Some Insurers Stop Writing Policies in Wake of Storms
ome insurance brokers stopped writing insurance policies after several hurricanes rampaged across the southern and eastern United States, potentially hitting carriers with higher costs just after the storms caused business losses, fleet and insurance representatives said.
A surge in claims also could deter some insurance agents from writing future policies for trucking fleets that operate in that region, they said.
"The unpredictability of the storms and the impact of the storms from a claims perspective have caused insurance companies to either slow down toward writing new business or in some cases put a moratorium on writing any new business," said William Prester, president of insurance broker Aon Truck Group.
Trucking companies in the eastern U.S. have been hit by hurricanes Charley, Frances, Ivan and Jeanne and tropical storm Gaston in recent weeks, interrupting the movement of freight and in some cases causing millions of dollars in damage to equipment.
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