September 19, 2017
Florida policyholders so far have filed nearly $2 billion in claims to insurers for damage from Hurricane Irma, the state’s insurance regulator said on Monday. The estimate of insured losses is based on preliminary statewide data that insurers filed with the Florida Office of Insurance Regulation as of 4 p.m. ET on Sunday for nearly 335,347 claims, the regulator said. About 88 percent of the......
August 31, 2017
Hurricane Harvey has set a U.S record, according to the National Weather Service, dumping 51.88 inches of rain in parts of Texas. As the tropical storm moves over southern Louisiana, claims catastrophe teams are moving in to devastated cities in Texas. AIR Worldwide reported severe damage in Rockport, Texas, where “masonry walls collapsed, wood frame homes were shattered, roofs and metal siding...
August 28, 2017
Hurricane Harvey’s second act across southern Texas is turning into an economic catastrophe — with damages likely to stretch into tens of billions of dollars and an unusually large share of victims lacking adequate insurance, according to early estimates. Harvey’s cost could mount to $24 billion when including the impact of relentless flooding on the labor force, power grid, transportation and...
August 28, 2017
Wells Fargo has promised to make amends to the customers it forced to buy car insurance that they didn’t need. Allan Dunlap, a former Wells Fargo borrower who spent months trying to get the bank to correct an insurance error that marred his credit report, says he’ll believe it when he sees it. Some 800,000 people were affected by the Wells Fargo auto insurance dealings, according to an in-depth...
August 9, 2017
The Federal Emergency Management Agency (FEMA) has extended the deadline for policyholders to respond to its offers under the Superstorm Sandy flood insurance claims review process. Lack of responses Last month, FEMA sent out a letter notifying policyholders, many of whom had been offered money from the claims review, but had yet to respond, that their cases would become inactive if they did not...
August 2, 2017
Wells Fargo will reimburse $80 million to car loan borrowers who were wrongly charged by the bank for insurance, it said late Thursday. The 570,000 borrowers had car loans with Wells Fargo but, because “there was no evidence” that they had car insurance, the bank would buy insurance on their behalf and bill them for it. The insurance was called CPI, or collateral protection insurance, protecting...
August 2, 2017
On Tuesday, August 1, 2017, Delaware Governor John Carney signed into law House Substitute 1 for House Bill 80 (HS 1 for HB 80), a consumer fairness bill that targets unfair discriminatory practices by automobile and homeowners insurance companies to determine premium costs. “Insurance rates should be fair,” stated Delaware Insurance Commissioner Trinidad Navarro in a press release issued by the...
July 20, 2017
Insurance giant Farmers has been ordered to refund money, pay a penalty, and change its pricing practices in Minnesota by Insurance Commissioner Mike Rothman after the state’s Commerce Department found that the company charged higher auto insurance premiums to drivers who did not own their homes. Auto insurance premiums cannot be tied to customers’ homeownership status under Minnesota law. As......
June 29, 2017
New York’s top financial regulator is investigating life insurers’ use of big data, complicating the industry’s efforts to boost sales by forgoing medical examinations in favor of algorithms for sizing up risk. New York’s top financial regulator is investigating life insurers’ use of big data, complicating the industry’s efforts to boost sales by forgoing medical examinations in favor of......
June 22, 2017
The House Financial Services Committee advanced five flood insurance proposals on Wednesday, adding to the two bills it passed last week . The House measures seek to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September 30, for five years. The latest bills seek to address claims issues and questions about oversight of the Write Your Own Program...