Live Insurance News

Is your house and home insurance ready for a strong El Niño?

September 18, 2023September 16, 2023 Marc

The last time there was a similar El Niño event, the increased rainfall doubled claims at Mercury. As of this month, the National Oceanic and Atmospheric Administration (NOAA) issued a statement predicting a significant El Niño event, which has insurers bracing for increased home insurance claims. The conditions are already building, and strength is only expected to rise as winter gets nearer. El Niño is a type of abnormally warm Pacific Ocean temperature near the equator. When this happens, though the change in temperature may seem slight, the impact on…

Florida home insurance companies were warned by regulators about Hurricane Idalia

September 8, 2023September 7, 2023 Logan B.

Home insurance - Hurricane Ahead - Warning

New laws in the state provide some accountability toward insurers, but consumers are also limited. Based on the massive number of complaints filed by Florida home insurance customers following Hurricane Ian, regulators warned insurers that they would not be allowing the same situation to develop following Hurricane Idalia. Regulators received complaints about insurers from nearly 8,000 victims of Hurricane Ian. As a result, following the destruction left by Hurricane Idalia, state regulators warned home insurance companies of possible punishment if claims were not properly managed. “We’re gonna be watching,” said…

Insurance losses continue to climb from Maui wildfires

August 23, 2023August 23, 2023 G. Turner

Aid has started a slow arrival to the Hawaiian island that has been devastated by the blazes. As Hawaii attempts to cope with the aftermath of the catastrophic wildfires that killed over 100 people and destroyed as many as 2,200 structures, the insurance losses continued to be tallied and are only climbing. The economic impact of what the blazes left behind is also only just beginning to be tallied. The Biden administration announced that it would be sending $700 per household in aid to individuals critically impacted by the Maui…

Zurich Insurance company pricing strategy keeps it ahead of climate change impact

August 21, 2023August 21, 2023 Live Insurance News

Insurance company - Climate Change - Business Strategy

The insurer’s price hikes helped it to bring in operating profits that were better than expected by mid-year. The Zurich Insurance company recently reported that it has achieved a half-year operating profit that was better than expected, bolstered by its life business and the price increases it implemented to mitigate increased claims from severe storms. Zurich is the fifth-largest insurer in Europe and posted a $3.72 business operating profit. Though there wasn’t much of a difference over last year’s first half, analysts were polled by the company and their average…

Hawaii wildfires cause second highest losses to the insurance industry in the state

August 17, 2023August 16, 2023 Nordstrom

The total covered losses are still climbing on Maui island and will reach the state’s second highest. The total losses the insurance industry is on the hook for due to the Hawaii wildfires on Maui island are expected to reach the second highest in the history of the state, according to modeling cited by a recent Reuters report. The rapidly moving blaze began last week and has devastated the historic resort town of Lahaina. Lahaina has been particularly hard-hit by the blazes. A historic resort town today, it was once…