Articles of Interest
Insured Loss Estimate from Texas Tornadoes at $1.2B, So Far - Texas is dealing with approximately $1.2 billion in insured losses so far from nine confirmed tornadoes that struck the metro-Dallas area on Dec. 26
Texas law firms implicated in suit alleging scheming of Sandy victims - Pierce Frauenheim filed a first amended class action complaint against The Voss Law Firm and The Posey Law Firm on Dec. 18 in the Superior Court of New Jersey, Ocean County – Law Division. “The defendant law firms and lawyers together with the defendant public adjusting companies and its principals … conspired to collect from the persons they represented in insurance claims related to Hurricane Sandy improper referral fees commonly referred to as fees paid to ‘runners.’” Case runners solicit business for law firms – a form of barratry, more commonly called ambulance chasing, which is illegal. Other defendants named in the complaint include William Voss, Scott Hunziker, Jake Posey, Harbatkin & Levasseur, Audwin Levasseur, Daniel Hogan, Stephenson Claims Service, Mark Lindoerfer and 10 additional John Does.
The Ten Worst Insurance Companies In America - How They Raise Premiums, Deny Claims, and Refuse Insurance to Those Who Need It Most
The Insurance Hoax - Discover how property insurers use secret tactics to cheat customers out of payments--as profits break records.
Understanding the Differences Between Standard and Excess/Surplus Lines - Excess and surplus lines carriers are not licensed by the state, but allowed to do business in a state through a wholesale broker or managing general agent. Typically, a policy can be written only after it has been rejected by a standard lines carrier three times.
Texas to Study Insurance Claims Abuse - Lt. Governor Dan Patrick has directed the Business & Commerce Committee to study insurance claims handling practices and the impact on Texas consumers and the Texas insurance market.
Texas home insurers see another strong year but still seek limits on lawsuits - Texas home insurers, led by the three largest companies, racked up a third straight year of healthy profits in 2014, thanks to higher rates and low levels of stormy weather across the state. But the industry is still seeking legislation that would curb the ability of homeowners to sue insurers for unpaid claims or unfair practices. Industry representatives contend the changes are needed to protect companies from a rising tide of lawsuits filed by homeowners, particularly for hail-damaged roofs. Such lawsuits didn’t hurt insurers’ bottom line last year, premium and loss numbers filed with the Texas Department of Insurance show. Overall in 2014, insurers paid out an average 46.4 percent of their premiums to cover property losses. That figure, known as the “loss ratio,” was slightly higher than in the previous year, but still reflected a good profit margin for most insurers.
A loss ratio of 60 percent or lower is considered a good target for profitability, and almost all large companies hit that benchmark in 2014.
Lehmberg Sues to Block Records of Deal With Insurer - Travis County District Attorney Rosemary Lehmberg is suing to block the release of records about a controversial agreement that allows a giant insurance company to pay her office more than $400,000 a year to investigate the insurer’s fraud cases.
Texas Property Casualty Insurance Articles of Interest
BBB Investigative Report
Property Casualty 360