In this week's news will talk about how Hurricane Milton could cost insurers $60 billion, Three key cyber insurance policy wordings every broker should know, and much more…
GEICO has activated its Catastrophe Response Team (CAT) after the damage caused by Hurricane Milton. Hundreds of GEICO insurance adjusters and support staff are now traveling to the hardest-hit areas of Florida to aid customers affected by Milton.
“Teams throughout GEICO are now assessing the hardest hit areas and we are in the process of deploying personnel and resources throughout Florida to best support our customers,” said GEICO claims vice president Frank Pickering. “With over 85 years of experience responding to disasters, when severe storms strike, we do whatever it takes to ensure that our customers have the support that they need.”
GEICO’s Catastrophe Response Team will remain on the ground as long as necessary.
The company also reminds customers to exercise caution, as the damage from the winds and floods could be severe. GEICO told customers to refrain from driving their vehicle if they suspect it's been flooded. Similarly, they warned them to stay away from their car if they notice downed power lines nearby, as it could be a safety risk.
Given the rapid evolution of cyber solutions, including incident response and proactive services, it’s unsurprising that conversations about the role of cyber insurance in protecting policyholders are changing.
Reflecting on what this means for brokers, James Burns, head of cyber strategy at CFC underscored the importance of maintaining focus on insurance as a promise to pay as well as, increasingly, a promise to protect. There’s still so much nuance between different cyber insurance products, he said, and those coverage nuances can have massive implications at the point of claim.
One - The difference between data recovery and data recreation
Two – why unlimited reinstatements are a game changer for policyholder?
Three - what are nil deductibles and why are they so important?
Hurricane Milton has battered Florida's Gulf Coast, with analysts forecasting potential insurance losses of up to $60 billion, a blow that could ripple across the global insurance industry.
The Category 5 storm made landfall late Wednesday, with more than one million residents having been evacuated in what is now one of the most devastating hurricanes to strike the region in recent history.
According to RBC Capital analysts, the losses are expected to be comparable to those from Hurricane Ian, which hit Florida in 2022. They estimate that the industry is well-positioned to absorb the financial impact.
the Mechanic Group is enhancing its Security Alarm & Investigator Program by offering expanded coverage and improved service to brokers and clients in the security and alarm industry through a new partnership with Palomar Excess and Surplus Insurance Company (PESIC).
This partnership offers advanced underwriting authority, enabling brokers to issue policies swiftly and efficiently, alongside expert claims management that includes thorough risk assessments, efficient claims tracking, and quicker settlement negotiations. Additionally, it provides comprehensive coverage, including general liability and supported umbrella, specifically tailored for the security and alarm industry.
According to Marc Katz, president of The Mechanic Group, the collaboration with Palomar will deliver "even greater value" to brokers and clients.
"This partnership will further strengthen our 'best in class' Security Alarm & Investigator Program, offering expanded coverage, improved service, and access to Palomar's robust underwriting capabilities," he said.
Digital insurance platform Roamly has teamed up with National Insurance Inspection Services (NIIS) to introduce an advanced pre-loss inspection tool designed specifically for recreational vehicles.
Jeff Cavins, chief executive of Roamly, noted: “We’re excited to partner with NIIS on this important initiative. More than a third of Americans admit to exaggerating damages on their claims. Until now, there's never been a reliable way for the insurance industry to protect itself.
“Our innovative technology represents a fresh approach: it’s a departure from the industry’s usual tactics of raising rates or restricting coverage – practices that are widespread but often leave consumers frustrated and underserved.”
With the offering, Roamly’s RV policyholders can take advantage of a new self-inspection feature immediately after purchasing their insurance. Through an e-survey powered by NIIS, owners document the condition of their RVs before any loss occurs. This documentation provides a clear record, helping to assess risk and facilitating quicker claim approvals for genuine damages.