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$41M Recovered for Louisiana Consumers After Hurricane Claims Complaints May 24, 2021
Complaints over insurance claims arising out of the three hurricanes that struck Louisiana last year have resulted in a recovery of $41 million for consumers as of the end of April, Louisiana insurance regulators say.
The Louisiana Department of Insurance (LDI) so far has received 1,497 complaints arising from hurricanes Laura, Delta and Zeta. Grievances have included complaints about various types of residential, auto and commercial property insurance, as well as complaints about insurance adjusters and agents, among other issues.
The most common topic of concern has shifted as hurricane claims have progressed. In January the most common grievance was claim delay. By May the most common complaint topic was inadequate and delayed payment of claims, LDI says.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Places Credit Ratings of Members of Bankers Insurance Group Under Review with Negative Implications
January 14, 2021 GMT
AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of the members of Bankers Insurance Group (Bankers), which includes Bankers Insurance Company (St. Petersburg, FL) and its property/casualty subsidiaries, Bankers Specialty Insurance Company (Metairie, LA) and First Community Insurance Company (St. Petersburg, FL).
The under review with negative implications status follows AM Best’s latest review of Bankers, which reported material surplus deterioration primarily driven by a number of weather events in the second half of 2020. The erosion of capital had a negative impact on risk-adjusted capitalization, as measured by Best’s Capital Ade