Storm insurance program may be in Texas’ future

Storm insurance Tropical S Don

Governor Perry has announced that the topic could be a part of the special session of the Legislature. According to Texas Governor Rick Perry, a special legislative session that is already being convened for redistricting could also include the topic of a storm insurance program for the state. This would specifically focus on the overhaul of the Texas Windstorm Insurance Association (TWIA). The TWIA is already greatly troubled, but the governor has yet to say for certain whether or not lawmakers will be discussing this storm insurance topic within the…

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Insurance news from Zurich shows a massive $700 million superstorm bill

Insurance news losses

The European insurer has released the figures relating to its claims from Sandy. Zurich has just released its latest insurance news by becoming the most recent insurer to have connected its figures to the damage caused by Hurricane Sandy, reporting that it is expecting that its net claims will reach approximately $700 million. These predictions are following closely on the heels of the figures release made by AIG. The numbers that were issued by AIG had forecasted that the storm would have generated post-tax net losses of approximately $1.3 billion.…

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Insurance news from AIG predicts $2 billion in Sandy losses

AIG Insurance company CEO - Building in Manhattan

The superstorm has taken its toll on the states and insurers are starting to release their numbers. AIG has announced that it expects to have lost $2 billion in pre-tax costs due to superstorm Sandy’s impact on the United States. This was revealed at the same time that it said it would be making a $5 billion sale of its aircraft leasing business. The storm, which smashed its way across the American Northeast coast led to more than 100 deaths and made insurance news with its vast amounts of property…

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