hurricane harvey claims News

Growing Climate Risks May Be ‘Impossible to Model’ – and Ultimately Uninsurable

After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for …

Munich Re Reports Q3 Loss of $1.6B; Tallies Industry Hurricane Losses at $100B

Insured losses from three big hurricanes in North America this year have cost the industry around $100 billion, German reinsurance giant Munich Re said on Thursday. Damages from storms Harvey, Irma and Maria of that magnitude would exceed by far …

Lancashire Reports Q3 Loss of $136.4M on High Natural Catastrophe Claims

Lancashire Holdings Ltd reported a third-quarter pretax loss after what looks set to be the costliest quarter ever for insurers and reinsurers due to natural catastrophes, but said it was seeing some evidence of an increase in pricing. The property …

Texas Windstorm Insurance Association Request to Raise Liability Limits Disapproved

Texas Insurance Commissioner Kent Sullivan has declined to approve a request by the Texas Windstorm Insurance Association to raise the maximum limits of liability on windstorm and hail policies. TWIA in August filed a request to increase the limits for …

Hurricane Cars Declared ‘Total Losses’ by Adjusters Are Now Back on Roads

The ink on the “total loss” insurance paperwork, like the 2007 Range Rover itself, was still wet when Morgan Moran began trying to buy his vehicle back after Hurricane Matthew last year. The insurance adjuster had declared the vehicle ruined …

Hurricane Claim Insurance Checks Drive New Car Sales

As Hurricane Harvey poured on Houston, Frank Rodriguez feared for his 2014 GMC Sierra. Once he saw the pickup’s soaking-wet interior and center console full of water, he knew it was a lost cause. He just hoped his insurance company …

Texas Regulators Seek Data on Insurers’ Hurricane Harvey Claims

The Texas Department of Insurance has issued a mandatory data call to both admitted and surplus lines insurance carriers seeking information about Hurricane Harvey-related claims in 62 counties impacted by the storm. The data call is designed to provide TDI …

Update: Claims Teams Begin Handling Onslaught of Harvey Claims

Hurricane Harvey has set a U.S record, according to the National Weather Service, dumping 51.88 inches of rain in parts of Texas. As the tropical storm moves over southern Louisiana, claims catastrophe teams are moving in to devastated cities in …

Law’s Ambiguity a Source of Mixed Messages Over Texas Cat Claims Statute

Ambiguity surrounding a Texas law that goes into effect on Sept. 1 has insurance industry representatives and attorneys who represent insurance policyholders sending conflicting messages to insureds who may have suffered property damage from Hurricane Harvey. HB 1774 was originally …