News for the week of Feb. 6, 2023
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ICT Welcomes Liberty Mutual as a New Member; Jeff Junkas to Serve on ICT Board of Directors
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On behalf of ICT and our board of directors, we are pleased to announce Liberty Mutual as our newest member company. Liberty is one of the largest writers of home and auto, and commercial coverages, including workers’ compensation, in Texas. The addition of Liberty enhances ICT’s representation of the Texas property and casualty industry and allows us to learn from and work with a key industry company with a significant presence in the Texas market.
In addition, Liberty will be a member company on the ICT board of directors given their acquisition of State Auto, which had been a long-time board member company. Jeff Junkas, Senior Public Affairs Officer, will serve as the company's board representative.
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Jeff Junkas
Senior Public Affairs Officer, Liberty Mutual
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Ask the Expert: Things to know before filing an insurance claim
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We are starting to see some of the aftermath of the winter-ice storm this week. From auto insurance claims to homeowner policies. On Ask the Expert, Rich Johnson with the Insurance Council of Texas joined the KRLD Afternoon News.
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Icy roads, crashes & insurance claims: Experts say do the math before deciding not to file
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If you were able to stay inside safe and warm during the most recent winter storm, here's one more reason why that was the right call: More than 1,000 crashes have been reported since Monday night across North Texas and that's likely not the full tally.
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How to file an insurance claim after damage from the winter blast
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As we thaw out, we also cleaning up the damage done, mainly from branches and trees falling from the ice. But before you do anything, make sure you document the damage you have with pictures and video. These will help determine the value of the damage.
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Property damaged in the winter storm? Here's what you should do to file an insurance claim.
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Icy weather has downed trees and branches in neighborhoods throughout Austin this week. If they’ve caused damage to your property, you may want to consider filing an insurance claim.
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How to start an insurance claim if the North Texas ice storm damaged your home or car
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The ice storm is bound to cause many in North Texas problems with their vehicles and homes. From accidents to frozen pipes, contacting their insurance provider is most likely one of their first calls.
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Despite toll on Austin's trees, storm's insured losses to be relatively small, experts say
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With the wreckage of fallen trees and tree limbs strewn throughout Austin neighborhoods, much of the city looks as if a tornado or hurricane swept through region.
But the ice storm responsible for the destruction — as well as the power outages that have left thousands of people in the cold and dark — isn't expected to approach those types of disasters, or possibly even a bad hailstorm, in terms of monetary damages, insurance industry experts say.
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Annual Workers’ Compensation Non-Subscriber Reporting is Open
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Texas employers that do not provide workers’ compensation coverage must file DWC Form-005, Employer Notice of No Coverage or Termination of Coverage.
This form:
- Lets DWC know that an employer has opted out of the workers’ compensation system or ended coverage.
- Must be sent in each year between Feb. 1 and April 30.
Employers that do not file this form on time may face penalties under state law.
More information on how to file is on the TDI website or email, Coverage.Verification@tdi.texas.gov.
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Governor Abbott Appoints Johnson as Injured Employee Public Counsel
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Governor Greg Abbott has appointed Dirk Johnson to the Injured Employee Public Counsel for a term set to expire on Feb. 1, 2025. The Public Counsel helps injured employees in the Workers' Compensation system, oversees the ombudsman program, and advocates on behalf of injured employees.
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TWIA’s Board of Directors will meet to Review Financials and 2023 Reinsurance Program
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The Texas Windstorm Insurance Association’s Board of Directors will meet at the Moody Gardens Hotel in Galveston on Tuesday, Feb. 14 at 9 a.m. CT for its first quarterly meeting of 2023.
The Board will review the Association’s financials, receive an update on the 2023 reinsurance program from TWIA staff and the Association’s reinsurance broker, Gallagher Re, and receive reports from Association Departments.
The meeting agenda and information on how to watch the meetings is available on TWIA’s website.
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P&C Industry News & Updates
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Insurers Avoid Picking Up Businesses’ Covid-19 Pandemic Costs
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The Wall Street Journal - SUBSCRIPTION
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Businesses have long relied on insurance to cover losses from unexpected disruptions. But they have faced an uphill battle in trying to get carriers to pay out on one of the biggest ever: pandemic shutdowns.
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Private Equity Taps Insurers’ Cash to Speed Up Growth
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The Wall Street Journal - SUBSCRIPTION
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Investment firms that play on the cutting edge of finance are turning to one of the oldest businesses on Wall Street to turbocharge their growth: insurance.
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Real Estate Insurance Market Under Pressure
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Report published by Lockton in February 2023
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The real estate property and casualty insurance market remains difficult for many buyers at the start of 2023. Although property is currently in the spotlight — particularly in the wake of September’s Hurricane Ian — rates for casualty insurance coverage also continue to increase.
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