American International Group expects to record insurance losses of roughly $3 billion during the third quarter from the recent hurricanes and earthquakes.
About 85 percent of U.S. Gulf of Mexico oil production is offline in the aftermath of Hurricane Nate, the U.S. Department of the Interiors Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.
Property Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey.
In the days after a catastrophic loss like Hurricane Harvey, challenges abound for insurers. Due to the extensive damage often caused by a disaster, insureds are justifiably distraught.
A Texas jury found that John Eagle Collision Repair Center owes $31.5 million for performing an improper repair that led to a couple being trapped in a burning car.
Texas is known for its prolific weather events — wind, hail, tornadoes and, most recently, Hurricane Harvey — all of which can wreak havoc and cause significant damage to residential and commercial properties. As the locals say: “If you dont like the weather in Texas, wait five minutes” and the next weather pattern will roll in. But six-12 months after the storm rolls out, Texas is known for another prolific event: the filing of storm litigation cases across the state.
Lloyds of London underwriter Hiscox Ltd estimated on Monday that it would face net claims totalling about $225M from Harvey and Irma, as insurers and reinsurers count the cost of the hurricanes.
“Harvey raises many coverage issues ranging from occurrence limits to application of sub-limits and deductibles, to business interruption claims where there is no physical damage to insured property."
The active 2017 hurricane season has led to a sudden influx of travel insurance claims as vacations and business trips see interruptions. This type of storm season has helped to demonstrate the value that this type of insurance coverage can offer travelers.
Unmanned aircraft — small and large — swooped in during the aftermath of Hurricanes Irma and Harvey to get a glimpse of the devastation. Thats why insurance companies have been using drone technology more than ever before to quickly and safely assess damage from the storm.
Allstate expects insurance losses of about $593 million in August after Hurricane Harvey left a path of destruction along the Gulf Coast. The initial accounting Thursday follows warnings from other insurers that are tallying the damages from a hurricane season that is nowhere near being over.
Business owners who are trying to get back on track after hurricanes Harvey and Irma now face a different sort of challenge: trying to recoup lost income from their insurers.
Independent adjusters in Florida might have their work cut out for them — with numerous Hurricane Irma-related claims being filed — but they look set to be compensated for their hard work with the regions increased pay rates.