As Losses Rise From Kentucky Ice, Wind Blows in More Claims
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Copyright 2009 A.M. Best Company, Inc.All Rights Reserved BestWire
February 19, 2009 Thursday 04:49 PM EST
295 words
As Losses Rise From Kentucky Ice, Wind Blows in More Claims
Chad Hemenway
LOUISVILLE, Ky.
A late January storm in Kentucky that left up to three inches of ice in some areas is estimated to have caused $130 million in insured losses, according to Property Claim Services at ISO, and a windstorm has added insurance claims.
Gary Kerney, assistant vice president for PCS, said the total loss estimate from the ice storm could increase as residents returned home to find damage. The storm had left hundreds of thousands of people without power as damage was mostly felt by the western part of the state.
State Farm spokeswoman Kimberly Moore said the company still had a mobile catastrophe unit in Paducah, Ky. As of Feb. 19, the insurer took just more than 10,000 claims and paid out $8.8 million, Moore said. Most of the claims were from fallen trees and food spoilage.
About two weeks later, more claims were generated by a winds in excess of 60 mph in Kentucky. Moore, who speaks on behalf of the company's Mid-America Zone said the wind resulted in 4,170 claims in Ohio; 3,213 claims in Kentucky and 2,062 claims in Tennessee as of Feb. 19.
Kentucky Insurance Commissioner Sharon P. Clark authorized about 800 out-of-state adjusters to assist the state's 26,000 licensed adjusters with the claims load (BestWire, Feb. 6, 2009).
State Farm Group currently has a Best's Financial Strength Rating of A++ (Superior).
The top five writers of homeowners multiperil coverage in 2007 in Kentucky, according to A.M. Best Co. state/line product information based on direct premiums written, were: State Farm Group, with 22.3% market share; Kentucky Farm Bureau Group, with 21.8%; Allstate Insurance Group, with 10.4%; Liberty Mutual Insurance Cos., with 6.8%; and State Auto Insurance Cos., with 4.4%.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
February 20, 2009
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February 19, 2009 Thursday 04:49 PM EST
295 words
As Losses Rise From Kentucky Ice, Wind Blows in More Claims
Chad Hemenway
LOUISVILLE, Ky.
A late January storm in Kentucky that left up to three inches of ice in some areas is estimated to have caused $130 million in insured losses, according to Property Claim Services at ISO, and a windstorm has added insurance claims.
Gary Kerney, assistant vice president for PCS, said the total loss estimate from the ice storm could increase as residents returned home to find damage. The storm had left hundreds of thousands of people without power as damage was mostly felt by the western part of the state.
State Farm spokeswoman Kimberly Moore said the company still had a mobile catastrophe unit in Paducah, Ky. As of Feb. 19, the insurer took just more than 10,000 claims and paid out $8.8 million, Moore said. Most of the claims were from fallen trees and food spoilage.
About two weeks later, more claims were generated by a winds in excess of 60 mph in Kentucky. Moore, who speaks on behalf of the company's Mid-America Zone said the wind resulted in 4,170 claims in Ohio; 3,213 claims in Kentucky and 2,062 claims in Tennessee as of Feb. 19.
Kentucky Insurance Commissioner Sharon P. Clark authorized about 800 out-of-state adjusters to assist the state's 26,000 licensed adjusters with the claims load (BestWire, Feb. 6, 2009).
State Farm Group currently has a Best's Financial Strength Rating of A++ (Superior).
The top five writers of homeowners multiperil coverage in 2007 in Kentucky, according to A.M. Best Co. state/line product information based on direct premiums written, were: State Farm Group, with 22.3% market share; Kentucky Farm Bureau Group, with 21.8%; Allstate Insurance Group, with 10.4%; Liberty Mutual Insurance Cos., with 6.8%; and State Auto Insurance Cos., with 4.4%.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
February 20, 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved.
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