September, 2024

article thumbnail

Florida Storm Surge Swamps Nuclear Plant, Pro Golfer’s Home, Many More

Insurance Journal

Hurricane Helene’s storm surge along Florida’s western edges is being called the most devastating since 1921, responsible for destroying or heavily damaging hundreds of homes and businesses in the area.

Damage 363
article thumbnail

CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management

Property Insurance Coverage Law

In a shocking exposé aired last night on CBS’s 60 Minutes, allegations of widespread insurance fraud by insurance companies following Hurricane Ian were exposed. The investigative report featured testimony from whistleblowers who claim that insurance companies deliberately altered hurricane damage reports to underpay homeowners, leaving many Floridians struggling to rebuild their lives in the wake … The post CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Alt

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Tactical Plan for Increasing Inbound Calls to an Insurance Agency Using Google Business Listings and SEO

Redbird Agents

Redbird Training - We offer live Redbird training classes for Producers every Tuesday and Thursday. Increasing inbound calls is vital for any insurance agency looking to grow its client base. By optimizing your Google Business Profile and implementing effective local SEO strategies , you can make your agency more visible to potential clients and boost the number of inquiries.

article thumbnail

4 Ways to Build and Maintain Relationships with Clients

Solstice Insurance Broker

Options, options, options. Whether it’s having over 30 different brands of toothpaste to choose from, or hundreds of cable channels, consumers have choices. This also applies to employer groups. They have a lot of options when it comes to choosing which broker they partner with; so, why should they choose you? The key is knowing how to successfully build and maintain relationships with clients , where they know that their needs are your priority.

Building 239
article thumbnail

Streamline Insurance Claims Management By Analyzing Legal Trends

Insurance professionals use Trellis to streamline claims management by analyzing legal trends, predicting outcomes, and strategizing effectively to serve clients better. Adjusters can evaluate claim validity, estimate settlement amounts, and identify potential litigation risks. Trellis' extensive State Trial Court Data can be leveraged to identify opposing/outside counsel and top mediators for insurance matters, evaluate the risk of new claims by viewing similar claim litigation history, and mor

article thumbnail

Florida’s Heritage Stock Price Drops After ’60 Minutes’ Report on Adjusters

Insurance Journal

Just as Florida property insurers face another round of storm claims, CBS News has raised questions about alleged insurer fraud stemming from claims incurred in the last major storm – Hurricane Ian, which hit much of southwest Florida two years …

More Trending

article thumbnail

Helene Dumps Rain on Millions of US Homes That Lack Flood Insurance

Insurance Journal

On Thursday night Helene crashed into Florida’s coast as a Category 4 hurricane. The giant storm with 140-mile-per-hour winds made landfall close to where Hurricane Debby hit in August and where Idalia struck just over a year ago.

Insurance 334
article thumbnail

Why US Home Insurance Rates Are Rising Fast – Climate Change Plays a Big Role

Insurance Journal

Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country.

article thumbnail

Update: NYC’s Largest Cab Insurer Ordered to Explore Sale After Losses

Insurance Journal

New York’s insurance regulator ordered American Transit Insurance Co. to immediately find capital and explore a sale in a damning report laying out its severe financial condition.

Insurance 328
article thumbnail

US Property Insurance Rates Fall for First Time Since 2017

Insurance Journal

US property insurance rates are decreasing for the first time in almost seven years, after insurers returned to profitability amid lower losses tied to catastrophes. The average US property insurance rate decreased 0.

article thumbnail

Climate Change and Rising US Insurance Rates

Insurance Journal

A new article directly blames climate change for rising U.S. insurance rates.

Insurance 317
article thumbnail

State Farm Posts Worst HO Loss Ratio Since 2011; Peers Recover: S&P

Insurance Journal

State Farm was the only one of 10 major players in the homeowners insurance market reporting a worse second-quarter loss ratio for the line than it did in 2023, according to a new analysis.

Insurance 317
article thumbnail

Thieves Hunting for Copper Are Vandalizing American EV Chargers

Insurance Journal

Rick Wilmer spends most of his work days at the office. But every so often, the chief executive officer of ChargePoint Holdings Inc.

Theft 312
article thumbnail

FBI Disrupts Vast Chinese Hacking Operation That Infected Consumer Devices

Insurance Journal

The FBI has disrupted a group of hackers working at the direction of the Chinese government who targeted universities, government agencies and other organizations, Director Chris Wray said last week.

Cyber 312
article thumbnail

Landlords Face a $1.5 Trillion Commercial Real Estate Maturity Wall

Insurance Journal

Landlords for offices, apartment complexes and other commercial real estate have $1.5 trillion of debt due by the end of next year, and about a quarter of that borrowing could be hard to refinance, according to Jones Lang LaSalle Inc.

article thumbnail

Report: Over 250,000 US Properties Have Repeated NFIP Claims

Insurance Journal

More than a quarter million U.S. properties have repeated claims for federal flood insurance, costing the National Flood Insurance Program billions of dollars in claims, according to new federal data compiled by the National Resources Defense Council.

Claim 312
article thumbnail

How Big Was the Cat? Investigator Warns About Claims of Clogged Toilets

Insurance Journal

Did you hear the one about cat poop clogging a toilet, resulting in thousands of gallons of sewage water in the home and a big insurance claim?

Claim 312
article thumbnail

California Policyholders May Be On the Hook for Wildfire Losses

Insurance Journal

California homeowners could be required to pay a surcharge if the state’s insurer of last resort is unable to cover losses from a catastrophic wildfire.

article thumbnail

New York City’s Biggest Taxi Insurer Is Insolvent, Risking Transit Meltdown

Insurance Journal

In an unassuming white and blue office building in Freeport, a few miles into Nassau County, sits the headquarters of American Transit Insurance Co.

Risk 312
article thumbnail

Western States Top Wildfire Risk Scores in New Analysis

Insurance Journal

California, Oregon, Colorado, Washington and Arizona are the states most at risk for wildfires, earning an “F” rating, according to a new analysis by Guidewire detailing wildfire risk in the U.S. at local, state, and national levels.

Risk 312
article thumbnail

Maryland Awards Contract to Rebuild Key Bridge After Deadly Collapse

Insurance Journal

Maryland transportation leaders on Thursday approved a contract for rebuilding the Francis Scott Key Bridge several months after the 1.6-mile (2.

312
312
article thumbnail

Insured Losses Top $5B With Heavy Flooding But Few Covered by Flood Insurance

Insurance Journal

Estimates of insured losses from Hurricane Helene continue to range around $5 billion, not including flood insurance losses, as the death toll in the Southeast continued to rise, approaching 100 by Monday morning.

Insurance 306
article thumbnail

Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

Insurance Journal

For the fourth time in six years, cyber risk ranked highest as a concern for business leaders. In fact, this year cyber as a top concern reached an all time high, according to the 2024 Travelers Risk Index.

Cyber 306
article thumbnail

New York City Weighs Slashing Cab Insurance 75% to $50,000 to Aid Drivers

Insurance Journal

The New York City Council will introduce legislation this week that would drastically reduce the amount of insurance coverage taxi and ride-share vehicles are required to maintain, looking to contain potential fallout from the insolvency of the city’s largest taxi …

Insurance 306
article thumbnail

Florida’s Big Bend Braces for Third Hurricane in a Year as Helene Gains Strength

Insurance Journal

Florida’s Big Bend region on the northern Gulf Coast is bracing for yet another hurricane, the third in the last 13 months.

article thumbnail

Home Insurance Customers Staying Put Despite More Shopping Around: J.D. Power

Insurance Journal

Chubb, AIG, and Amica lead other insurers in J.D. Power’s assessment of customer satisfaction for home insurance, but the consumer intelligence company said more people are shopping around. The good news for insurers is that only 2.

article thumbnail

Wildfire Risk Upends California’s Cannabis Heartland as Insurance Vanishes

Insurance Journal

Hannah Whyte is one of thousands of Californians who have struggled to insure their property in the event of wildfire.

Risk 305
article thumbnail

New York Regulator Orders Taxi Insurer to Weigh Sale After Losses

Insurance Journal

New York’s insurance regulator issued a damning report laying out the severely flawed financial condition of New York’s largest insurer of taxis and for-hire vehicles, as well as dozens of potential financial improprieties and accounting problems, warning that the consequences …

Insurance 306
article thumbnail

How One Florida Engineer Charged Others With Fraudulent Insurance Reports, Testimony

Insurance Journal

He’s been called “eccentric,” a “do-gooder,” a “troublemaker” and a whistleblower. And he may be the best friend the Florida property insurance industry has.

article thumbnail

Youth Football Safety Debate Reopened After Deaths of 2 Players on Same Day

Insurance Journal

HEWETT, W.Va. (AP) — Ryan Craddock had seen his share of tragedy during two decades as a coal miner and firefighter. Then came the toughest heartbreak of all: his own.

Injury 306
article thumbnail

Los Angeles to Pay $38M For Failing to Make Affordable Housing Accessible

Insurance Journal

The city of Los Angeles will pay $38.2 million to settle a 2017 lawsuit after “falsely” stating on federal documents that its multifamily affordable housing units built with federal funds were accessible for people with disabilities.

Claim 305
article thumbnail

Tallahassee, Atlanta Dodge a Bullet, But Thousands of Claims Are Expected

Insurance Journal

Hundreds of claims adjusters were set to move out across Florida, Georgia and western parts of the Carolinas Friday morning as Hurricane Helene brought high storm surge and 140 mph winds to a region that has faced three hurricanes in …

Claim 299
article thumbnail

People Moves: AXA XL Promotes Flanagan to Lead P&C Bermuda; Intangic Names Cryer as Dir. of Client Solutions; Dale Names Daniel Head of Global Property Reinsurance

Insurance Journal

This edition of International People Moves details appointments at AXA XL Bermuda, the MGA Intangic, and the Lloyd’s insurer Dale Underwriting Partners. A summary of these new hires follows here.

article thumbnail

Unnamed Storm in Carolinas Caused $7 Billion in Damage, AccuWeather Says

Insurance Journal

The storm that swamped parts of the Carolinas this week wasn’t organized enough to be named but it still has caused $7 billion in damage, according to a preliminary estimate from AccuWeather.

Damage 299