Hurricane Maria is set to strike Puerto Rico today, with forecast wind speeds of more than 150 miles per hour. Maria already struck the Caribbean island of Dominica as a category 5 storm, with sustained winds of 160 miles per hour. Although much of Puerto Rico’s residential housing is made…
Read More Hurricane Maria Barrels Towards Puerto Rico

The Illinois Department of Insurance (“DOI”) has issued a notice of withdrawal of its proposed amendments to the Illinois Insurance Department Consumer Complaints Rule (50 Ill. Adm. Code 926) that were described in our January 9, 2017 blog post.

The stated reason for withdrawal is that the “[DOI] is considering…
Read More Notice of Withdrawal of Proposed Amendments to the Illinois Insurance Department Consumer Complaints Rule

On Tuesday, September 12th, Florida Governor Rick Scott directed Insurance Commissioner David Altmaier to “freeze any and all efforts” to increase property insurance rates.  In addition, Governor Scott stated that policyholders who had their coverage canceled or non-renewed in the days leading up to Hurricane Irma should receive a 90-day…
Read More Florida Governor Scott Orders Freeze on Property and Casualty Rate Increases

Yesterday, Locke Lord touched on the general implications of the recent devastation caused by Hurricanes Harvey and Irma on the Insurance-Linked Securities (“ILS”) market here.  With Irma having now left the Florida keys (and reportedly having destroyed upwards of 25% of all homes in the area), it is now…
Read More ILS Market: A Deep Dive into the Harvey and Irma Waters

On Friday, September 7th, the Senate passed a bill increasing the disaster aid within the National Flood Insurance Program (the “NFIP”) to $15 billion. The NFIP was initially established in 1968 to provide flood coverage to properties located in flood zones, as a response to flood insurance becoming too costly…
Read More Senate Passes Bill Proposing Three Month NFIP Extension

Not since Katrina in 2005 has the mainland United States been witness to a category 5 storm that resulted in widespread and costly devastation.  Now, first Harvey, and then Irma.  What does this mean for the ILS market?  To begin with, the ILS market never billed itself as a replacement…
Read More Harvey, Irma and the ILS Market

In the wake of the destruction caused by Hurricane Harvey in Texas and with the approach of Hurricane Irma to Florida, many homeowners and businesses will be contacting their insurers with flood and wind insurance claims. However, the insurance for these two risks varies and insureds should be aware of…
Read More Flood and Wind Insurance in Hurricanes Harvey and Irma

Insurers are utilizing innovative services to assist those affected by Hurricane Harvey, as well as those who may need assistance following Hurricane Irma.  One large carrier created an interactive map that shows areas affected by Harvey. The general public can use the map to assess the condition of their neighborhoods.
Read More Insurers Use InsurTech To Simplify Claims Process in Wake of Hurricanes

Last month, the New York Department of Financial Services (“NYDFS”) proposed an amendment to 11 NYCRR 80-1.6 (the “Regulation”), which would augment the application process to acquire a domestic insurer by potentially limiting the amount of information that must be provided in connection therewith.

The proposals to the Regulation allow…
Read More New York Proposes Regulation to Amend Form A Process

Hurricane Harvey has caused significant exposure for those owning habitational accounts in London’s direct and facultative (“D&F”) market. Habitational coverage insures commercial residential properties, and each habitational account could cover hundreds of properties. Before Hurricane Harvey, many underwriters believed Texas habitational premiums were underpriced, which in turn led to reinsurers…
Read More London Direct and Facultative Market Affected by Harvey