Over 100 insurance companies sue ERCOT and 37 Texas power generators

Insurance companies - gavel

The insurers filed their lawsuit over the winter storm losses they incurred in February 2021. Over one hundred insurance companies have filed a lawsuit against the Electric Reliability Council of Texas (ERCOT) and 37 other power generators over the property damage and other losses sustained during the February 2021 winter storm. The lawsuit was filed in Travis County District County, labeling the power entities as “at fault”. The insurance companies allege in the lawsuit that ERCOT and 37 other power generators were “at fault” for the grid failure and losses…

Read More

Insurance companies want Marshall fire victims in Colorado to contact them now

Insurance companies - Fire in Colorado

The insurers recommend that evacuees call them right away for support with living expenses. Approximately 30,00 people have been evacuated due to the Marshall fire in Boulder County, Colorado, and insurance companies are recommending that they contact them as soon as they can to obtain available support. Around one thousand homes are believed to have been lost as a result of the massive blaze. Though the final tally of affected homes or even of evacuees has yet to be counted, the fast-moving Marshall fire has forced thousands out of their…

Read More

Louisiana insurance companies to pay $100 million for Ida losses of 2 failed insurers

Louisiana Insurance - Payout

The insurers operating within the state will be paying that amount to cover the claims from the hurricane. Louisiana insurance companies are gong to be charged at least $100 million to make the payments for the claims owed by two insurers in the state that failed in the wake of Hurricane Ida. Ultimately, the cost of paying off the insolvent insurers’ claims payments will land on the state. The Louisiana insurance companies that make the payments on behalf of the failed insurers will eventually recover the money they paid out…

Read More

Insurance companies face steep criticism in Louisiana in wake of Hurricane Ida

Insurance companies - Hurricane destruction

State officials didn’t mince words in expressing the frustrations of residents held back by major obstacles. Residents of Louisiana are sick and tired of insurance companies, following two years of severe storms that have led to slow claims progress, struggles to reach providers in the first place, and inadequate payouts. Hurricane Ida left devastation behind in major areas of southeastern Louisiana in August. By December, many people are still living in temporary housing or FEMA trailers, awaiting the payouts from their insurance companies. The Louisiana Legislature joint insurance committee held…

Read More

Lloyd’s CEO calls climate change the insurance industry’s ‘biggest single opportunity’

Insurance industry - changing climate and weather

From global warming to flooding and extreme storms, the events are already getting started. John Neal, CEO of the world’s oldest insurance industry marketplace, Lloyd’s of London, has called climate change the “ultimate systemic risk” but also a huge opportunity for insurers. In a recent media interview, the Lloyd’s CEO compared climate change with the impact of the pandemic. At the same time that Neal called climate change a risk in the CNBC interview, he also referred to it as the “biggest single opportunity the insurance industry has ever seen.”…

Read More

Will the California Department of Insurance report recreate the industry?

California Department of Insurance - Climate Change California

Since August, the state has faced record levels of rain, drought, and wildfires. The California Department of Insurance is taking on climate change and its impact on the industry in the state as it faces challenges increasing in frequency and intensity. The extremes that are regularly affecting the state have reached a point that many people can’t afford coverage. Residents and the businesses are reaching the point that they cannot afford the high premiums their insurers must charge to reflect the risk, and the state can’t afford to have a…

Read More

What Is the Process of Getting Hail Damage Repaired?

Car Hail Damage

Are you excited because the temperature is getting cold outside? If so, you may be looking forward to a lot of winter weather activities. Unfortunately, one activity that is not fun during the winter is driving. If there is a lot of winter weather taking place outside, then you should try to avoid driving unless you have to. Sadly, there might be situations where you have to go out during the winter. If that is the case, your car might suffer hail damage. It can be frustrating to see hail…

Read More