insurance claims on Texas risks without a required state license.
June 8, 2022 Auto Liability Property Texas

Storm Floods South Florida, Many Vehicles Submerged

Storm Floods South Florida, Many Vehicles Submerged

The first tropical threat of the hurricane season in Florida drenched the southern part of the state, leaving behind flooded streets, motorists calling for help from stranded cars and even a sewage overflow.
June 6, 2022 Auto Property Florida

Nearly Three Out Of Four Homeowners Don’t Know Their Policy Coverage

Nearly Three Out Of Four Homeowners Don’t Know Their Policy Coverage

While most homeowners understand that home insurance is critical, but according to the results of a new Forbes Advisor survey of 2,000 policyholders, the vast majority don't know what their coverage provides.
June 3, 2022 Property

Back In Class: CLM’s Claims College Is Right Around The Corner

Back In Class: CLM’s Claims College Is Right Around The Corner

School may be out for summer, but CLM's Claims College is right around the corner. Taking place Sept. 7-10, 2022 in Baltimore, Claims College can help you meet your professional goals while helping you establish great connections and relationships within your cohort.
June 2, 2022 Education & Training Excess & Surplus Lines Liability Litigation Property

Third Supreme Court Rejects Insurance Coverage For COVID Losses

Third Supreme Court Rejects Insurance Coverage For COVID Losses

Wisconsin's highest court on Wednesday became the third state top court in a row to rule that businesses are not entitled to insurance coverage for losses resulting from the COVID-19 pandemic and government-imposed restrictions on gatherings.
June 2, 2022 Litigation Property Iowa Massachusetts Wisconsin

Restoration Association Of Florida Sues To Block Law Targeting Contractors

Restoration Association Of Florida Sues To Block Law Targeting Contractors

The Restoration Association of Florida (RAF) on Tuesday filed a lawsuit in a Leon County Circuit Court claiming that a new law approved by the Florida Legislature last week unconstitutionally singles out home repair contractors rather than targeting the rudimentary catalysts causing Florida's homeowner's insurance crisis.
June 1, 2022 Litigation Property Florida

Tornado Shreds At Least 75 Homes In Small Minnesota Town

Tornado Shreds At Least 75 Homes In Small Minnesota Town

A tornado tore through the small west-central Minnesota town of Forada on Monday, leaving a trail of damaged homes and downed trees.
May 31, 2022 Auto Property Minnesota

The Way To Address Climate Change

The Way To Address Climate Change

With the spring season known to bring the most dangerous storms and damaging tornados, the next few months are likely to see continual and damaging weather events across the U.S.

Earthquakes, storms, floods and droughts -- the number of recorded loss events resulting from natural disasters has been increasing for some years now. However, some insurers that are using more traditional risk assessment methods are finding the emerging risk landscape too unpredictable.

Climate change is one of the most pressing issues in the insurance industry today, but forward-thinking insurers have found the way to combat it: AI.
May 31, 2022 Property Risk Management Technology

Severe Convective Storms: Loss Trend Comparable To That Of Hurricanes

Severe Convective Storms: Loss Trend Comparable To That Of Hurricanes

Severe convective storms are among the most common, most damaging natural catastrophes in the United States. In 2021, they resulted in the third-costliest year on record for the U.S. insurance industry, according to Aon, and catastrophe modeling firm RMS says the average annual insured loss from such storms nearly equals that from hurricanes, at around $17 billion.
May 27, 2022 Catastrophe Property Underwriting

Millions In Damages From Gaylord Tornado, And Insurers Expect Repair Delays

Millions In Damages From Gaylord Tornado, And Insurers Expect Repair Delays

The tornado that ripped through Gaylord last week is expected to cost millions to repair -- and, insurance companies warn, some survivors will be lucky to be able to make them in the next few months.
May 26, 2022 Auto Property Michigan

First Cat Of The Year Predicted After Powerful Derecho

First Cat Of The Year Predicted After Powerful Derecho

A series of powerful thunderstorms that affected Ontario and parts of Quebec this weekend is already being billed by the industry as the first major Cat of 2022. And while industry experts anticipate a large number of insured damages, one predicts the storm may result in a lot of 'hidden damage.'
May 25, 2022 Auto Catastrophe Property

Florida Senate Passes Property Insurance Package

Florida Senate Passes Property Insurance Package

The Florida Senate on Tuesday approved a sweeping legislative package meant to combat rising property insurance rates and other problems in the state's turbulent insurance market, creating a $2 billion reinsurance fund and writing new rules around coverage denials and attorney fees.
May 25, 2022 Legislation & Regulation Property Florida

Uprooted Trees, Crushed Buildings After Severe Storms Across The Carolinas And Texas

Uprooted Trees, Crushed Buildings After Severe Storms Across The Carolinas And Texas

Severe storms from Texas to the Carolinas damaged homes and left thousands without power throughout the afternoon and evening hours on Monday.
May 24, 2022 Property North Carolina South Carolina Texas

NOAA: 65% Chance 2022 Hurricane Season Activity Above-Normal

NOAA: 65% Chance 2022 Hurricane Season Activity Above-Normal

The US weather service NOAA has just announced its forecast for the 2022 Atlantic hurricane season, and they are another organisation saying it is likely to see above-normal levels of tropical storm activity, with a 65% chance of an above-normal season in 2022.
May 24, 2022 Catastrophe Insurance Industry Property

At Least 40 Homes Flooded After Water Main Break

At Least 40 Homes Flooded After Water Main Break

It was a wet weekend for many people living in St. Louis Park. A water main break flooded dozens of homes on and around Minnetonka Boulevard. A bad way to wake up.
May 24, 2022 Liability Property Subrogation Minnesota
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