Tag: Suzanne Barlyn

U.S. insurers brace for hefty claims from Texas storm once thaw sets in

Mary Pat Campbell

Link: https://www.reuters.com/article/usa-weather-texas-insurance/u-s-insurers-brace-for-hefty-claims-from-texas-storm-once-thaw-sets-in-idUSL1N2KO3AX

Excerpt:

U.S. property insurers are bracing for claims for damage from collapsing roofs, bursting pipes and lost business as Texas takes stock of its losses from a winter storm that has crippled its electrical grid.

Insurers’ losses could stretch into billions of dollars, said Moody’s analyst Jasper Cooper.

Insurers in Texas, the second-largest property insurance market among U.S. states, are used to grappling with historic storms, such as Hurricane Harvey in 2017.

But this winter storm is unique because of its grip across the state. It crippled the electric grid and left hundreds of thousands of homes without power for four days.

Author(s): Suzanne Barlyn

Publication Date: 18 February 2021

Publication Site: Reuters

Texas storm may cost insurers record first-quarter losses – A.M. Best

Mary Pat Campbell

Link: https://www.reuters.com/article/us-usa-weather-texas-insurance-idUSKBN2AJ2IS

Excerpt:

 Insurers could suffer record first-quarter catastrophe losses after the historic Texas winter storm, which crippled the state’s electrical grid and caused extensive property damage including collapsed roofs and broken pipes, insurer credit rating agency A.M. Best said on Friday.

The storm occurred during a quarter that is typically the most benign for catastrophe losses, and could become the costliest winter weather event in Texas history, A.M. Best said in a report.

The Texas Department of Insurance plans to collect data from property insurers to assess costs stemming from the crippled electrical grid, roofing collapses, broken pipes and other problems, a spokesman said.

Author(s): Suzanne Barlyn

Publication Date: 19 February 2021

Publication Site: Reuters

Florida consumers ‘flabbergasted’ as property insurers push for double-digit rate hikes

Mary Pat Campbell

Link: https://www.reuters.com/article/us-usa-insurance-florida-idUSKBN2AC111?utm_source=34553&utm_medium=partner

Excerpt:

Florida property insurers are jacking up rates by double-digit percentages, blaming the hikes on lingering damage from past hurricanes, a wave of litigation, and a law that encourages lawyers to sue by allowing courts to award them big fees.

The rate increases in Florida, the third-largest property insurance market among U.S. states, are the highest in memory, according to some insurance agents and residents. One danger, they say, is that the new rates could make owning a home in Florida unaffordable.

Author(s): Suzanne Barlyn

Publication Date: 12 February 2021

Publication Site: Reuters