July 16, 2024
U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion to $4.5 billion, according to estimates by Moody’s RMS Event Response. Insured losses associated with the storm include wind, storm surge, and precipitation-induced flooding. Moody’s estimates total non-U.S. …
July 12, 2024
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 …
July 1, 2024
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 …
June 28, 2024
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 …
June 26, 2024
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 …
June 7, 2024
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 …
May 20, 2024
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 …
May 13, 2024
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 …
May 9, 2024
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 …
March 28, 2024
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. …