March storms declared insurance “catastrophes” in Texas

March storms declared insurance “catastrophes” in Texas | Insurance Business America

March storms declared insurance “catastrophes” in Texas
The storm event that occurred between March 23 and 24 over Dallas, Tarrant, Denton and Collin Counties was declared a catastrophe by Texas insurance regulators for purposes of claims processing.

As such, claims resulting directly from the catastrophe in the aforementioned counties will be allowed additional time for processing, said the state Department of Insurance.

The catastrophe declaration came to be due to the large volume of claims being processed from the affected counties.

The Department of Insurance is expecting all insurers to continue identifying, evaluating, and resolving the claims they receive. The agency also requires insurers to immediately acknowledge receipt of a claim and arrange the appropriate assignments for the investigation of a claim.

Following the announcement, the Department assured policyholders that they will continue to receive the insurance service they expect and should not suffer from any delays in receiving their benefits. While the announcement extends the time insurers have to process claims, the carriers are being made to expedite their work.