Tag: reinsurance coverage

2 Louisiana home insurance companies put into receivership

G. Turner
Home insurance companies

Commissioner Jim Donelon said he has placed the troubled insurers into receivership. Louisiana Commissioner Jim Donelon said he has placed two home insurance companies into receivership. The companies are Access Home Insurance Co. and State National Fire Insurance Co. Donelon placed the troubled insurers into receivership in the 19th Judicial District Court. He said that the decision on behalf of the home insurance companies is an important step in the direction of the Louisiana Insurance Guaranty Association taking control over claim payments. This is meant to make certain that policyholders…

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Nearly 100 insurance rate increases get the nod in Florida

G. Turner
Insurance rate increases - Florida neighborhood

The state Office of Insurance Regulation green lighted the hikes, suggesting a struggling sector. The Florida Office of Insurance Regulation has given its approval to almost 100 property insurance rate increases across the state. This indicates that the industry conditions in the state have reached a difficult point. The approvals were issued to dozens of homeowners and business insurers that filed for the hikes. According to a report published by News 6 WKMG, dozens of property insurers filed court documents with the intention of obtaining approval for insurance rate increases…

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National Flood Insurance Program is privately reinsuring and will continue that trend

G. Turner
Flood Insurance Extension - Flooding

The flooding program under FEMA is working to transfer a huge amount of its risk to the private sector. The Federal Emergency Management Agency has now purchased reinsurance from private companies for its National Flood Insurance Program. The agreements officially became effective on September 19, 2016 and will continue coverage through March 19, 2017. That said, they have indicated intentions to purchase more coverage next year. The coverage has been purchased through Swiss Re America Corp., Transatlantic Reinsurance Co., and Munich Reinsurance America Inc. To reinsure the National Flood Insurance…

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U.S. RE Analytics releases new tool to help insurers manage their risk exposure

Nordstrom

Insurance technology with new risk managment tool for industry use U.S. RE Analytics, a consulting firm that provides services to the insurance and reinsurance industries, has developed a new tool that could help some insurance companies manage the cost of reinsurance more efficiently. The tool, called U.S. RE Risk Optimizer, is designed specifically to assist companies that are exposed to catastrophic natural disasters. These disasters have proven to be a serious financial risk over the past two years. Two consecutive years of severe natural catastrophes have caused the price of…

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