Allstate has announced their latest estimates of their Q2 losses. The prestigious insurer has had a rough year given the frequency and severity of storms and other natural disasters throughout the U.S. Indeed, the entirety of the nation’s insurance industry has been shaken and many now believe that it stands on unstable ground. Risk analysts and insurance officials have speculated that the industry may not be able to withstand another natural disaster without significant financial aid from the federal government. Allstate’s previous estimations of their losses for the months of…
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Massachusetts tornado outbreak caused $90 million in damages just for homes
Last week, Massachusetts fell victim to an outbreak of violent tornados, causing $90 million in damage, according to Barbara Anthony, undersecretary of the Office of Consumer Affairs and Business Regulations. The tornados were focused in the Western region of the state, causing damage on an enormous scale. These recent figures, says Anthony, accounts only for the damage done to homes and does not factor auto and business claims. To date, more than 5,000 insurance claims have been filed, many coming from residential areas. More claims come in on a daily basis.…
Read MoreJoplin tornado auto claims reach an estimated 18,000 so far
The devastating tornado that recently hit Joplin, Missouri not only destroyed hundreds of homes, but also took thousands of vehicles leaving residents in destitute. Springfield News-Leader reported that as of the 1st day of June, insurance claims for lost vehicles in Joplin have reached 9,000. This is indeed an enormous figure showing the devastation left by the tornado that recently wrecked havoc in this part of Missouri. The number of victims trying to cope with the devastation brought by the tornado is increasing day by day in terms of transportation.…
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