Lightning insurance claims were highest in these 5 states last year

Lightning insurance

About 9,000 customers filed for this type of damage with State Farm last year, for a total of $107 million. Last year, State Farm paid almost 9,000 lightning insurance claims to homeowners’ policyholders, who received a total of about $107 million to repair the damages caused. Some states have seen substantially more claims of this nature than others across the country. According to State Farm, the states that experienced the most lightning insurance claims were:  Texas, with $7.7 million in total claims. Georgia, with $7.3 million in total claims. California,…

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State Farm boosts insurance agent training and catastrophe research

Insurance agent - Training

Climate change is changing the nature of natural disasters and the insurer aims to keep ahead of it. As climate change changes the nature of storm damage, and as technology continues to progress, State Farm has invested into advanced catastrophe research and insurance agent training. The insurer wants to make sure its tech and teams are prepared for current and upcoming trends. State Farm is using the additional insurance agent training and catastrophe research to help keep ahead of the impact of climate change for more rapid claim handling, quicker…

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Insurance industry official calls for more climate change risk assessment

Insurance industry - Risk Assessment Climate Change

At the same time, the III CEO said that what is not needed is for politics to get in the way. Insurance Information Institute (III) CEO Sean Kevelighan has said that it’s time for the insurance industry to focus on assessing climate risk while putting aside politics that stand in the way of assisting communities most vulnerable to those risks. The non-profit III has a focus on public education and outreach with over 60 insurer members. The III, also known as Triple-I, has been working hard to educate and support…

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Insurers remind consumers about Earthquake Awareness Month

Earthquake Awareness Month

February is meant to be a time for property owners to review their coverage in case of a tremor. February is recognized as Earthquake Awareness Month, and insurance companies are reminding their customers to take this opportunity to review their coverage and ensure that they are prepared for the worst. This time is meant to help raise awareness of the importance of preparedness and coverage. Insurance companies use Earthquake Awareness Month to help make certain that their policyholders know how to keep themselves and their families safe in case a…

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Over 100 insurance companies sue ERCOT and 37 Texas power generators

Insurance companies - gavel

The insurers filed their lawsuit over the winter storm losses they incurred in February 2021. Over one hundred insurance companies have filed a lawsuit against the Electric Reliability Council of Texas (ERCOT) and 37 other power generators over the property damage and other losses sustained during the February 2021 winter storm. The lawsuit was filed in Travis County District County, labeling the power entities as “at fault”. The insurance companies allege in the lawsuit that ERCOT and 37 other power generators were “at fault” for the grid failure and losses…

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Will the California Department of Insurance report recreate the industry?

California Department of Insurance - Climate Change California

Since August, the state has faced record levels of rain, drought, and wildfires. The California Department of Insurance is taking on climate change and its impact on the industry in the state as it faces challenges increasing in frequency and intensity. The extremes that are regularly affecting the state have reached a point that many people can’t afford coverage. Residents and the businesses are reaching the point that they cannot afford the high premiums their insurers must charge to reflect the risk, and the state can’t afford to have a…

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Five Natural Disasters You Need to Be Insured Against

In the past few years, natural disasters have gone from being freak occurrences to a regular part of life. One of the classic examples in recent years is the wildfires that tear through California every year now with scary regularity. As climate change worsens, it is important that your business is fully insured against natural disasters, no matter whether you live in a disaster zone or not. In order to help you get insured as best as possible, then it is necessary to read this guide about disasters to be…

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