West California Passed Agent-Broker Law The most notable bill affecting California agents was AB 2956, which clarifies the duties of an insurance agent versus a broker. Prior to the new law, confusion existed within the industry, with consumers, brokers, agents, …
Following the completion of the 2008 hurricane season, A.M. Best Co. has removed from under review and affirmed several insurers’ ratings it had issued in October when there was concern over the insurers’ exposure to the state’s hurricane fund in …
A new report finds that hurricane risk models designed to predict insured losses in the U.S. from Atlantic hurricanes for the five-year period ending in 2010, significantly overestimated these losses for the cumulative 2006 through 2008 hurricane seasons. The report …
Hurricane forecasters at Colorado State University on Wednesday predicted above-average activity in the Atlantic next year: 14 named storms, including seven hurricanes — three major. The 50-year average is 9.6 named storms, 5.9 hurricanes and 2.3 major hurricanes. Researchers William …
Property/casualty insurers in Florida believe they are being overcharged for coverage from the state’s hurricane fund and some of them are looking for a refund. Insurers contend that the state fund is only financially able to reimburse them for about …
In New Orleans, a dire warning to flee emptied the city before Hurricane Gustav in early September. In Houston less than two weeks later, a plea to say in place might have kept evacuation routes from clogging before Hurricane Ike …
As the 2008 Atlantic hurricane season officially comes to a close this on Nov. 30, Florida can be thankful for being spared from any major hurricane strike again this season. However, the dangers hurricanes present and the financial ramifications facing …
The 2008 hurricane season came very close to presenting, on a large scale, the potential quandary caused by successive losses. On Sept.1, 2008, Hurricane Gustav came ashore and caused substantial damage from the Louisiana coast on inland, although not to …
Texas Gov. Rick Perry has established the Governor’s Commission for Disaster Recovery and Renewal, an advisory panel of public and private sector experts who will create a plan to assist Texas communities with recovery efforts after a natural disaster, according …
A.M. Best Co. says based on the credit market contraction and the uncertainty regarding the Florida Hurricane Catastrophe Fund’s ability to fund its claims-paying capacity, it placed several insurers’ ratings under review with negative implications. The rating actions are a …
