Hurricane Claims News

GAO Urges Changes in Wind, Flood Damage Determinations

Government adjusters trying to assess the accuracy of flood claims payments from the 2005 hurricane season were hampered by a lack of access to data on wind damage from the National Flood Insurance Program and private insurers, according to a …

Insurers Call on N.C. to Strengthen Coastal Building Code Requirements

In testimony today before the North Carolina Building Code Council, the American Insurance Association urged that stronger hurricane resistant construction standards be required for all areas of the coast vulnerable to hurricane-force winds. “Adopting and enforcing all building code provisions …

Fla. Approves Loss Reporting, Filing Sign-Off Rules

The Florida Financial Services Commission took further steps to implement the insurance reforms Gov. Charlie Crist has called for and the House and Senate passed into law during the January special session. Florida Insurance Commissioner Kevin McCarty presented two rules …

Fla. Considers Storm Supply Tax Break, New Claims Law Glitch

Flashlights, radios, tarps and other hurricane supplies would be tax free for 12 days at the beginning of hurricane season, under a measure the Florida House has under consideration. Floridians received a similar tax break last year leading into hurricane …

Insurers Reject Critics Who Say Big Profits Are at Claimants’ Expense

The headline numbers were eye-popping: Allstate reported a record $5 billion profit for 2006. State Farm Insurance’s profit climbed 65 percent for the year. St. Paul Travelers’ earnings rose sixfold in the fourth quarter, American International Group’s rose eightfold. A …

Associated Industries of Fla. Cautions Against Citizens’ Expansion

Associated Industries of Florida is urging the state’s insurance officials and budget leaders to proceed with caution as they work toward the overhauling of Citizens Property Insurance Corp. Citizens plans to expand the types of coverage it can provide. Before …

Fairfax Q4 Net $159 Million; $227 Million Full Year

Toronto-based Fairfax Financial Holdings recorded net earnings in US dollars of $159.1 million for the fourth quarter of 2006 and $227.5 million for the 2006 year ($8.45 and $11.92 per diluted share, respectively). The figures included “the effects of a …

La. Gov. Presses Ahead with Special Session for Dec. 8-17

Despite calls to cancel, Gov. Kathleen Blanco issued her formal plan Dec. 2 to bring lawmakers back to the Capitol for a special legislative session to spend as much as $2 billion in new state dollars on pay raises, tax …

Chief of La. Citizens Urges Lawmakers to Have Patience

Anger over new fees meant to help recovery from last year’s hurricane claims is no reason to tinker with 2003 state laws creating Louisiana’s state-run insurance company, the company’s chairman said Oct. 30. The Louisiana Citizens Property Insurance Company, a …

La. Gov. Looking at Whether to Plug State Dollars Into Citizens

Louisiana Gov. Kathleen Blanco said Sept. 12 that she’ll consider a partial state bailout for Louisiana’s insurer of last resort, which borrowed $1 billion to pay off claims after hurricanes Katrina and Rita. Several lawmakers and state officials have been …