Oklahoma earthquake insurance market still shaky

Oklahoma earthquake insurance

Regulators have been attempting to get the explosive marketplace in the state under control. Oklahoma earthquake insurance is topping the list of regulator struggles in the state. As the market grows at a staggering rate, it has reached a point in which the state is facing an unprecedented risk. The exponential rise in the frequency of earthquakes has changed the entire nature of the industry in the state. Not long ago, Oklahoma earthquake insurance was out of the question. There was no reason for it. Over the last few years,…

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Commissioner deems Oklahoma earthquake insurance market noncompetitive

oklahoma earthquake insurance industry

John Doak has completed the investigation into the way rate increases are conducted in the state. State Insurance Commissioner John Doak has now determined that the Oklahoma earthquake insurance market is not currently functioning in a way that can be considered to be competitive. The commissioner has now issued an order that will alter the way earthquake insurance rates are changed. The order has been issued with the intention of altering the way Oklahoma earthquake insurance rate increases are filed with the Insurance Department, in order to make certain that…

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Earthquake insurance sales continue as Oklahoma works on emergency plan

earthquake insurance companies

A state legislator is working with a veteran petroleum geologist to come up with a strategy. As the sales of earthquake insurance continue to rise in Oklahoma due to the exploding rate of tremors in the state, a state legislator has now started working with an experienced petroleum geologist in order to develop an emergency plan for dealing with this new risk. They are also calling on other experts in various fields to provide their assistance in this effort. State Senator Jerry Ellis and geologist Bob Jackman are working to…

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Earthquake insurance sales continue their growth in Oklahoma

fracking oklahoma earthquake insurance

As the state continues to experience one quake after the next, experts are cautioning residents to be ready for more. May was a month that brought a rash of quakes to Oklahoma (which many are blaming on the hydraulic fracturing, “fracking” being conducted in the state), and this has caused homeowners to purchase earthquake insurance, as experts warn that more tremors are likely on their way. This recent trend has been causing this sector of this insurance industry to experience rapid growth. As a person’s home is likely the largest…

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Texas insurance companies facing claims from “frack quakes”

Texas homeowners insurance fracking wastewater earthquakes

Homeowners policy customers are discovering that their coverage may not offer protection. Customers of Texas insurance companies have been experiencing a rise in the frequency of earthquakes in their state, but are also discovering that if they result from hydraulic fracturing – otherwise known as “fracking” – coverage may not automatically be provided by their insurers. Rare cases have caused exterior propane tanks to explode but homeowners insurance didn’t provide coverage. One couple named David and Meredith Hull, have experienced an earthquake – and then thirty more – all since…

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