Louisiana Insurance Commissioner Jim Donelon says that $270 million in insurance rebates still remains unclaimed by policyholders this week. Late last month, Donelon issued a notice to policyholders explaining that they could be eligible for rebates. Thus far, however, no one has come forward looking to claim their share of the money. If the funds remain unclaimed, the state may seek to take control of the money. Such a move would only be possible if the state’s Legislature passes new laws regarding the matter. The money was recovered from property/casualty…
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Liberty Mutual posts Q3 losses due to natural catastrophe and asbestos charges
The Liberty Mutual Group, one of the largest property casualty insurers in the U.S., has posted their third quarter financial report. The report shows that the company has lost millions as the result of natural disasters and a high-profile asbestos lawsuit that was levied against the insurer earlier in the year. Last year, the insurer reported a net profit of $567 million during the third quarter, but 2011 has produced several major natural disasters that have shaken the insurance industry to its core. Liberty Mutual’s losses from catastrophic events for…
Read MoreVirginia earthquake raises questions regarding the importance of insurance coverage
A 5.8 magnitude earthquake struck the heart of Virginia Tuesday, sending ripples throughout much of the Eastern U.S. Tremors could be felt as far as 100 miles away from the quake’s epicenter in Mineral, Virginia. Residents of the East Coast, whom are unaccustomed to the ground beneath their feet shaking, flocked to Twitter and Facebook to document their experiences. Tremors reached New York City, causing mild panic among those that had never witnessed such an event. The quake took its toll in Virginia, but no inordinate amount of damage was…
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