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AM Best Affirms Credit Ratings of The Hanover Insurance Group, Inc. and Its Subsidiaries

AM Best Affirms Credit Ratings of The Hanover Insurance Group, Inc. and Its Subsidiaries
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Policy's flood limit does not control amount of coverage for nursing facility's business loss, justices find – InsuranceNewsNet

Policy's flood limit does not control amount of coverage for nursing facility's business loss, justices find – InsuranceNewsNet
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Policy's flood limit does not control amount of coverage for nursing facility's business loss, justices find

HOUSTON - The 14th Court of Appeals concluded today that a policy’s flood endorsement does not control the amount of coverage available for a nursing facility’s business losses resulting from Hurricane Harvey flooding. ....

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Insurers Have Paid Nearly $1.7B Property, Auto Claims from Texas Winter Storm

Insurers Have Paid Nearly $1.7B Property, Auto Claims from Texas Winter Storm
April 19, 2021
As of late March, Texas policyholders had filed 386,108 property and auto insurance claims related to the winter storm that blanketed the state in mid-February.
That number reflects preliminary results from a data call issued February 26 to property and auto insurers by the Texas Department of Insurance seeking information on claims stemming from the storm that impacted the state Feb. 11 – 19.
TDI has released a report, February 2021 Winter Storm Survey Data Industry Aggregate Results for Texas, that shows insurer-reported claims information as of March 26.
The report is based on data submitted by 85% of the state’s property insurance market and 94% of the auto insurance market. It shows insurers have paid out $1,673.9 billion on 186,982 combined residential property, commercial property and auto insurance claims. ....

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Winter Storm Uri Losses in Texas Expected in $10B – $20B Range

Winter Storm Uri Losses in Texas Expected in $10B – $20B Range
March 1, 2021
It’s likely that insured losses in Texas from Winter Storm Uri, which overwhelmed the state in mid-February, will climb into the $10 billion to $20 billion range, according to catastrophe modelers and insurance industry market analysts.
Losses from Uri may be “somewhat comparable to those from Hurricane Harvey, which was a Category 4 hurricane that made landfall on Texas and Louisiana in August 2017,” according to S&P Global ratings. The market intelligence organization said in a Feb. 26 media release, however, that it was still “too early to accurately quantify the insured losses given the complexity of the event.” ....

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