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Texas reels from hailstorm damage: Aon

Hailstorms that struck southern US states including Texas last week are likely to cause "hundreds of millions" of dollars of economic and insured losses, according to Aon Benfield's Impact Forecasting report. Baseball-sized hail hit areas of Collin, Denton and Tarrant counties, with damage reported to thousands of cars and commercial and residential structures. Tornado damage in rural Texas also brought down trees and power lines. Louisiana was also struck by the storms, with industry officials in Shreveport reporting damage to...

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Lender-placed insurers may soon face new rules in US

Carriers in the lender-placed insurance market, a niche segment with more than its share of penalties and scandal, may find themselves facing a new regulation later this year. The National Association of Insurance Commissioners (NAIC) expects to have a proposed model law ready for high-level review by November, after six years of work on the issue. The market involves coverage that goes by several names, including force-placed and collateral protection insurance. The way the market works now can present opportunities...

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