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Insurance Information Institute reveals winter-related payouts from 2015

January 25, 2016January 24, 2016 G. Turner

homeowners insurance information institute winter snow ice

American insurers paid policyholders $2.9 billion for damage related to winter weather. The Insurance Information Institute (I.I.I.) has released its data with regards to the payments made by insurers in the United States for claims relating to winter weather, and what they’ve said is that those payouts reached a total of about $2.9 billion, last year. That said, despite those winter-related payments, the I.I.I. says insurance companies are still financially strong. Despite the payments the insurers faced in the U.S., the Insurance Information Institute explained that those companies will still…

Insurance companies may pay out over $2 billion from U.S. weather damages

January 12, 2016January 10, 2016 Julie Campbell

The United States has been facing some extreme weather and the last 10 days of December led to significant losses. The extreme weather seen throughout many parts of the United States last month, particularly during the last ten days, has led to some significant losses for insurance companies, with estimates suggesting that payouts could top $2 billion. This estimate was made by Aon Benfield, the reinsurance broker, which recently announced its predictions. The flooding, tornadoes, hail, snow and winds throughout the last ten days of December led to the deaths…

Insurance losses could be as high as $70 billion in the US from one peril

July 14, 2015July 11, 2015 Julie Campbell

auto insurance losses power grid electricity blackout electric car

According to a report from Lloyds, if the power grid in the United States were to be attacked the cost would be massive. Lloyds of London has now released a new report that has shown that if the Northeast U.S. power grid were to fall victim to a cyber attack, the insurance losses would be tremendous and far-reaching. The economic losses that would occur from such an event could actually reach a trillion dollars. Beyond financial disruptions, there would also be issues with water supply and transportation. The insurance losses…

Good insurance news for Missouri consumers who recently made claims

July 13, 2015July 11, 2015 G. Turner

The state department has now helped them to obtain additional payments for their early 2015 claims. For many consumers across Missouri, the insurance news has been good, as many of those who filed complaints against their insurers received assistance from the state Insurance Department and will be receiving additional claim payments. A total of $6.3 million in additional payments will be made for many claims made in the first half of the year. The majority if this insurance news has to do with claims made on health plans. That type…

Insurance claims coverage in danger following Minnesota Archdiocese charges

June 29, 2015June 27, 2015 G. Turner

St Mary's Catholic Church Minnesota insurance claims companies

Lawyers are cautioning that the criminal charges laid against the corporation could endanger coverage. Attorneys for the Archdiocese of St. Paul and Minneapolis have cautioned that the criminal charges that have been laid against the corporation could potentially place coverage insurance claims in danger. This could cause the archdiocese to have to come up with the money to pay some of the victims of clergy abuse. At the moment, the archdiocese is facing a number of different counts of alleged failure to provide protection to victims of a former priest…