AIR Worldwide Updates Loss Estimates for Post-Tropical Cyclone Sandy

Homeowners flood Insurance

BOSTON, Nov. 26, 2012 – Since Sandy made landfall as a post-tropical cyclone on October 29, 2012, in southern New Jersey, catastrophe modeling firm AIR Worldwide has been analyzing the storm’s characteristics and impacts. Informed by the latest available information on surge height and extent from the USGS, surface wind speed observation data, and findings from AIR’s post-disaster survey teams, AIR now estimates that insured losses from Sandy will be between USD 16 and USD 22 billion. AIR estimates include wind and storm surge damage to onshore residential, commercial and…

Read More

New York braces for another powerful storm

Hurricane Sandy Flood Insurance New York Storm

New York insurers will have to accept photo proof of storm damage New York is still reeling from the impact of Hurricane Sandy, which plowed through the state late October. Now, New York is facing another storm front threatening to worsen the problems it is already facing. Governor Andrew Cuomo claims that the oncoming storm is “serious” and that it could deal yet another painful blow to homeowners. Because the storm presents a threat, the Governor has taken action and has declared that insurance companies will accept photo proof of…

Read More

Tenacious Isaac Continues to Deliver Heavy Precipitation to Louisiana

Hurricane insurance Isaac 2012

BOSTON, Aug. 30, 2012 – According to catastrophe modeling firm AIR Worldwide, by 1:00 p.m. CDT this afternoon, August 30, Tropical Storm Isaac was continuing to move slowly northwestward over northern Louisiana producing heavy rains, gusty winds, and high water levels along the northern Gulf coast. The storm, which remains very large, slowly continues to weaken. However, 36 hours after initial landfall, maximum sustained winds as reported by the National Hurricane Center (NHC) are still 40 mph. The storm is expected to continue weakening gradually and it will likely be…

Read More

Rental car insurance provided by credit cards

life insurance

Is your included coverage enough, or should you take out a separate policy? It is common for credit card companies to provide rental car insurance when they are advised in advance that the vehicle will be rented, and when that account is used to pay for renting it, but many people wonder if the coverage that is provided is enough, or if they would be better off purchasing an additional policy. Many people simply purchase an additional policy because they find their credit card coverage confusing. Data from the industry…

Read More

North Carolina insurance official calls for insurers to re-evaluate claims from Hurricane Irene

Two North Carolina officials are petitioning the state’s insurance industry to return to areas impacted by Hurricane Irene in the hopes of resolving claims before winter comes in full force. Insurance Commissioner Wayne Goodwin, along with Bob Etheridge, an advisor for Governor Beverly Perdue during August’s hurricane, have written a formal appeal to FEMA to have insurers return to the state and assists with additional claims. The insurers being asked to return to the state are part of the National Flood Insurance Program, which provides insurance coverage for many households…

Read More

Property maintenance neglect by landlords revealed in insurance claims

Simply Business, the biggest business and landlord insurance broker in the United Kingdom, has released data that showed that landlords’ tightening budgets are starting to affect their ability to maintain their properties, and that the number of insurance claims made for avoidable issues such as burst pipes, leaks, damage do to frost, and problems relating to wear and tear have risen by 5 percent since 2008. This information was drawn from the claims made by more than 3,500 private landlords and indicated that the largest cause of claims is water…

Read More

Agents in Massachusetts push for insurers to discontinue their use of credit score

Independent insurance agents in Massachusetts are looking to bar credit scores from playing a part in the pricing of auto insurance. The Massachusetts Association of Insurance Agents (MAIA) is leading the charge, hoping to gain enough support from the public and insurance companies to ensure that factors like occupation, education and credit score do not contribute to the overall cost of insurance. Unfortunately, a number of prestigious insurance companies have rallied against the proposal. MAIA holds that auto insurance prices should be dependent upon an individual’s driving record, not their…

Read More