Allstate today said it estimated pretax catastrophe losses of $286 million for the month of October. Losses during October included $102 million, pretax, from Hurricane Milton as well as $144 million in unfavorable reserve reestimates from Hurricane Helene primarily from …
The Texas Windstorm Insurance Association Board of Directors pegs losses from Hurricane Beryl at $455 million. The TWIA board met last week to review information related to the agency’s 2025 budget. The meeting presented new information on TWIA losses from …
Flood damage-related economic losses totaled USD $51.6 billion in 2023, but research shows protective measures can substantially reduce losses, according to Swiss Re Institute. As losses are expected to increase due to more intense weather events and continued urban sprawl, …
A claim provision requiring insureds to seek underinsured benefits from their auto insurer within three years of an accident is unenforceable in New Hampshire because it restricts the insureds’ right to obtain the same benefits they would have received if …
Flooding is a peril that took center stage this year amid an active Atlantic Hurricane season, a fact that’s highlighted in a new report. The National Insurance Flood Program is expected to face total losses between $8.2 billion and $10.5 …
Claims from collisions involving battery electric and internal combustion engines rose compared with last year while claims frequencies also rose, according to a new report that also shows a growing parity in loss outcomes of collisions involving battery electric vehicles …
Firefighters battled strong driving a fast-moving Southern California wildfire that forced the evacuations of thousands of people and destroyed at least 168 structures. Containment of the Mountain Fire in Ventura County increased to 48%. The fire has now burned 20,630 …
The floods that devastated the Spanish region of Valencia at the end of last month are expected to trigger total insurance losses in excess of €3.5 billion ($3.8 billion), Moody’s estimates. The projection is based on the first 72,000 insurance …
Hawaiian Electric reported a third-quarter loss after the utility removed a warning about its ability to remain in business, saying that a recent capital raise helped mitigate the concerns. The utility had raised going concern doubts after disclosing that it …
Battery Energy Storage Systems (BESS) development has been looming in U.S. energy markets for several years. Now, as capacity has begun expanding rapidly, the insurance claims are beginning to materialize in both construction and operational policies. For underwriters and claims …