Tag: Hurricane Maria

Unpaid insurance claims leave Puerto Rico with a massive $1.6 billion disaster bill

H. Cutner
Unpaid insurance claims - House damage

The U.S. territory is wrapped in accusations of fraud and lawsuits against home insurers. Cities and homeowners alike are facing widespread unpaid insurance claims following several disasters to strike Puerto Rico. Some claim they’re receiving unfair low payments while others have watched insurers shut down. Fraud accusations and lawsuits are taking flight in every direction as many face unpaid insurance claims following the earthquakes, hurricanes and other disasters. Puerto Rico has been struggling with one catastrophe after the next. The island has been struck by hundreds of earthquakes over a…

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Munich Re profits likely to suffer as a result of 2017 hurricanes

Marc
Munich Re profits - Thunderstorm Rolling in

Harvey, Irma and Maria will take their tolls on the insurance and reinsurance giant. One of the largest insurers in the world has stated that hurricanes would cause it to suffer a loss as Munich Re profits prove inadequate. The company said its 2017 third quarter would record a loss as a result of Hurricanes Harvey, Irma and Maria. The insurer predicts that the hurricanes would cost $3.1 billion in its covered insured damages. These damages occurred in the United States and the Caribbean and the size of the losses…

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Lloyd’s insurance claims see rapid response and payments following storms

Marc
Lloyd’s insurance claims - Home office building

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…

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Three storms in the Atlantic have insurers and storm watchers worried

Marc

As the hurricane season continues its slow march, new storms are appearing in the Atlantic Ocean, spurring concerns that this season may make good on the promise of unusually high activity. The National Hurricane Center has been tracking Hurricane Katia for a number of weeks as it has hovered just off the East Coast, fluctuating between hurricane status and that of a tropical storm. Two new storms have sprouted in the Atlantic and the Gulf of Mexico, and both have storm watchers worried. At present, Katia is designated as a…

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