Munich Re profits likely to suffer as a result of 2017 hurricanes

Munich Re profits - Thunderstorm Rolling in

Harvey, Irma and Maria will take their tolls on the insurance and reinsurance giant. One of the largest insurers in the world has stated that hurricanes would cause it to suffer a loss as Munich Re profits prove inadequate. The company said its 2017 third quarter would record a loss as a result of Hurricanes Harvey, Irma and Maria. The insurer predicts that the hurricanes would cost $3.1 billion in its covered insured damages. These damages occurred in the United States and the Caribbean and the size of the losses…

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Lloyd’s insurance claims see rapid response and payments following storms

Lloyd’s insurance claims - Home office building

The massive marketplace has reported quick customer service for customers affected by Harvey, Irma and Maria. Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments. The storms left behind an estimated $738 million in insured damages to properties and possessions. “It is heartening to see the Lloyd’s market swing into action in this way,” said Inga Beal, the market’s chief executive, when addressing the…

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Interest in California earthquake insurance rises following Mexican tremors

Los Angeles California Earthquake Insurance

The devastation in Mexico City, among other parts of the country, was eye opening to many Californians. California earthquake insurance still isn’t all that popular, but the Mexican quakes have generated a marked increase in interest. Only the minority of people in the state carry earthquake insurance policies due to the high premiums. The last major tremor that affected Los Angeles was 23 years ago. At that time, a 6.7 magnitude quake struck Northridge, killing 57 people, injuring hundreds and causing an estimated $44 billion in property damage. Since that…

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Montana earthquake insurance policyholders are few and far between

montana earthquake insurance

Residents of the state are cleaning up after having experienced a 5.8-magnatude quake last week. Montana earthquake insurance has been a subject of discussion for the first time in a very long time as residents pick up after last week’s quake. Homeowners and business owners find themselves looking into their policies to see what type of damage is and is not covered when the ground rocks. In a state where earthquakes – particularly strong ones – rarely happen, insurance companies are getting inquiries. Agents say that they are receiving inquiries…

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California earthquake insurance ownership rises among state homeowners

San Andreas Fault Line California earthquake insurance

Last year, authorities launched a campaign to inform consumers and encourage them to cover themselves. A record number of homeowners have purchased California earthquake insurance following a significant effort to encourage consumers to buy coverage. In 2016, the California Earthquake Authority (CEA) rolled out a number of new policy options and other offerings to boost the accessibility of coverage. The CEA is the leading American insurance policy provider for residential earthquake coverage. Last year the CEA rolled out several new California earthquake insurance policy types and deductible options. Moreover, it…

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California earthquake insurance in spotlight due to Northridge anniversary

Los Angeles California Earthquake Insurance

January 17 was the 23rd anniversary of the 6.7 magnitude quake that shook LA’s San Fernando Valley. California earthquake insurance is receiving attention once again as the anniversary of the Northridge quake took place on Tuesday. The California Earthquake Authority (CEA) released a notice to remind state residents that only 23 years ago, a 6.7 magnitude tremor caused massive damage to homes, workplaces, roads and freeways. On January 17, 1994, the San Fernando Valley region of L.A. was the center of millions of dollars in damage. If a similar quake…

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Italy earthquake insurance losses may be minor

italy earthquake insurance

Damage from the quake was extensive and the aftershocks continued over a span of several days. The total damage from the devastating Italy earthquake has yet to be tallied as it is too early to know. That said, the insurance industry has predicted that the insured losses will not be significant. The property values in the affected towns and the lack of coverage has meant limited losses for insurance companies. Despite the fact that there won’t be tremendous insurance losses, the disaster left behind for the people is horrifying. In…

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