U.S. property/casualty insurers are expected to face record 1Q21 catastrophic losses due to extensive property damage from last week’s severe winter weather in Texas, Louisiana and other southern states. Extremely cold temperatures and ice are generating hundreds of thousands of claims from frozen/burst pipes, roof damage, power outages and lost business income that will pressure… Continue reading U.S. P&C Insurers See Record Losses from Texas Storms: Fitch
Tag: property insurance
RPS Releases 2021 U.S. Property Market Outlook Report
2020 was a year marked by the pandemic and its economic fallout, coupled with record setting catastrophe losses. As we look ahead to 2021, our latest U.S. Property Market Outlook discusses the relative impact across key niche industries such as hospitality, habitational real estate, schools and public entities. Help your clients succeed with our 2021… Continue reading RPS Releases 2021 U.S. Property Market Outlook Report
Average Renewal Rates Continue to Increase Year Over Year Across Most Major Commercial Lines
IVANS®, a division of Applied Systems®, today announced the Q3 2020 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Q3 results showed an increase in premium renewal rate change average across nearly all major commercial lines of business, including Commercial Auto, Business Owner’s Policy, General Liability, Umbrella, and Commercial Property compared… Continue reading Average Renewal Rates Continue to Increase Year Over Year Across Most Major Commercial Lines
Glass Fire 95% Contained After Burning Nearly 800 Homes in Napa, Sonoma Counties
The Glass Fire, a destructive wildfire that burned close to 800 homes in California’s North Bay area and forced tens of thousands to evacuate after sparking in extreme wind late last month, is almost fully contained. With temperatures cooler, humidity higher and winds calmer, crews have made great progress in recent days, boosting containment to… Continue reading Glass Fire 95% Contained After Burning Nearly 800 Homes in Napa, Sonoma Counties
Homebound: The One-Stop Rebuilding Shop for Wildfire Victims
California is on fire. Already this year, thousands of people have lost their homes, and communities are struggling to figure out how to rebuild. Nikki Pechet wants to be the person they turn to. Pechet co-founded Homebound Inc. in 2018 after the Tubbs Fire destroyed 4,600 homes in Northern California, envisioning the company as a… Continue reading Homebound: The One-Stop Rebuilding Shop for Wildfire Victims
Travelers Introduces IndustryEdge® Program for Professional Services
The Travelers Companies, Inc. today announced the launch of IndustryEdge for Professional Services. This tailored business insurance solution offers coverages including general liability, property, commercial auto, workers compensation, professional liability and cyber to help customers mitigate industry-specific risks such as data breaches, theft and lawsuits. IndustryEdge for Professional Services is specially designed to meet the… Continue reading Travelers Introduces IndustryEdge® Program for Professional Services
Tropical Storm Sally Could Hit New Orleans as Category 2 Hurricane
Tropical Storm Sally is bearing down on the Gulf Coast of Louisiana and is expected to make landfall late Monday or early Tuesday, possibly as a Category 2 hurricane. “It’s going to be really close,” said Mike Efferson, a meteorologist with the National Weather Service office in Slidell, La., which covers New Orleans and Baton… Continue reading Tropical Storm Sally Could Hit New Orleans as Category 2 Hurricane
CoreLogic Estimates $8B-$12B in Insured Losses from Hurricane Laura Wind and Storm Surge
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial wind and storm surge loss estimates for Hurricane Laura. According to this new data analysis, insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas are estimated to be between $8 billion and… Continue reading CoreLogic Estimates $8B-$12B in Insured Losses from Hurricane Laura Wind and Storm Surge
PG&E Found Responsible for California Wine Country Fire
California investigators have concluded that a PG&E Corp. transmission line set off a wildfire that charred Sonoma County wine country last fall, even as the utility was cutting off power to millions to reduce the risk that it would spark fires. The California Department of Forestry and Fire Protection said Thursday it had determined that… Continue reading PG&E Found Responsible for California Wine Country Fire
Allstate to Acquire National General for $4 Billion
U.S. insurance giant Allstate Corp. said it has agreed to acquire peer National General Holdings Corp. for about $4 billion in cash, expanding its reach in the personal property-liability business. Under the deal, shareholders of National General, a New York-based specialty personal-lines insurer, will receive a total of $34.50 a share, an offer that comprises… Continue reading Allstate to Acquire National General for $4 Billion