Homeowners insurance rate increases blamed on climate change

Climate Change homeowners insurance industry

The CEO of Travelers has said that severe weather patterns are the reason prices are rising. According to Jay Fishman, the CEO and chairman for The Travelers Cos. – one of the largest insurance companies in the country – has stated that the reason that the premiums for homeowners insurance have been steadily rising over the last three years has to do with the more extreme weather patterns that are the result of climate change. Insurers have come to accept that the weather is different now than it had once…

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Travel product released by the Allianz insurance company in time for holidays

Travel Insurance

As Americans get ready to celebrate the Christmas season, there is new protection for their event planners. The insurance company called Allianz Global Assistance USA has just announced the release of a new travel product for event planners in the United States that is being launched just in time to assist people who are getting ready for their holiday celebrations. This was released in conjunction with the company’s annual Vacation Confidence Index. That insurance company survey was designed to help to gauge customer attitudes and behaviors regarding travel. What it…

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Hurricane Sandy slams East Coast

Hurricane Sandy Insurance News

Hurricane Sandy makes landfall and insurers scramble to mitigate impact Hurricane Sandy has hit  the East Coast of the U.S. after building in strength throughout the majority of the past week. U.S. Insurers have been working to prepare for the hurricane, which is expected to cause a significant amount of damage as it passes through densely populated cities in the northeastern region of the country. Claims teams and insurance adjusters have been mobilized to areas that are expected to see the most damage ahead of the storm in an attempt…

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Travelers makes insurance news by leaving Wall Street estimates in the dust

The latest insurance news from Travelers shows that it saw earnings far beyond expert predictions. Travelers Cos Inc., a property insurer, left estimates from Wall Street analysts in the dust in terms of predictions regarding its first quarter earnings, and made insurance news when it increased its dividend by 12 percent as the losses from natural disasters fell and as rates continue to rise following several weak years. Shares of the insurer increased to $62.35, an increase of 4.8 percent, reaching their highest level since May of last year. Analysts…

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Paychex Inc. announces new services for business insurance payments

Leading human resource, payroll, and employee benefit solutions provider, Paychex Inc., has unveiled its new Business Insurance Payment Service, which is now being introduced for Paychex Insurance Agency commercial auto, business owner (BOP), and umbrella products that are sold through Guard Insurance Group, The Hartford, and Travelers Insurance companies. This new service will allow policyholders to choose to have their premiums paid for by Paychex using a monthly pay-as-you-go method that will help to decrease the premium deposit that is generally made up-front. The policyholders will also be able to…

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American commercial property coverage rates poised for increase

According to the insurance brokerage at Marsh & McLennan Cos., American businesses are likely to face higher property insurance rates following the significant losses that insurers faced as a result of the decline of investment income and the natural disasters in 2011. Following a survey performed by Marsh Inc., it determined that over half of the clients in the United States have said that the last half of 2011 included an increase in their cost of property insurance. Among the policyholders who were at the greatest risk of losses from…

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Pennsylvania Turnpike claims will exceed the trucking company’s $1 million coverage

According to court records, there have been approximately 900 claims made since November, when a segment of the Pennsylvania Turnpike was covered in liquid asphalt when thousands of gallons of the thick, sticky substance leaked out of a truck. That same filing also showed that the coverage from the insurance policy held by the trucking company responsible for the mess will likely not be enough to pay for all of those claims. The primary insurer for MTS Transport, Travelers Insurance, stated that the 40 mile-long spill has said that the…

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