Louisiana Citizens Property Insurance this year is expected to drop more policies to encourage private carriers to sell homeowners' insurance in the state. The state's insurer of last resort saw the number of its policies last year shrink to about 131,000 from about 149,000 in 2008, and it intends to bring down the number to about 120,000 by year's end.
The Independent Insurance Agents and Brokers of New York intends to pursue its threat of filing a lawsuit against the state if no revisions are made to the compensation disclosure rules proposed by the state's insurance department. This comes after the comment period on the proposal was closed.
The catastrophic earthquake in Haiti should remind the U.S. about its vulnerability to disasters, according to the Insurance Information Institute. Most properties do not carry earthquake insurance, the III added.
The Insurance Services Office is revising its Fire Suppression Rating Schedule manual used in evaluating fire departments across the country after the National Fire Protection Association and other safety groups upgraded their standards. "We have developed a list of potential modifications and additions to the current FSRS and will beta test the revisions and additions to assure reliability and consistent application," ISO Vice President of Risk Decision Services Mike Waters said.
An intense, fast-moving thunderstorm walloped Southern California on Tuesday, causing minor damage to many properties. Heavy rain flooded streets and stranded many motorists, while a tornado and a waterspout reportedly touched down near Los Angeles, officials said.