Early estimates from the tornadoes and hailstorms that hit Dallas April 3 suggest at least $300 million in insurance claims, with the total projected to rise to potentially as high as $500 million.
With Flood Awareness Week upon us, consumers would be well-served to watch out for fraudsters passing off flood-damaged cars.
Michigan’s PIP reinsurer raising rates 21%
The Michigan Catastrophic Claims Association will raise premiums to $175 per insured vehicle effective July 1, in part to offset an estimated $2 billion deficit.
In recent years, unscrupulous dealers have begun to exploit legal loopholes to buy and sell unsafe vehicles that have sustained heavy damage from accidents or natural disasters to often unsuspecting persons.
A new report from the Insurance Research Council finds three states — New York, Florida and Michigan — driving growth in PIP insurance claims.
Pennsylvania Supreme Court Justice J. Michael Eakin delivered a six-page decision vacating an insurance fraud conviction entirely in rhyming verse.
Michigan could benefit by following Pennsylvania’s lead in forming a public-private partnership to crack down on insurance fraud.
Should Sunshine State lawmakers get around to them, bills dealing with auto insurance PIP reform, Miami gambling and dwarf-tossing all are expected to be put forward.
Center on Finance, Insurance and Real Estate Director Eli Lehrer wonders if some Michigan auto insurers or their agents are intentionally encouraging registration fraud.
Last year, Citizens paid out nearly $250 million in claims while only collecting a little over $30 million in sink hole premium. Essentially, Florida doesn’t have a sink hole problem, but rather an insurance claims problem, writes Florida director Christian R. Cámara.