someone didn’t think thru this too well – flood is not a covered cause of lass on most P & C business. Thus little or no impact on regional carrier – MPCI – most river bottom crops are fully insured by the government (high risk ground) very little retension by the insurer or re-insurer. Bottom line – Mid West Insurance Companies will be having a normal year.
some of you are really misinformed & I hope you don’t work in claims. Flood is covered for IM & auto & as the prior poster mentioned, many carriers also include at least some coverage in their property forms. Personal lines is also heavily affected. Carriers that write primarily in the midwest have been tagged & bagged this quarter.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
someone didn’t think thru this too well – flood is not a covered cause of lass on most P & C business. Thus little or no impact on regional carrier – MPCI – most river bottom crops are fully insured by the government (high risk ground) very little retension by the insurer or re-insurer. Bottom line – Mid West Insurance Companies will be having a normal year.
Did you see yesterday’s artical about Harleysville. Worst quarter EVER in there history. hmmmmmmmm
Some carriers may find Flood losses coming in through VP&R and other endorsements that don’t have Flood exclusions.
They won’t be happy (nobody likes surprises) but I doubt it will be enough $$$ to impact ratings.
some of you are really misinformed & I hope you don’t work in claims. Flood is covered for IM & auto & as the prior poster mentioned, many carriers also include at least some coverage in their property forms. Personal lines is also heavily affected. Carriers that write primarily in the midwest have been tagged & bagged this quarter.
We found that the floods have spawned a multitude of sewer back-up and sump pump overflow claims.