Hurricane Claims News

Texas Windstorm Insurance Association Prepared for Hurricane Season

The Texas Windstorm Insurance Association (TWIA) announced it is in its strongest-ever position for this year’s hurricane season with $4.9 billion in total funding available to pay claims. The funding level is sufficient to cover a 100-year storm season and …

Florida Leaders See Omnibus Bill Stabilizing Home Insurance Market

Florida insurance leaders belive that recently passed legislation (SB2044) is a step towards stabilizing the state’s property insurance market that has had been rocked by politics, premiums assessments, company failures, reopened hurricane claims and a credit mitigation program that got …

Hurricane Ike Claims Total Nearly $12B in Texas

Hurricane Ike, which struck Galveston on Sept. 13, 2008, has proved to be the costliest weather catastrophe in Texas history by a large margin. The storm racked up nearly $12 billion in windstorm and flood insurance claims in the state. …

Miami Condo Association Sues QBE Insurance Over Hurricane Claims

A Miami condominium association is suing its insurer, QBE Insurance Corp., and its Florida general managing agent, for more than $500 million in damages, claiming bad faith and deception in handling hurricane claims. Daniel S. Rosenbaum, the managing partner of …

Mercury Insurance Billboard Sparks Controversy

The controversy over the Los Angeles billboard telling the public “You Can’t Trust Mercury Insurance” could soon become a lawsuit. Attorneys for Consumer Watchdog, the group that put up the message, have sent a letter to CBS Outdoor, Inc., the …

Louisiana Hospital Owners Sue Insurer Over Gustav Damage

Owners of the River West Medical Center in Plaquemine, La., have filed suit against their insurer in Baton Rouge for $58.5 million. The lawsuit filed Aug. 27 alleges that unpaid hurricane claims resulted in closure of the facility in May. …

Florida’s Tower Hill Insurance Downgraded by A.M. Best; Tower Hill Responds

A.M. Best Co. has downgraded the financial strength ratings (FSR) to D (Poor) from B (Fair) and issuer credit ratings (ICR) to “c” from “bb” of Tower Hill Preferred Insurance Co., Tower Hill Prime Insurance Co. and Omega Insurance Co. …

Much Anticipated Windstorm Insurance Debate Begins in Texas

Texas legislators finally have jumped into debate over how to improve the troubled windstorm insurance system that serves as a last resort for hurricane protection along much of the Gulf Coast. The House Insurance Committee, watched closely by coastal residents …

Louisiana Citizens Settles Policyholder Lawsuits for $35 Million

Louisiana’s state-run insurer of last resort has reached a $35 million agreement with policyholders to resolve claims that the insurer failed to offer settlements for hurricane claims in a timely fashion after Hurricanes Katrina and Rita in 2005. Plaintiffs attorney …

Bermuda Association Explains Reinsurance Risk Spreading Role

“The global reinsurance market plays an integral role in spreading US hurricane risk around the world,” said a bulletin from the Association of Bermuda Insurers and Reinsurers (ABIR). “Without it, the risk would be concentrated in a single state (or …