The official beginning is June 1 and experts are predicting that it will be an active one With the start of Atlantic Hurricane Season tomorrow, preparedness experts are reminding consumers who have waited until the last minute about the importance of flood insurance. FEMA is among those urging property owners to buy coverage Hurricanes can cause damage from many different issues, ranging from high winds to flooding, but the latter requires additional flood insurance coverage as rising overland waters are not typically covered by a standard home policy. Many people…
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Hurricane Preparedness Week encourages homeowners to check their insurance
The industry is reminding property owners to review their coverage and update if necessary. The insurance industry used this week, Hurricane Preparedness Week, to remind homeowners that storm season is on its way. This makes the week the perfect opportunity to go over insurance policies and make changes to prepare properties for what could potentially be an active year. The insurance industry has released lists of helpful instructions to keep customers properly covered. Hurricane Preparedness Week arrives just before the official season begins. That way, homeowners have time to look…
Read MoreLloyd’s insurance claims see rapid response and payments following storms
The massive marketplace has reported quick customer service for customers affected by Harvey, Irma and Maria. Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments. The storms left behind an estimated $738 million in insured damages to properties and possessions. “It is heartening to see the Lloyd’s market swing into action in this way,” said Inga Beal, the market’s chief executive, when addressing the…
Read MoreCost of hurricanes to insurance industry will break $100 billion, JPMorgan
Insurers face massive bills from the three hurricane-level storms that made U.S. landfall, even before Nate. Though it’s too early to know the insured damage total of Hurricane Nate, the cost of hurricanes to insurance industry coverage providers in the United States will already reach $100 billion, says JPMorgan. This prediction aligns with other industry players, such as Fitch Ratings. The catastrophe left behind by Harvey, Irma and Maria will be a hard hit to insurance company earnings. At the same time, it’s likely that the cost of hurricanes to…
Read More2017 catastrophes will send global insurance and reinsurance losses over $100 billion
Fitch forecasts showed that this could be a record year for losses and they could be as great as $190 billion. Catastrophe global insurance and reinsurance losses are likely to break previous records, says Fitch Ratings. Its current predictions suggest that losses could be greater than $100 billion and may even rise to nearly $190 billion. Should the damage from Hurricane Maria be as great as expected, it could lead to rating downgrades. Fitch cautioned that the hurricane season is only just past half over and global insurance and reinsurance…
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