Minnesota regulators say the state’s insurance providers have paid out $64 million on damage claims—including about $2.25 million involving auto policies—filed in the wake of a tornado that tore through Minneapolis in May.
Those settlements account for about 80 percent of the adjusted claims filed in the aftermath of the storm, according to the state Department of Commerce. Another 920 claims—estimated at $8.7 million—have yet to be processed, but are expected to be paid, officials said.
The twister that struck north Minneapolis on May 22 was part of an outbreak of tornadoes over Midwestern and Southern states that caused at least 177 deaths and an estimated $6.5 billion in insured losses, according to the National Oceanic and Atmospheric Administration.
As of Oct. 1, Minnes
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WASHINGTON—The Senate is preparing to vote on legislation next week which would extend the current National Flood Insurance Program for at least six months, confirming that the outlook for a long-term extension for the program any time soon remains cloudy at best.
Officials of the National Association of Mutual Insurance Companies (NAMIC) say the Senate leadership was working on a bill that would extend the program until May 31.
Action is needed promptly because the current extension of National Flood Insurance Program (NFIP) expires Dec. 1
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When you need car insurance in California the first question you probably will ask is who are the best California car insurance companies?
There is no easy way to define this as every driver has unique needs. Some need car insurance for young drivers while others want cheap car insurance and some more are looking for collector car insurance. However there are certain measurements you can use to at least find a starting point for your auto insurance comparison search and market share is certainly one of them.
Why is market share important?
Bigger doesn’t necessarily mean better but since car insurance is both a renewable purchase and coverage is fairly similar by most providers it is a good indication of how many customers are happy with a certain auto insurance company. A
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The emotional toll for Americans who lose a friend or loved one in a motor vehicle crash has a steep financial counterpart — an average 6 million per fatal accident, according to auto club AAA.
In a new report comparing the cost to the nation of motor vehicle crashes with that of traffic congestion, AAA analyzed the financial damage of traffic crashes in 99 urban areas. It concluded that the cost of crashes in those cities was more than three times that of congestion: 299.5 billion compared with 97.7 billion. T Read more…
Affordability is the major issue facing flood insurance following the Federal Government’s swift response to the Natural Disaster Insurance Review (NDIR) report, the review’s chairman says.
NDIR Panel Chairman John Trowbridge says the Government’s commitment to provide $12 million to set up a flood risk information portal and improved nationwide flood-mapping data is a “major step forward” in dealing with insurers’ reluctance to offer flood cover.
“That addresses the issue of availability,” he told insuranceNEWS.com.au. “But at this st Read more…