Homeowners insurance advice issued in Georgia following powerful storms

Georgia Homeowners Insurance

Insurance Commissioner Hudgens provides some advice to homeowners in the state Georgia is no stranger to natural disasters, but many of its residents may not know how to handle their insurance companies in the wake of a severe storm. Several powerful storms have tore through the state in recent weeks, highlighting a lack of awareness concerning certain insurance issues. The state’s Insurance Commissioner, Ralph Hudgens, has provided some recommendations for those that have had their properties damaged by recent storms. Getting in contact with an insurance agent and documenting damage…

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Severe weather is forcing the insurance industry to look twice at strategies

severe weather storm tree power

Following three solid years of dramatic catastrophes from storms and droughts, insurers may need to re-think underwriting. Climate change and severe weather are beginning to change the size, frequency, and nature of claims that are being faced by the insurance industry over the last four to five years, and it is reaching the point that insurers are starting to be advised by national groups to begin rethinking their underwriting strategies. The insured losses are on the rise from claims resulting from storms, flooding, and drought have been. According to the…

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Severe weather brought in $109 million in insurance claims

hail storm severe weather damage

The storms that struck Colorado from May 20 to 22 had left considerable damage in their wake. Homeowners, vehicle owners, and business owners in Colorado all found themselves having to deal with the aftermath of severe weather, and for many, this meant that they were making insurance claims on their policies to help to cover the cost of the damage that was left behind. While some people had to contend with very heavy rain, others were battered with hail. Those who were the most unfortunate found themselves having to manage…

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Climate change is forming a broadening insurance industry struggle

climate change insurance industry

The shift away from the traditional attitude of insurers is generating considerable controversy. While the insurance industry has traditionally been a strong supporter of the principles and behaviors of free enterprise – as it is quite the business giant – as some major carriers start to evolve their positions as a result of climate change, this has generated some disagreements to build among many of their backers in congress. Skepticism regarding the science behind the global warming claims remains among many in Congress. When it comes to the insurance industry,…

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Severe weather in Georgia prompts concerns regarding homeowners insurance

Georgia Homeowners Insurance

Double checking insurance policies becomes a priority as weather conditions worsen Severe weather is expected to create some problems in Georgia. Forecasts predict that weather conditions in many parts of the state could be “very dynamic” this week. What this means is that tornados and heavy rainfall could be seen in parts of the state and these events could lead to significant property damage for homeowners. As such, Georgia Insurance and Safety Fire Commissioner Ralph Hudgens has begun offering advice to homeowners that may fall victim to property damage. Homeowners…

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Insurance industry in Canada hurting from extreme weather

Canada flood insurance industry

The large number of severe storms have been taking their toll on insurers across the country. A growing number of signs of uncertainty have been popping up in the insurance industry in Canada following the storms that have been striking various areas causing flooding, hail, winds, and other damaging weather events. This was topped off when one of the major banks in the country came out with one of its own early warning signs. Only weeks after the province of Alberta was struck with historic flooding, during which time the…

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Aon Benfield’s June severe weather stats show losses of $2 billion

Weather Insurance Market

Last month experienced significant insured natural catastrophes in the United States. Aon Benfield has released its Global Catastrophe Report, which showed that in June, the losses from severe weather were nearly $2 billion in the United States alone. The report was published by Impact Forecasting at Aon, analyzing natural disasters worldwide. Among all of the severe weather events, the greatest losses were caused by the hailstorms in New Mexico and Texas, where hail the size of tennis balls hurtled to the ground, smashing their way through cars, roofs, and everything…

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