Allstate of Pennsylvania has issued a new rate proposal for its property and casualty insurance lines. The company is seeking to raise its rates due to the unprecedented frequency of national disasters befalling the state. These disasters have placed the insurer under enormous financial pressure as it attempts to mitigate the damage caused by this year’s multitude of storms. The insurer is asking state regulators for approval to raise its rates by an average of 20% for the 195,000 policies in effect in Pennsylvania. This year’s storms have caused damage…
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Tropical Storm Gert to Brush Bermuda
BOSTON, Aug. 15, 2011 — According to catastrophe modeling firm AIR Worldwide, the seventh named storm of the Atlantic hurricane season, Tropical Storm Gert, is approaching Bermuda and is expected to skirt the island before turning back out to sea, away from the U.S. east coast. The tropical depression that is now Gert formed in the Atlantic late Saturday night, and was upgraded to tropical storm status by Sunday afternoon. As of today’s 11:00 AM EDT advisory from the National Hurricane Center (NHC), Gert was located about 95 miles southeast…
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