When it comes to insurance, information is a very powerful commodity. For insurers, it is not only important to ensure that all possible information is gathered when pricing policies, it is also imperative to control the flow of information to the public. Demand for transparency is on the rise in New York, where insurance prices have been soaring recently. The state’s insurance companies have been tight lipped on why rates are growing so quickly, but these companies may soon divulge this knowledge to the general public, thanks to pressure from…
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New York insurance chief holds insurers accountable for flood damage throughout the state
New York’s insurance chief has issued a warning concerning insurance companies and Hurricane Irene. According to Benjamin Lawsky, Superintendent of Financial Services, some insurers are trying to avoid paying for damages caused by flooding spurred by the storm. Lawksy’s warning is not targeted at consumers but at the companies that are offering flood insurance. He says that no company should consider denying payments because the damage to homes and businesses are so clearly the result of flooding. Some insurance companies are seeking to enforce what they call “hurricane damage” deductibles.…
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