Tag: natural disasters

Homeowners insurance sector could see some turbulence this hurricane season

Logan B.
Homeowners Insurance

NOAA predictions could bode ill for homeowners insurance sector Hurricane season is nearly here, and that could mean trouble for the U.S. east coast. The National Oceanic and Atmospheric Administration (NOAA) has issued a new report concerning the arrival of hurricane season and what that could mean for states along the Atlantic Ocean. Hurricanes have proven to be a major concern for the U.S. over the past few years, especially when it comes to homeowners insurance and flood coverage. Hurricane Sandy is the most recent example of the damage that…

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Homeowners insurance sector rallies to Oklahoma

S.Vagus
Oklahoma tornado homeowners insurance

Homeowners insurance faces another powerful blow from natural disasters Oklahoma City, Oklahoma, fell victim to a powerful tornado earlier this week. The tornado had been classified as an EF4 at the time it reached the city on May 20. The tornado boasted of more than 200 mile per hour winds and cut a path of destruction through the city and its surrounding area, claiming the lives of 24 people. State officials are now declaring the event an official disaster, which may be of some benefit to the homeowners insurance sector…

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Massive tornado bodes ill for homeowners insurance in Oklahoma and Kansas

S.Vagus
Oklahoma tornado damage - homeowners insurance industry

Homeowners insurance claims teams deployed to states affected by disaster What is being called the worst tornado disaster in world history has caused havoc in Oklahoma and Kansas this week. A powerful tornado has touched down in Oklahoma, causing significant damage in Oklahoma City. Initial reports suggest that the tornado demolished an elementary school in one part of the city before moving on an causing more damage to surrounding properties. Farmers Insurance is one among several companies that have deployed claims teams to help manage the impact of the disaster…

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Homeowners insurance adjusters win victory in Florida

Marc
Going green can lower your insurance bill.

Lawmakers repeal fee cap on homeowners insurance adjusters Florida lawmakers have repealed a cap of fees associated with public insurance adjusters this week in what is being considered a major victory for the homeowners insurance sector. The state introduced a 10% cap on these fees in 2008, hoping to placate some of the economic concerns that have been associated with Florida’s homeowners insurance market. The cap was meant to limit the financial risks of the state-run Citizens Property Insurance, which had been battling with homeowners insurance fraud and an epidemic…

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Report highlights effect of natural disaster on insurance industry

Logan B.
Insurance Industry

Insurance industry continues to wrestle with catastrophes Aon Benfield’s Impact Forecasting, the catastrophe modeling division of the company, has released its latest Global Catastrophe Recap report. These reports are issued monthly and highlight the natural disasters that have occurred around the world and details what impact they may have had on the insurance industry. The latest report provides some insight on the natural disasters that struck throughout the U.S. in April. The report makes note of several severe events that have caused significant damage in some parts of the country.…

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