Homeowners insurance companies are already responding to Hurricane Sandy claims

New York power outage from Hurricane Sandy- Homeowners Insurance fraud Coverage

Insurers are deciding whether or not to dispatch mobile claims units. Following the superstorm, homeowners insurance companies are already working to respond to the claims that have already started pouring in, including the decision as to whether or not mobile claims units will be justified and required. They want to process as much as possible before others return to their homes to see the damage. There are still some customers who live in regions where they are not yet able to go back to their homes in order to see…

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Liberty Mutual highlights underpricing as a serious problem

Liberty Mutual Insurance News

Insurer takes aim at the problem of underpricing in the commercial market Liberty Mutual, the third largest property and casualty insurer in the U.S., expects the price of the country’s commercial insurance lines to continue to grow, but not at an adequate pace to resolve some of the problems running rampant in the insurance industry. Liberty Mutual CEO David Long notes that underpricing has been a significant problem in commercial lines for some time. Underpricing has had a particular impact on the worker’s compensation sector. There may be a solution,…

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Liberty International Underwriters launches three new cyber liability insurance products to protect consumers and companies from attack

Liberty International Underwriters, a specialty lines division of Liberty Mutual Insurance, has announced that it will be providing three new cyber liability products. Insurers are beginning to take the risk of cybercrime seriously, especially as more hackers become more brazen in their attacks on companies and government institutions. While companies face the potential for major losses as the result of cybercrime, consumers are the ones that are affected most by attacks. Identity theft is rampant in the world of technology, and many have found their sensitive financial information compromised due…

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Key Lime Interactive performs study on leading mobile presences by American car insurance companies

Key Lime Interactive (KLI) – a firm that is widely known in the industry as a top tester of the mobile commerce experience – has announced the results of the second level of their renowned review of competing top American car insurance companies. The study was performed in November 2011, and gave the top place for Best Mobile Website to State Farm Insurance, while USAA received the top position for the Best Mobile App. Many different elements of the mobile experience were examined by KLI, particularly those parts of the…

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Allstate acquires Esurance and Answer Financial for $1 billion

In another of Allstate Corp’s efforts to become a larger part of the online insurance marketplace for consumers who prefer to use the internet for their insurance transactions, the company has acquired Answer Financial and Esurance from White Mountains Insurance Group Ltd. for $1 billion. Allstate, a leading national home and auto insurance company based in Northbrook, has stated that it will be maintaining the Esurance headquarters in San Francisco, and that Answer Financial will remain in Los Angeles. As a result of this deal for the online auto insurance…

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Seventeen Connecticut homeowners insurers waive Irene damage hurricane deductibles

According to the Malloy administration, almost 70 percent of the homeowners insurance companies in Connecticut have announced that they will be forgiving the more expensive deductibles for damage claims relating to Tropical Storm Irene. According to a statement made by Governor Dannel P. Malloy and Insurance Commissioner Thomas Leonardi, “Failure to do this would result in many homeowners paying tens of thousands of dollars out-of-pocket.” Even though Irene had been downgraded to a tropical storm by the time it reached the state, the clause for hurricane deductibles became effective for…

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Legal battles expected in the wake of Hurricane Irene

Adding to the troubled following Hurricane Irene, lawyers along the East Coast are expecting a number of legal battles to break out, all centered on insurance. The most prominent litigations are expected to form around property damage and how it was caused. While most property insurance policies account for damage from wind, flood coverage is an entirely separate issue. State Farm, Allstate and Liberty Mutual are expected to bear the brunt of the legal battles as they are the primary insurers in the states battered by Irene. The extent of…

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