State lawmakers seek to improve Colorado wildfire insurance process

Colorado wildfire insurance - Forest Fire

Victims of the blazes often find themselves underinsured, even after recently updating policies. The majority of the victims of the Marshall fire are seeking to rebuild and return to their lives and communities but are struggling with their Colorado wildfire insurance. Reports are finding that the majority of victims were underinsured even after a recent policy update. Lawmakers are hoping to make changes that will improve the Colorado wildfire insurance claims process to make it easier for victims of natural disasters to rebuild if that is their choice. State Senator…

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9 Florida insurance companies selling homeowners’ coverage in liquidation

Florida insurance companies - Hurricane Season

Insurers selling home policies are dropping like flies as hurricane season rapidly approaches. Atlantic hurricane season is rapidly approaching, but homeowners are struggling to find Florida insurance companies to sell them affordable coverage. Premiums have been taking off, but despite the higher expense, policyholders are offered fewer protections. Florida insurance companies are facing a crisis as they attempt to survive in the state’s homeowners’ market. The situation is looking increasingly dire for property owners who are attempting to ensure that they have the coverage they need as the hurricane season…

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Concirrus Launches AI-based Quest Property in US to Speed Claims Process

insurance tech news insurtech

Concirrus, a leading insurtech that harnesses the power of AI, machine learning and data analytics to improve insurance… today announced the launch of its Quest Property solution in the US market available for both residential and commercial properties. Quest Property uses AI to process satellite and aerial imagery quickly and accurately, determining loss severity within hours of data acquisition. By giving greater control to the insurer, Quest Property significantly reduces the time and resources that go into the claims process while mitigating additional claim loss due to risk of fraud,…

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Insurance company loses first federal Hurricane Laura court case

Insurance company - Law decision

A jury decided against the insurer in a victory for a Lake Charles commercial property owner. The first ever Hurricane Laura case heard by a federal court has ended in a decision against an insurance company and in favor of Joey Odem, the plaintiff who is the owner of a commercial property near Lake Charles’ Petro Point. This case represents only the first one heard in a federal court from among more than 3,000 filings. This was the first Hurricane Laura jury trial case, and it was not a win…

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Insurers remind consumers about Earthquake Awareness Month

Earthquake Awareness Month

February is meant to be a time for property owners to review their coverage in case of a tremor. February is recognized as Earthquake Awareness Month, and insurance companies are reminding their customers to take this opportunity to review their coverage and ensure that they are prepared for the worst. This time is meant to help raise awareness of the importance of preparedness and coverage. Insurance companies use Earthquake Awareness Month to help make certain that their policyholders know how to keep themselves and their families safe in case a…

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Allstate insurance company lost $218 million from Marshall Fire in Colorado

Insurance company - money on fire - financial loss

The insurer’s fourth quarter catastrophe losses were about $528 million in total last year. The Allstate insurance company has reported its catastrophe losses for last year’s fourth quarter. Its total was a pre-tax $528 million, with a substantial impact from the loss events that occurred in December, particularly the Marshall Fire in Colorado. December 2021 was a particularly impactful month on the insurer’s total catastrophe losses. Allstate’s pre-tax catastrophe loss estimates were $411 million for December 2021 alone. After tax, that translates to $325 million. The $411 million is a…

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Over 100 insurance companies sue ERCOT and 37 Texas power generators

Insurance companies - gavel

The insurers filed their lawsuit over the winter storm losses they incurred in February 2021. Over one hundred insurance companies have filed a lawsuit against the Electric Reliability Council of Texas (ERCOT) and 37 other power generators over the property damage and other losses sustained during the February 2021 winter storm. The lawsuit was filed in Travis County District County, labeling the power entities as “at fault”. The insurance companies allege in the lawsuit that ERCOT and 37 other power generators were “at fault” for the grid failure and losses…

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