Texas Developments

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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

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

As we reported here in May, the Texas Legislature recently passed legislation (House Bill 1774, a copy of which can be found here) which amends Chapter 542 of the Texas Insurance Code—Texas’s general prompt pay statute for insurance claims.  Most of the new law’s provisions are aimed at addressing…
Read More Uncertainty Surrounds New Texas Insurance Law: Divergent Views Emerge on the Impact of the Texas “Hail Storm Bill” on Hurricane Harvey Claims

A primary use case for drones in the insurance industry is the safer, quicker and more accurate adjustment of claims.  With displaced insureds, flooded streets, and significant property damage that could remain inaccessible for extended periods, the ability for insurance companies to quickly and relatively conveniently fly their drones and…
Read More Hurricane Harvey Has and Will be a Test for Many – Including Drones

Hurricane Harvey has brought “500-year” rainfall and flood conditions to Southeastern Texas for the third time in three years, according to the Washington Post. How can insurers and reinsurers prepare for the next unprecedented storm?

Look to the Climate Risk Survey, developed by the National Association of Insurance Commissioners…
Read More Yet another record-breaking storm

Hurricane Harvey made landfall in Texas Friday as the strongest hurricane to hit the United States in a decade, leaving several people dead and tens of thousands more displaced. Additional rain this week could bring the total rain associated with Harvey to 50” in certain areas. Early indications are that…
Read More Hurricane Harvey Cripples Parts of Texas; Insurers Prepare for Billions in Claims

As Hurricane Harvey barrels towards the Gulf, residents of Louisiana and Texas are scrambling to avoid a storm that forecasters currently predict will bring winds of over 110 miles per hour and dangerous flooding.  However, Harvey is creating concern not only for residents of the region, but also for insurers…
Read More With Hurricane Harvey Looming, Insurance and Reinsurance Issues Lurk in the Wings

With the adoption of new legislation supported by the Texas Department of Insurance, Texas has formally eliminated its $300 million minimum premium volume exemption from otherwise required Enterprise Risk Report filings for Texas licensed insurers.  Texas now joins other states in requiring the solvency and enterprise risk evaluation filings for…
Read More Texas Eliminates Enterprise Risk Report Small Insurer Exemption