The III’s Michael Barry briefs our membership every week on key insurance related stories. Here are some highlights:
- This month’s wildfires in Northern California burned more than 200,000 acres. Santa Rosa (Sonoma County) lost 3,000 homes and 400,000 square feet of commercial space, according to The Wall Street Journal (WSJ).
- Florida’s Assignment of Benefit (AOB) system—which allows a homeowner to transfer its insurance rights to a contractor—is clogging the state’s courtrooms with thousands of lawsuits, a Tuesday, October 24, WSJ print edition article found.
- Hurricane Nate caused insured wind-caused damage totaling anywhere from less than $500 million (Risk Management Solutions) to as much as $1 billion (CoreLogic). Nate made landfall as a Category 1 storm on the Louisiana-Mississippi border on the weekend of October 7-8.