Tag: insurance news

Insurance industry warning released by Lloyd’s of London

Julie Campbell
International Insurance Industry

The oldest market of insurers in the world has issued a caution to the globe. Lloyd’s of London, the oldest coverage market worldwide, has issued a warning to the insurance industry, cautioning it that if a natural disaster should strike in emerging economies, the cost of rebuilding could be enormous. It has included over a dozen emerging economies in its warning against tremendous rebuilding bills. In fact, it pointed out that there is currently a global insurance industry deficit worth £104 million ($168 million), and that this is now affecting…

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Insurance Information Institute sees premiums rise in wake of Hurricane Sandy

homeowners insurance cost rising

Insurance Information Institute notes homeowners insurance rates are on the rise and have been for some time Hurricane Sandy is expected to have a significant impact on homeowners insurance premiums in the Northeast U.S., according to the Insurance Information Institute. The trade association suggests that major storms like Sandy often have an impact on insurance rates, but Sandy is not the only factor that is going into the growing premiums of homeowners insurance coverage. The Insurance Information Institute suggests that premiums have been growing since mid-2011 and that Hurricane Sandy…

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Alabama State Employees Insurance Board facing “fiscal cliff”

Nordstrom
Alabama Employees Insruance

State Employees Insurance Board foresees problems with the Affordable Care Act Alabama is facing a serious “fiscal cliff,” according to William Ashmore, CEO of the State Employees Insurance Board. Ashmore’s concerns largely revolve around the Affordable Care Act and what impact it may have on the health insurance being provided to employees of the state. Next year, the law is expected to enact new changes to the health insurance market, with some of those changes targeting the health insurance plans of state workers. These changes are expected to bring about…

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Homeowners insurance discounts wrongly denied

An administrative judge has ruled that the discount forms used by the state’s property insurers are flawed. In a ruling that could potentially rock the entire homeowners insurance industry in Florida, an administrative judge has deemed the forms used by property insurers throughout the state for the calculation of premiums discounts to be highly flawed and that they must be completely rewritten. The decision from the judge could lead to massive implications for policyholders in the state. Many residents of Florida have made special efforts to hurricane proof their homes…

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Homeowners insurance in Colorado among 10 most expensive states

H. Cutner
homeowners insurance colorado state flag

Catastrophe claims have caused the claims in the state to be among the most costly. According to recently released homeowners insurance news data, Colorado is now among the top ten states with the highest claims payouts resulting from catastrophes and natural disasters. This news was based on information from an analysis performed by the Insurance Research Council (IRC). The council’s analysis revealed that from the years 1997 through 2006, 26 percent of the homeowners insurance claims that were made in the state were the result of damage from catastrophes. However,…

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