losses News

Spain’s Deadly Storms Move North to Cause Chaos in Catalonia

Barcelona’s transport system ground to a halt, as Catalonia was the latest Spanish region to be hit by extreme storms that killed more than 200 people in neighboring Valencia last week. Flooded streets brought traffic to a standstill in the …

KBRA Says Florida Insurers Will Weather Helene and Milton; Cat Fund Can Handle Payouts

Florida’s Hurricane Catastrophe Fund, a state-created layer of reinsurance, expects to pay out about $4.6 billion to help cover insurers’ losses in Hurricanes Helene and Milton. But that won’t trigger a surcharge on premiums. And a number of Florida property …

Malibu Retrofit at $300,000 Shows Limits of Wildfire-Prepping

Evelin Weber and her neighbors fled their Malibu homes as the deadly Woolsey Fire tore across the California coast in 2018. Ever since, haunted by fears of another blaze, she’s spent $300,000 on fireproofing her house. Weber installed a fire …

Analysis Shows Wider Florida Flooding From Milton: 185,000 Buildings Hit

Flooding from Hurricane Milton appears to have been more extensive than initially determined, affecting almost 185,000 buildings all across Florida, says a new analysis from ICEYE, a firm that uses satellite images to measure damage for the insurance industry. The …

Sony Sues CBS Over ‘Dismal’ Jeopardy, Wheel of Fortune Revenue

Sony Pictures Television Inc. accused CBS Studios Inc. in a lawsuit of leaving millions of dollars on the table in the network’s distribution of the popular Jeopardy! and Wheel of Fortune game shows. Sony, the producer of the programs, claims …

Most Homeowners Worried About Impact of Natural Disasters and Climate Change, New Survey Shows

Most homeowners are worried about the impact of natural disasters and climate change, a new survey shows. A survey from U.S. News & World Report shows 61% worry about climate change and the impact of natural disasters to their home …

Allstate Turns in Net Income of $1.2B After Q3 Hurricanes

Allstate Corp. said its net income attributable to common shareholders for the third quarter was about $1.2 billion compared to a loss of $41 million during the same time a year ago. The Northbrook, Illinois-based insurer recorded an improvement in …

Tennessee Eyes Claims Denials, Florida Offers to Check Contracts with Adjusters in Wake of Hurricanes

Officials in two Southeastern states have taken steps to hold insurers or recipients of insurance funds accountable after Hurricanes Helene and Milton spurred thousands of insurance claims. The Tennessee Department of Commerce and Insurance reminded insurance carriers that they must …

Survey Finds Consumers See Link Between Attorney-Repped Claims and Higher Auto Insurance Costs

Drive along any stretch of highway and you’ll see widespread advertising by billboard attorneys encouraging consumers to hire a lawyer to settle an auto accident claim. But this leads to higher costs of auto insurance across the U.S., according to …

Insurance Industry Races to Stay Ahead of Cyber Threat Actors

The COVID-19 pandemic brought on significant change to the cyber insurance industry that spans all disciplines. We experienced the widespread remote work environment, which introduced an onslaught of ransomware claims by threat actor groups as they recognized the opportunity to …