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Hurricane Andrew in 1992 was the costliest storm the United States had experienced, with $26.5 billion in damage. It took a huge bite out of the reserves for claims held by 30 insurance companies doing business in Florida.
A report from Weiss Ratings, a Palm Beach Gardens ratings agency, found that the state-backed insurer of last resort closed homeowner claims without a payment 50.4% of the time in 2023.
Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in the United States by 1989.
Insurance fraud refers to any intentional act committed to deceive or mislead an insurance company during the application or claims process, or the wrongful denial of a legitimate claim by an insurance company. It occurs when a claimant knowingly attempts to obtain a benefit or advantage they are not entitled to receive, or when an insurer ...
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Citizens, which has now crossed more than 1.4 million policies, has grown too big, too fast and concerns are growing that a major storm in Florida could deplete its ability to pay claims. Citizens ...
The Hanover Insurance Group was established in 1852 near Hanover Square in Manhattan in New York City.It paid a cash dividend to shareholders every year since 1853. [2]Though remaining a relatively small company over the next 125 years, Hanover's common stock price multiplied between 1971 and 1983 by over 23 times from its low point in the decade to its eventual peak.