The size of the estimated winter storm insurance and reinsurance market loss from February’s severe Arctic freeze and the issues suffered by energy organisation the Electric Reliability Council of Texas, Inc. (ERCOT) has raised speculation over the chances of subrogation becoming a possibility for carriers.
A record-breaking natural disaster, Winter Storm Uri, is slated to result in the largest amount of insurance claims in Texas history from a single event. The winter storm swept through the state causing widespread power outages, water shortages, frozen pipes that burst and flooded buildings, snow or ice damage to buildings, fires, car accidents and deaths.
The first estimates of losses for the Texas deep freeze event, which resulted in burst pipes, widespread blackouts, and water shortages, have arrived – and they’re not pretty.
U.S. District Judge Andrew S. Hanen of the Southern District of Texas denied Megasand Enterprise Inc.’s motion to dismiss a lawsuit brought by its insurer Everest National Insurance Company. In its lawsuit, Everest seeks a decision relieving it from having to defend Megasand from claims that its discharges worsened flooding following Hurricane Harvey.
Last month’s winter storm that left dozens of Texans dead, millions without power, and nearly 15 million with water issues could wind up being the costliest disaster in state history.
There were no injures reported after an 18-wheeler hit the side of a train carrying liquid petroleum Tuesday morning in Milam County, causing a huge explosion.
Although I am a native Texan, I grew up in Wisconsin. Therefore, I am no stranger to cold weather or the devastating effects it can have on people and property.
Coverage litigation arising from Winter Storm Uri’s impact on Texas is likely to be significant, due to the vast number of businesses hit both within the state and beyond, legal experts say.
The mother of an 11-year-old boy who died after they lost electricity and heat in their Texas mobile home during last week’s freeze has filed a $100 million lawsuit against two power companies for gross negligence.
Even as power has flickered back on, the deep freeze San Antonio was cast into last week continues to cause problems in the form of burst pipes, collapsed roofs, and water damage.
The ongoing winter storm event in the United States, named winter storm Uri, is thought likely to become the largest winter storm loss on record for the insurance and reinsurance industry, while the Texas insurance regulator said it could have a bigger impact than hurricane Harvey.
Anger over Texas’ power grid failing in the face of a record winter freeze mounted Tuesday as millions of residents in the energy capital of the U.S. remained shivering with no assurances that their electricity and heat — out for 36 hours or longer in many homes — would return soon or stay on once it finally does.
