Live Insurance News

Insurance drone use spikes as hurricane season gets rolling

July 9, 2018July 8, 2018 Logan B.

With each new season of potential natural disasters comes a much larger investment in this tech. Insurance drone use has been taking off – so to speak – with each new hurricane season. This year has been no exception. Every year, the tech proves itself in terms of improved safety for claims adjusters while simultaneously lowering costs. Insurance companies need to carefully plan their reactions to natural disasters for speed and reliability. When a hurricane happens, insurance companies need to move quickly. This requires substantial planning as well as tech…

Flood insurance extension to be approved through new spending package

March 27, 2018March 26, 2018 G. Turner

The good news, however, may only extend until July when a new deadline may approach once more. A new flood insurance extension will take the pressure off the program for another four months. The $1.3 trillion federal spending deal will give the National Flood Insurance Program (NFIP) another reprieve. This is the fourth temporary extension the NFIP has experienced since September 2017. Washington lawmakers have now given themselves until July to either create another flood insurance extension or overhaul the NFIP. The alternative would be to allow the country’s flood…

Climate change will be challenging for insurance companies, says Moody’s

March 23, 2018March 22, 2018 Julie Campbell

Climate Change - Insurance - Earth in Flood and Fire

A new report revealed the impact of warming climates worldwide on the insurance industry. The impact of climate change on the economy will have an increased liability risk for insurance companies. Catastrophes related to extreme weather are becoming more severe and frequent, according to a Moody’s Investors Service report. The report pointed to the rising instance of weather disasters like Hurricane Harvey in 2017. Moody’s Investors Service recently released a report. It investigated the economic aftermath of climate change. Insurance companies will face an increased liability risk from more frequent…

Tropical Storm Cindy provides this year’s flood insurance reality check to homeowners

June 22, 2017February 9, 2021 Julie Campbell

Property owners who didn’t heed warnings at the start of the hurricane season are thinking again. From the point that Tropical Storm Cindy received its name, it was already too late for homeowners to buy flood insurance for coverage against any damage it may cause. This was the warning government officials issued at the start of the hurricane season, but the message always reaches too few. The severe weather is expected to bring a foot of water, along with high winds, to Louisiana and Texas. Tropical Storm Cindy brought several…

Hurricane Matthew insurance losses may not be as bad as expected

October 10, 2016October 7, 2016 Julie Campbell

Early predictions estimated that insured costs could reach $25 billion to $30 billion from the storm. Early industry estimates had suggested that Hurricane Matthew insurance losses may be the second highest the country has ever seen. This storm represented the first direct hit the United States has experienced from a hurricane in over ten years. It is still too early to know the total cost of the damage it caused. Estimates had said it could be as high as $25 billion to $30 billion. This would make the storm the…