Berkshire Hathaway is pulling back from the property insurance space

Lloyd’s insurance claims - Home office building

Lower claims and financial losses are good news for insurance providers This year, damage caused by natural disasters has gone down, which has provided property insurance providers with some breathing room in terms of claims payments. While some countries have experienced fairly catastrophic disasters, these events have been somewhat mild when compared to what the insurance industry had to deal with last year, according to a report from Munich Re. Though claims payments are going down, so are premiums, which means that insurers are still seeing some financial stress in…

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Disasters in Texas and Oklahoma highlight importance of flood insurance

flood insurance residential homeowners

Floods in two states cause significant damage and loss of life Both Texas and Oklahoma have been inundated with rain this month, which is somewhat unseasonable for both of these states. Severe rainstorms have caused a massive amount of flooding in both states, leading to damage to thousands of homes and vehicles and even the loss of life. Insurance adjusters have been deployed to these states in order to assess the damage caused by floods. For many homeowners, damage caused by floods will not be covered by their insurance policies,…

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Flood insurance may be in jeopardy in Oklahoma

Homeowners flood Insurance

New legislations could make flood insurance inaccessible in the state Flood insurance may become more difficult to obtain for homeowners in Oklahoma if new legislations take effect. The Oklahoma Floodplain Managers Association has warned state lawmakers that new legislations that are making their way through both the Senate and the House of Representatives could mean that the state can no longer participate in the National Flood Insurance Program. The federal program is typically the only place that homeowners throughout the country can find flood insurance protection. Legislations seek to prohibit…

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1,100 homeowners insurance claims generated after Oklahoma storms

Oklahoma Homeowners Insurance

Oklahoma Insurance Department sheds light on recent disasters and offers advice The Oklahoma Insurance Department has released information that shows that 1,100 homeowners insurance claims have been generated by storms that hit the state earlier in the week. The state fell victim to powerful storms that generated tornadoes and caused a significant amount of property damage. Many homeowners were affected by the disasters that struck the state and more claims may be filed in the coming weeks as property owners continue to assess the damage. Tornadoes have caused significant damage…

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Cyber insurance is becoming more important for businesses

Cyber Insurance Coverage

Fallout from major data breach at Anthem highlights the need for cyber insurance Following the major cyber attack against health insurance provider Anthem, numerous insurers are beginning to promote cyber insurance. Last week, Anthem confirmed that it was the victim of a major data breach, wherein hackers stole personal information concerning the company’s clients from its databases. Anthem noted that no financial information was compromised by the attack, but more insurers are beginning to stress the importance of adequate cyber insurance protection. Oklahoma Insurance Commissioner is promoting digital protection In…

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