April tornados cause more than $2.2 billion in damage, according to Alabama insurance officials

The Alabama Department of Insurance has released the latest numbers concerning insured losses from the tornado outbreak in April of last year. A series of devastating tornados hit the state in late April, causing large amounts of damage to homes, businesses, automobiles and claiming a number of lives. The latest estimates of damage do not account for the claims paid through surplus insurance lines from companies like Lloyd’s of London. The estimates only concern insurance payouts that come from insurers regulated by the state. According to the Department of Insurance,…

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Alabama Governor erects new panel to investigate the state’s shaken insurance market

A new panel has been set up in Alabama by Governor Robert Bentley comprised of 24 of the state’s insurance and business officials as well as several regulatory figures. The panel is tasked with investigating the state’s insurance market in the wake of deadly tornadoes that ravaged the state, along with its neighbors, two months ago. The original intent of the panel was to focus their investigation to coastal areas, spurred by the forecasts of a tumultuous hurricane season. The effort has been expanded, however, to account for the toll…

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