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Monday, 23 August 2010
Texas Windstorm Insurance Association Seeks 5% Rate Increase
The Texas Windstorm Insurance Association has filed for 5 percent increases in both its residential and commercial rates, effective Jan. 1, 2011.
The state's insurer of last resort provides wind and hail coverage in the 14 coastal counties and parts of Harris County. TWIA provides wind and hall coverage when insurance companies exclude it from their homeowners and other property policies sold to coastal residents.
Tuesday, 13 July 2010
3 in 10 Valley drivers lack car insurance
If only vehicles registered in the Rio Grande Valley filled the roadways, drivers would have a three-in-10 chance of encountering an uninsured driver, according to the state's insurance regulator.
Almost one-third of the drivers in Cameron County do not have automobile insurance, making the county second in the state for percentage of uninsured motorists...
Tuesday, 13 July 2010
Traveler's Insurance ordered to cease and desist misleading ads by Texas Attorney General Abbott
Travelers Insurance received a cease and desist letter from the Office of Attorney General demanding a deceptive television advertisement be pulled off the air in Texas.
Texas Attorney General Greg Abbott sent the demand letter on July 8, 2010 instructing The Travelers Companies Inc. to cease the ads, and that they be “removed from all Texas television media markets as well as any print, multimedia, radio or computer-generated ads that appear in the state.”...
Wednesday, 23 June 2010
Texas Coast Loses Insurance Coverage
This hurricane season is especially difficult for some area residents who recently found out they are losing their insurance coverage.
State Farm Insurance company is not renewing the policies of Texas residents who live within a half mile of bays and coastal waters. That is effecting residents from Seabrook to LaPorte...
Wednesday, 09 June 2010
Texas moves closer to banning use of discretionary clauses in insurance contracts
Discretionary clauses allow insurers to interpret policy terms and evaluate an insured’s claim for benefits. According to the TDI’s official proposal, the ban “is necessary to protect insurance consumers from the possibility of incorrect and unfair coverage determinations by insurers without a subsequent opportunity for a full and independent review under a non-deferential standard.” The TDI is concerned that insurers may have a conflict of interest in coverage determinations that would have an adverse financial impact on the insurer, and therefore want to ensure that insureds have the opportunity to have coverage determinations reviewed by an independent third party...
Monday, 05 April 2010
Texas experience shows pitfalls of small business health insurance pools
Wanda C. Rohm, the retired former owner of a San Antonio print shop, is skeptical of promises that the new federal health law will help small employers.
Her skepticism is hard won. A decade ago, she experienced a small-business owner's nightmare: A key manager suffered a health crisis, the print shop's health insurance premiums skyrocketed as a consequence, and Rohm's employees abandoned their group health plan...
Monday, 08 March 2010
A.M. Best Revises Outlook to Positive for Ratings of American Strategic Insurance Group and Its Members
A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of American Strategic Insurance Group (ASI) (St. Petersburg, FL) and its members. (See below for a detailed listing of the companies.)
The ratings reflect ASI’s continued underwriting profitability and solid risk-adjusted capitalization resulting from prudent underwriting, innovative pricing systems, effective reinsurance programs and a sound overall risk management focus. As a result, significant surplus growth has occurred in recent years, complemented by continued support from the parent company. The positive outlook contemplates that operating performance and risk-adjusted capitalization will continue to trend favorably in the near and long term, as ASI begins to further diversify its geographical footprint...
Monday, 15 February 2010
Timely advice for Texas home insurance owners to purchase flood insurance
The Feb. 8 opinion piece “Don't believe the flooding myths,” by Michael D. Talbott, director of the Harris County Flood Control District, really should be required reading for every homeowner in Southeast Texas. It probably should be passed out along with the ream of papers already given to new Texas homeowners at the time of closing. It's that important.
Misinformation about flooding hereabouts — and the costs of and need for flood insurance — is rampant . This costs Harris County homeowners hundreds of millions of dollars annually. Damages related to flooding from Hurricane Ike in 2008 totaled $2.2 billion, but that is just the amount that was paid by flood insurance. For the 80 percent of Harris County homeowners not covered by flood insurance, the total costs are anybody's guess...
Monday, 01 February 2010
Texas homeowners cite water damage as most common home insurance claim
According to data assessed between 2000 and 2007, Allstate found that water damage ranked as the most common claim from its Texas homeowner insurance customers. It was followed by wind and hail damage as the second and third most common claim...
Monday, 01 February 2010
Hurricane Ike Claims Total Nearly $12B in Texas
Hurricane Ike, which struck Galveston on Sept. 13, 2008, has proved to be the costliest weather catastrophe in Texas history by a large margin. The storm racked up nearly $12 billion in windstorm and flood insurance claims in the state...
Wednesday, 20 January 2010
College Station Expands Texas Auto Insurance Theft Prevention Program
The Insurance Council of Texas (ICT) and the College Station Police Department are expanding a crime prevention campaign aimed at preventing auto thefts and auto burglaries. The program involves the funding and distribution of signs that read, “LOCK your car, TAKE your keys and HIDE your belongings.”...
Tuesday, 19 January 2010
Texas Windstorm Association Settles 300 Ike and Dolly Lawsuits; 1,000 Remain
The Texas Windstorm Insurance Association has now settled about 300 lawsuits related to the devastating 2008 hurricane season, but the general manager of the last resort insurer rejects insinuations in Texas that TWIA is now settling because it realized it mishandled claims...
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