Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
Hiscox Appoints Giralt as Head of Property for Miami MGA
Aug 28 2015 // Specialist global insurer Hiscox has appointed John Giralt as head of Property for its Miami MGA operation. Joining from Catlin XL where he was a director covering the Americas, Giralt was responsible for managing the...
$198M in Property at High Risk from Chelan Wildfire in Washington
Aug 26 2015 // The massive Chelan wildfire in Washington poses a significant risk to roughly 634 homes with a total reconstruction cost of more than $198 million, an analysis of the ongoing fire issued Wednesday shows. The analysis by...
Hurricane Katrina: The Numbers Tell Their Own Story
Aug 26 2015 // In a 25-year span leading up to 2005, homeowners insurers in Louisiana wrote a total of $13 billion in homeowners insurance premium, from which they earned $1 billion in profit, according to the chief actuary at the state...
8 Ways Katrina Changed Commercial Property Insurance
Aug 21 2015 // Hurricane Katrina, which devastated New Orleans 10 years ago, is responsible for a number of changes in the commercial property insurance market. According to Rick Miller, U.S. property practice leader at Aon Risk...
Beyond Katrina: Lessons in Mitigation, Insurance and Community
Aug 21 2015 // Among the lessons to be learned from Hurricane Katrina are that communities and all stakeholders should prioritize flooding as the greatest risk, devote more resources to preventive measures rather than post-event disaster...
John Steinbeck, Boeing Drone, Jimi Hendrix, Ford Car: Intellectual Property News
Aug 21 2015 // Rightscorp Inc., the company that identifies infringers to copyright holders, said in a company filing that it now has contracts covering about 208,000 copyrights. That’s more than twice the 100,000 copyrights the...
UPDATE: Tianjin Blast Claims Could Top Estimates, Strain Chinese Insurers
Aug 18 2015 // Insurance claims from the devastating explosions at the Chinese port of Tianjin last week could exceed initial estimates and strain the finances of regional insurers, credit ratings agency Fitch said on Tuesday. Credit...
Regulator: Missouri Now Has $100B in Property Uninsured for Quakes
Aug 17 2015 // Angela Nelson, director of the Division of Market Regulation for the Missouri Department of Insurance, said the state now faces an earthquake coverage crisis and that the value of uninsured residential property in the...
Amount of Louisiana Citizens Insurance Rebate Being Cut
Aug 17 2015 // As part of a package of tax credit reductions passed by the Legislature, Louisiana’s property insurance policyholders will lose 28 percent of a tax credit they can get for covering the debt of the state’s...
Hurricane Katrina and the Evolution of Risk Management
Aug 17 2015 // Nearly 10 years ago, wind and storm surges as a result of Hurricane Katrina caused $41 billion in insured losses and $108 billion in total economic losses in the United States. Many of the lawsuits filed as a result of the...
10 Years After Katrina/Rita Louisiana Citizens’ Market Share at 1.8%
Aug 12 2015 // The market share of Louisiana’s property insurer of last resort — Louisiana Citizens Property Insurance Corp.— has declined from 9.8 percent to 1.8 percent in the 10 years after back-to-back Hurricanes Katrina...
Florida Approves Removal of Up to 280,857 Policies From Citizens
Aug 12 2015 // The Florida Office of Insurance Regulation announced today that it has approved the removal of up to 279,357 personal residential policies and 1,500 commercial residential polices from Citizens Property Insurance...
GUARD, Eyeing Expansion, Names Hitt as Executive VP for Property/Liability
Aug 12 2015 // Workers’ compensation insurer Berkshire Hathaway GUARD recently named Lyle Hitt as executive vice president of Property and Liability Insurance as the company plans to expand. In his new role, Hitt will oversee...
Coinsurance: The Property Insurance Version of a 4-Letter Word
Aug 11 2015 // Coinsurance provisions found in property policies exist primarily to assure that the insurance carrier receives adequate premium for the property insured. Without a coinsurance condition, and its applicable penalties,...
Berkshire Insurance Units Slump in Q2
Aug 10 2015 // Warren Buffett’s Berkshire Hathaway Inc. posted second-quarter profit that missed analysts’ estimates because of higher claims costs at insurance units including Geico. Net income dropped 37 percent to $4.01...
Attorney: Hail Claims ‘Cottage Industry’ Bad News for Texas
Aug 10 2015 // The rise of rampant claims litigation against property insurers following hailstorms in Texas has created a “cottage industry” that not only threatens the financial health of the state’s property...
R.I. Landlord Admits to Burning Down Rental Property for Insurance Money
Aug 6 2015 // Federal prosecutors say a Providence, Rhode Island, landlord admitted to setting fire to an occupied building he owned in a scheme to collect insurance payments. Rony Metellus pleaded guilty Monday to one count of...
10 Business Insurance Lessons and 1 Owner’s Advice from Katrina
Aug 5 2015 // Nearly 10 years ago, wind and storm surges as a result of Hurricane Katrina caused $41 billion in insured losses and $108 billion in total economic losses. Many of the lawsuits filed as a result of the fifth hurricane of...
Louisiana Citizens Insurance Rebate Being Lowered
Aug 4 2015 // Everyone in Louisiana who buys property insurance will lose 28 percent of a tax credit they can get for covering the debt of the state’s property insurer of last resort. In addition, the reduction is retroactive,...
AIG Insurance Results Down in Q2; CEO Sees Opportunity in ACE-Chubb
Aug 4 2015 // American International Group Inc. (AIG) today reported net income of $1.8 billion for the quarter ended June 30, 2015, compared to $3.1 billion, for the second quarter of 2014. Second quarter net income declined primarily...
