Insurance industry prepared to handle hurricane season

insurance news - atlantic hurricane season

Insurance industry will be capable of handling threats of the 2013 hurricane season There are many concerns swirling around the U.S. concerning this year’s hurricane season. Many of these concerns relate to the impact that 2012’s Hurricane Sandy had on the East Coast. This single event caused more than $75 billion in damages in the U.S. and elsewhere and is considered the second costliest hurricane the country has ever seen. The National Oceanic and Atmospheric Administration recently announced that it predicts as many as 6 major hurricanes to form in…

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As Hurricane Season Begins, urges Congress to Pass Mitigation

insurance news

MEASURES TO PREVENT HIGH COST OF BEING UNPREPARED FOR NATURAL DISASTERS WASHINGTON ‒ With the 2013 hurricane season getting underway today, is urging Congress to begin work on a legislative strategy to promote mitigation incentives that will minimize the financial impact disasters like Sandy. “Now that hurricane season is here, we should be reminded of the terrible cost of being unprepared for severe storms,” said  “It’s long past time for Congress to pursue a national mitigation strategy.  These kinds of measures will help save taxpayers billions of dollars…

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Florida dodges volatile hurricane season, could make Citizens Property Insurance more financially sound for 2012 season

Hurricane season has come to an end and Florida and its insurers are still standing. Florida has managed to evade major hurricanes for the past six consecutive years. For a state that is growing increasingly dependent upon insurance coverage, this is no small feat. Florida’s Citizens Property Insurance has also emerged from the season virtually unscathed by major storms, though the state-run insurer is still wracked with persistent financial and fraud issues. The 2011 Atlantic hurricane season produced 19 named storms, of which only 7 became full-fledged hurricanes, according to…

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Insurers bring in teams from surrounding areas just to keep up with major storm activity

Severe thunderstorms and tornadoes tore their way through Wisconsin on Sunday. Businesses all over the state shut down as owners begin to assess the damage wrought by the unruly weather system. The state’s insurance companies are beginning to field claims from both business and home owners as they prepare for what has been a particularly devastating storm. The storm is expected to have a considerable impact on hundreds of jobs all over the state as several manufacturing companies temporarily close their doors to recover. Six businesses in the Merrill area…

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Florida Property Insurance Reform Underway

In Tallahassee Florida, the fight for the insurance reform could mean an expensive cost of millions of dollars to the concerned customers during the legislative session. According to the private insurance industry, Citizens Property Insurance – a government run company, should raise its rates to its customers as well as reduce the coverage for them since they cannot possibly compete with these. The state lawmakers are now considering this and it could lead to a rapid increase of payments for the residents of Tallahassee. Similar changes have been noted, such as…

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