Articles by Ezra Amacher

Insurers See Minimal Impact From Hurricane Beryl, but They’re Bracing for an Active Season

Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the P&C and reinsurance sectors, Moody’s Ratings said. Beryl made landfall along the Texas coast as a category …

Texas Health System Loses COVID-19 Business Interruption Suit – 5th Circuit

A Texas nonprofit health system who purchased a specialized commercial property insurance policy is not covered for business interruption losses caused by COVID-19, a 5th Circuit Court of Appeals panel ruled, relying on existing precedent that COVID-19 does not physically …

Insurers Seek Subrogation Against Norfolk Southern Over Ohio Train Derailment

Four insurance companies filed a subrogation lawsuit against Norfolk Southern in federal court last week, alleging the rail carrier’s negligence led to the 2023 East Palestine, Ohio train derailment and subsequent fire, explosion and release of toxic chemicals. Erie Insurance …

Floodwaters Inundate Midwest, Where Flood Insurance is Rarely in Force

Floodwaters damaged hundreds of properties this week across parts of Nebraska, Iowa, Minnesota and South Dakota as the Midwest recovers from days of intense rainfall. Three days of torrential downpours resulted in as much as 18 inches of rainfall in …

5th Circuit: Louisiana Law Voids Arbitration Clause in Surplus Lines Policies

A panel of the 5th Circuit Court of Appeals ruled this week that a Louisiana statute voids the formation of an arbitration clause in a surplus lines insurance contract. In its opinion, the appellate court reasoned that the general principles …

Houston Windstorm Causes Preliminary Economic Loss of $5-7B: AccuWeather

The destructive windstorm that blew out windows in downtown Houston and left hundreds of thousands of southeast Texas residents without power caused upwards of $5-7 billion in total damage and economic loss, according to preliminary estimates by AccuWeather. Thousands of …

New Report Shows Nuclear Verdicts Surged to $14.5B in 2023

Nuclear verdicts of at least $10 million reached a 15-year high in 2023, while 27 verdicts were “thermonuclear,” or more than $100 million, according to a new study by research firm Marathon Strategies. The report, “Corporate Verdicts Go Thermonuclear,” found …

Louisiana Governor Signs Package of Property Insurance Reform Bills

Louisiana governor Jeff Landry signed a package of insurance reform bills Tuesday aimed at encouraging insurers to write more business in the state’s property market. The legislation, endorsed by Louisiana Insurance Commissioner Tim Temple, will give property insurers more flexibility …

Louisiana’s Temple Seeks Reform in Response to State Farm’s California Changes

Louisiana Insurance Commissioner Tim Temple pointed to State Farm’s decision to non-renew policies in the California market as a warning for lawmakers to modernize Louisiana’s regulatory framework and address legal system abuse – or risk insurers leaving the catastrophe-prone state. …

5th Circuit: Chubb Must Cover SXSW in Suit Over Cancelled 2020 Festival

The 5th Circuit Court of Appeals ruled that Chubb must cover restitution claims paid to ticket holders of the 2020 South by Southwest film festival cancelled due to COVID-19. A three-judge panel reversed a summary judgment in favor of Federal …