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National Flood Services helps agents sell flood insurance amid COVID-19

This year’s flood season has the potential to create unprecedented havoc. Forecasters are expecting a severe season with several named storms and hurricanes, causing unmitigated damage and costs to communities already facing the difficulties of COVID-19. Indeed the first named storm of 2020, Tropical Storm Arthur, arrived well before the official June 01 start of hurricane season, and experts are noting....Read More

How Family-Work-Neighbor Networks May Make Things Worse in Disaster Response

Faced with a common peril, people delay making decisions that might save lives, fail to alert each other to danger and spread misinformation. Those may sound like behaviors associated with the current pandemic, but they actually surfaced in experiments on how social networks function in emergencies......Read More

States Adding Laws to Shield Businesses From Liability for Coronavirus Claims

Four states have passed laws that grant businesses immunity from civil liability for claims relating to COVID-19, while legislation in at least three other states is advancing. The bills signed into law by the governors of North Carolina, Oklahoma, Utah and Wyoming go far beyond the immunity that several states granted to health care.....Read More

Businesses Fear Lawsuits from Sick Employees, Patrons After Reopening

Business owners hit hard by Covid-19 are eager to get back to work as the outbreak shows signs of slowing and the Trump administration pushes for a quick restart of the nation’s economy.......Read More

InsurePay platform improves cash flow during COVID-19 crisis

InsurePay, which allows insurance providers to offer pay-as-you-go billing for workers’ compensation and general liability policyholders, has announced that its billing platform for the workers’ comp industry allows businesses to pay premiums based......Read More

UK INSURANCE CLAIMS FROM STORMS CIARA AND DENNIS ESTIMATED AT US$473.7M

Insurers expect to make payments to customers hit by the recent Storms Ciara and Dennis of over £363 million (US$ 473.7 million), according to initial estimates from the Association of British Insurers (ABI).....Read More

HAILSTORM CLAIMS EXPECTED TO TOTAL $320 MILLION

The Insurance Council of Australia (ICA) has declared a Catastrophe for damage caused by hail storms that struck eastern Melbourne, the Australian Capital Territory and parts of New South Wales on Sunday and Monday.....Read More

HIGH COST OF WILDFIRE INSURANCE HURTS CALIFORNIA HOME SALES

Home sales are slowing in wildfire-prone areas of California as insurers retreat from high-risk regions, say real-estate agents and homeowners.......Read More

INSURERS TO PAY $21M OF $41M SHAREHOLDER SETTLEMENT WITH WYNN RESORTS

Casino mogul Steve Wynn agreed to pay $20 million toward a settlement of shareholder lawsuits that claimed Wynn Resorts Ltd.’s board had been complicit in his alleged sexual misconduct......Read More

FLORIDA AUTO INSURER WINDHAVEN PLACED INTO REHABILITATION

The future of another Florida domestic insurer is now in the hands of state regulators. Non-standard private passenger auto insurer Windhaven Insurance Co. (WIC), based in Miami, has been placed into rehabilitation by a Florida court....Read More

FEMA POSTPONES SWITCH TO NEW RISK-BASED FLOOD INSURANCE RATING UNTIL 2021

The federal government is delaying implementation of a major change to its pricing formula for federal flood insurance that bases rates on a more accurate assessment of the real flood threat for each home and reflects the cost of rebuilding a home......Read More

CARLYLE GROUP BUYS HILB GROUP FROM PE FIRM

Private equity firm The Carlyle Group has agreed to acquire The Hilb Group LLC from Boston-based private equity firm Abry Partners LLC, the Richmond, Virginia-based brokerage Hilb said on Wednesday.....Read More

LOW FLOOD INSURANCE PENETRATION LEAVING MARK ON PEOPLE, PROPERTIES, AND THE ECONOMY

Despite intense storms in the past year and historic flooding in the Midwest in 2019, the number of homeowners with flood insurance policies in the United States has dropped by at least one-third since 2011, according to the New York Times.......Read More

   

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