State Farm petitions Texas insurance regulators to deem the state’s wildfires an official catastrophe

Texas has been battling an outbreak of wildfires since the beginning of September. The fires have wrought carnage throughout the state, burning more than 1 million acres and more than 1,000 homes. The catastrophe has put enormous pressure on the state’s insurers who have been struggling to mitigate the damage caused by the fires. The disaster is so serious that State Farm Insurance has petitioned the Texas Department of Insurance to designate the wildfires as an official catastrophe. The petition was submitted to the Department on September 12, but regulators…

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Texas wildfires wreak havoc on citizens and the insurance industry

Texas is battling a raging wildfire that has broken out in Bastrop, Hays, Travis and Williamson counties. The fires have already scorched more than 100,000 acres of land and burned several hundred homes throughout Central Texas. Many communities have been evacuated as no end is currently in sight for the wildfires. The disaster is expected to add to the financial strain bearing down on the nation’s insurance industry, which is already reeling from two costly flooding disasters stemming from Hurricane Irene and Tropical Storm Lee. Insurers are estimating that the…

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