FEMA has approved a second request for aid coming from Virginia to help recover from a powerful earthquake that struck the state in August of this year. The 5.8-magnitude has caused more than $22 million in damage to date. Given the rarity of earthquakes in the Eastern U.S., few Virginia residents have adequate insurance coverage for such happenings. More than 1,404 homes have been damaged by the quake and the 40 aftershocks that shook the state in the following weeks. FEMA had initially denied the request for aid after insurers…
Read MoreTag: natural disasters 2011
Insurers unlikely to raise rates in the wake of Hurricane Irene, according to Allianz
Despite fears that disaster-prone 2011 will incite higher insurance rates in the future, Allianz, one of the largest commercial insurance companies in the world, says that the toll of the damage caused by natural disasters throughout the year will not prompt widespread hikes in premiums. Jay Ralph, a board member of Allianz in charge of the North American insurance market, spoke with reporters concerning the issue, noting that the excess capacity of the insurance industry is enough to weather the storm without any major changes in policies. However, insurers should…
Read MoreNationwide posts first quarter profits for 2011, says major storm cut into earnings
Nationwide Mutual Insurance Co. has released their earnings for the first half of 2011. The acclaimed insurance company posted profits just shy of $400 million, a marked decline from last year in which the company earned over a billion. Profit diminished by 48% in just the first quarter, a fact the insurer is quick to blame on the violent storms and other natural disasters wreaking havoc earlier this year. The company has also released its earnings for the second quarter, reporting further losses due to weather related issues. The previous…
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