Sandy Blow to N.J.: Costly Work or Costlier Flood Insurance Premiums

January 25, 2013Email ThisPrintNewslettersTweetArticleComments

Superstorm Sandy landed one final stunning blow to New Jersey on Thursday, Jan. 24, as the state adopted rebuilding guidelines that come with sticker shock.

They will force homeowners in flood zones to spend tens of thousands of dollars to raise their houses now or pay exorbitant premiums of up to $31,000 a year for flood insurance later.

Gov. Chris Christie said he adopted flood maps issued late last year by the Federal Emergency Management Agency as New Jersey’s standard for rebuilding from the worst storm in its history.

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Texas Homeowners Pay Highest US Insurance Premiums

December 21, 2012Email ThisPrintNewslettersTweetArticle4 Comments

An industry group says Texas homeowners are paying the highest insurance premiums in the country.

The report was released Tuesday by the National Association of Insurance Commissioners.

The Dallas Morning News reported the study is based on premiums collected in 2010, the most recent year for available nationwide data.

The average annual cost of the most commonly sold policy in Texas was $1,560, about 3.2 percent more than figures from a year earlier. The national average was $909.

Rick Gentry of the Insurance Council of Texas says adverse weather creates losses. He says such losses, from catastrophes such as tornadoes, hailstorms and hurricanes, drive the price of insurance.

Alex Winslow with the consumer group Texas Watch says prices continue to climb while coverage is getting slashed.

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: Texas / South Central NewsTopics: catastrophes, hailstorms, homeowners insurance, Hurricanes, insurance premium, National Association of Insurance Commissioners, Texas, tornadoesHave a hot lead? Email us at newsdesk

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Florida PIP Reforms Reduce Hikes But Not Many Premiums Thus Far

October 5, 2012Email ThisPrintNewslettersTweetArticle2 Comments

Florida regulators are optimistic that the state’s no-fault auto reforms are having a positive effect on the market and will eventually cut premiums for drivers. But for now they are telling the public that the recent law changes will likely only temper the size of insurers’ personal injury protection (PIP) rate requests as opposed to actually decreasing drivers’ premiums.

Florida Insurance Commissioner Kevin McCarty said that regulators are just beginning to review the 100 plus filings made by insurers by the Oct. 1 deadline.

So far, only eight companies have received rate approval. The early results follow an expected trend whereby rate requests are lower than otherwise would have been filed.

While these savings will not be felt directly by policyholders, regulators remain confident that the market is heading in the right direction.

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California State Fund Reports Drop in Net Premiums

April 12, 2012Email ThisPrintNewslettersTweetArticleComments

California’s State Compensation Insurance Fund released its annual report on Thursday showing just over $1 billion dollars in net premiums earned, a drop from 2010’s figures.

State Fund reported adjusted actual net premiums earned of $1.002 billion for the year. That’s down from 2010’s reported $1.136 billion. Losses incurred fell from $850 million in 2010 to $752 million in 2011, and loss adjustment expenses incurred fell from $521 million in 2010 to $393 million last year.

Despite the drop in premiums earned, State Fund President and CEO Tom Rowe said California’s government-controlled workers’ comp insurer of last resort was showing improved results and was starting to reap the benefits of cost-cutting measures implemented late last year.

“Our financial summary reveals well-executed pricing disciplines, and improving results from the most experienced claims team in the marketplace,

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