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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
Louisiana was also struck by the storms, with industry officials
in Shreveport reporting damage to...
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...