Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments.
The relentless hurricane season is keeping Bloomington-based insurers busy. With seven weeks to go, the 2017 hurricane season is already the third most active on record.
Though it’s too early to know the insured damage total of Hurricane Nate, the cost of hurricanes to insurance industry coverage providers in the United States will already reach $100 billion, says JPMorgan. This prediction aligns with other industry players, such as Fitch Ratings.
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 Interior’s 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 don’t 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.
Lloyd’s 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. That’s why insurance companies have been using drone technology more than ever before to quickly — and safely — assess damage from the storm.
