Insurance Journal » Catastrophe

After Sandy, Underwriters, CAT Models View Northeast Like Southeast: NAPCO

Amy O' Connor — Mon, 06 May 2013 16:43:21 +0000

Superstorm Sandy may not have hardened the insurance market, but it has changed the way underwriters view the Northeast, a view that catastrophe models will reflect going forward. According to NAPCO’s Spring 2013 State of the Market Report, underwriters and …

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Burand’s Agency E&O Blog: Tip #27

Chris Burand — Wed, 27 Mar 2013 10:00:28 +0000

Agency Catastrophe Plans. How to keep a catastrophe from becoming an even bigger catastrophe. I don’t know who said it, but they correctly concluded that the best E&O audit is a natural catastrophe because so many clients have claims and …

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Policyholder Education: Agent or Carrier Responsibility?

Thu, 07 Feb 2013 17:16:06 +0000

Policyholder education about insurance coverage wording is a critical challenge for the property/casualty insurance industry. But who should be doing the teaching — agents or carriers? During a recent industry meeting, a personal lines insurance industry expert suggested that agents …

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Lucky Or Smart? Experts Weigh-In On P/C Industry’s Sandy Impact

Thu, 07 Feb 2013 17:13:21 +0000

At least one industry analyst says that good risk management is protecting insurers as they face a new normal level of catastrophe losses. Other experts believe luck is playing a bigger role than skill. Speaking at the Property/Casualty Insurance Joint …

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Coalition Pushing for New National Framework for Disasters

Don Jergler — Thu, 31 Jan 2013 20:09:51 +0000

A coalition of national interests has introduced a framework intended to shape how the nation responds to natural disasters, or as one advocate of the framework described it, change the way governments and communities operate so they can “prespond to …

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Report: Insurers Boost California Economy $29.4B

Don Jergler — Fri, 18 Jan 2013 20:07:54 +0000

Insurers directly contributed $29.4 billion to California’s 2010 gross state product, or for 1.6 percent of the state’s GSP, according to the report issued on Friday by the Insurance Information Network of California. The report shows property/casualty insurers provided 209,016 California …

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Art Insurers Face Record Loss from Superstorm Sandy

Fri, 21 Dec 2012 15:16:31 +0000

Fine art insurers face claims of up to half a billion dollars, their biggest ever payout, to compensate the owners of artwork destroyed when Superstorm Sandy flooded galleries in New York. Work by 1960s graphic artist and illustrator Peter Max …

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October Disaster Loss at $1.08B: Allstate

Wed, 28 Nov 2012 15:44:35 +0000

Allstate Corp. expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy, the home and auto insurer said on Wednesday. Allstate, the largest publicly traded home and auto insurer in the country, said its gross losses …

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Wildfires, Hail Take Toll On Colorado Home Insurance

Tue, 27 Nov 2012 16:32:25 +0000

Colorado now ranks among the top 10 for the highest share of homeowners insurance claims paid out due to catastrophes. The Insurance Research Council says catastrophes triggered only 26 percent of the claims made on homeowner policies from 1997 to …

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Sandy Dominates Southern California PCI Conference

Don Jergler — Tue, 30 Oct 2012 21:26:07 +0000

The subject of Hurricane Sandy dominated a conference of insurance professionals in Southern California on Tuesday – it was heavily used in speeches, a constant topic on panels and it even made its way into meeting rooms, where attendees stared …

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Hurricane Sandy Strengthens to Category 2: RMS

Thu, 25 Oct 2012 14:26:26 +0000

Sandy has strengthened to a strong category 2 hurricane prior to landfall on the Cuban coast, after crossing over Jamaica as a cat 1 hurricane. The system is forecast to remain a hurricane (cat 1) as it passes through the …

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Lower Catastrophe Losses, Better Rate Environment Increase P/C Net Income: A.M. Best

Mon, 22 Oct 2012 16:32:42 +0000

The U.S. property/casualty industry’s underwriting and operating performance improved substantially in the first half of 2012 according to a special report by A.M. Best Co. Catastrophe losses, while remaining elevated compared with recent years’ experience, declined significantly from 2011 record …

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‘Big One’ Looms in Minds of Experts Before California ShakeOut

Don Jergler — Thu, 18 Oct 2012 22:33:54 +0000

A day before more than 9 million people in California took part in a massive nationwide earthquake drill on Thursday, U.S. Geological Survey seismologist Lucy Jones stood in a room full of risk professionals in the San Fernando Valley and …

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ACE USA’s Excess Casualty Unit Expands Catastrophe Management Coverage

Mon, 15 Oct 2012 16:38:26 +0000

ACE USA, the U.S.-based retail operations of the ACE Group, has expanded its catastrophe management insurance products with the introduction of the ACE Cat Management 2.5 endorsement by its ACE Excess Casualty Unit. This endorsement is designed to supplement ACE’s …

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Isaac Brings Relief to U.S. Drought Conditions

Fri, 31 Aug 2012 14:41:13 +0000

The remnants of Hurricane Isaac continue to cause headaches on Friday, bringing heavy rainfall and the threat of flash flooding to the lower Mississippi Valley as Gulf Coast residents get ready to start their cleanup efforts. The first hurricane to …

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Florida Governor Opens Disaster Fund

Thu, 30 Aug 2012 14:59:56 +0000

Florida Gov. Rick Scott has announced that the state is activating Florida’s disaster fund to help residents who suffered property losses from Hurricane Isaac and Tropical Storm Debbie. Earlier this week, Hurricane Isaac made its way through the Florida Keys …

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Isaac Heads North After Drenching U.S. Gulf, New Orleans

Thu, 30 Aug 2012 12:08:51 +0000

Tropical storm Isaac is expected to weaken further as it heads north on Thursday, after causing significant damage to the U.S. Gulf Coast but nothing on the scale of Hurricane Katrina, which devastated New Orleans in 2005. The former Category …

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U.S. P/C Insurers Expected to Withstand Isaac: Fitch

Wed, 29 Aug 2012 16:37:55 +0000

Fitch Ratings anticipates losses related to Hurricane Isaac will be largely borne by primary insurers, but estimates remain uncertain as the storm has yet to make landfall. Isaac is expected to be less powerful than the Category 3 Katrina. With …

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Hurricane Isaac Soaks Gulf Coast, Tests Levees

Wed, 29 Aug 2012 13:28:04 +0000

Hurricane Isaac drove water over the top of a levee on the outskirts of New Orleans on Wednesday, but the multibillion-dollar barriers built to protect the city itself after the 2005 Katrina disaster were not breached, officials said. The slow-moving …

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Hurricane Isaac Hits Fortified New Orleans on Katrina’s Anniversary

Wed, 29 Aug 2012 12:35:28 +0000

Hurricane Isaac lashed southern Louisiana with high winds and heavy rains on Wednesday and was set for a late-morning arrival in New Orleans, seven years to the day after Hurricane Katrina devastated the city. Isaac is the first hurricane to …

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AIR Worldwide Now Offering Builder’s Risk Capability

Tue, 14 Aug 2012 16:58:28 +0000

AIR Worldwide (AIR) has expanded its offerings for commercial insurers with a capability for determining losses from natural catastrophes to buildings under construction. CLASIC/2Version 14.0 introduces the ability to model builder’s risk policies for the AIR earthquake and hurricane models …

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One Year Later: Bastrop, Texas, Residents Recovering

Mon, 13 Aug 2012 16:13:56 +0000

Belinda Williams was preparing to go to bed in her beautiful Texas limestone house embedded in the lost pines of Bastrop when she looked out her window and saw a huge orange glow. She woke her husband and told him …

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Mississippi Law Calling for Hurricane Mitigation Credits Takes Effect

Mon, 06 Aug 2012 16:02:36 +0000

Mississippi residents along the state’s coastline who are building new homes or chose to strengthen their current homes against hurricane damage can now qualify for premium credits from their property insurer. Under a new law that took effect last month, …

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Farmers Raises Rates in Alabama; Pulls Wind Coverage on Coastal Rental Policies

Michael Adams — Thu, 02 Aug 2012 15:38:47 +0000

One of Alabama’s largest homeowners’ insurers is raising rates on property insurance by as much as 35 percent per policy while dropping some 2,900 rental properties along the state coastline as part of plan to shore up its financial resources. …

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What to Know About the New Flood Insurance Program

Tue, 31 Jul 2012 16:44:16 +0000

If it were a dam or a levee, it would have been replaced ages ago. Yet the National Flood Insurance Program (NFIP) has stayed afloat despite a regular leaking of funds since its inception in 1968. The much-needed, often-maligned program …

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ACE Expands Catastrophe Management Services for Environmental Risks

Fri, 13 Jul 2012 10:00:27 +0000

ACE USA, the U.S.-based retail operations of the ACE Group, has expanded its environmental risk insurance products to add catastrophe management coverage. In addition to coverage for standard remediation services included in the off-the-shelf environmental policies, ACE now covers the …

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Colorado’s Early June Storms Among State’s Most Costly

Wed, 27 Jun 2012 23:48:38 +0000

New insurance claim estimates from the hail, wind and flooding that wreaked havoc on June 6 from South Denver down to Colorado Springs and again on June 7 in Northern Colorado and the Eastern Plains made it the state’s fourth …

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P/C Industry 2011 Loss Reserve Position Sufficient, but Challenged: Conning Research

Wed, 27 Jun 2012 15:29:54 +0000

The property/casualty industry appears to have sufficient reserves, but older reserves continue to develop adversely in 2011, according to analysis by Conning Research & Consulting. “Our view of the property/casualty insurance industry reserve position is that it has deteriorated slightly …

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Florida Cat Fund’s Financial Condition Triggers A.M. Best Review of Insurer Ratings

Mon, 04 Jun 2012 09:00:10 +0000

Insurers writing homeowners coverage in Florida could see a revision in their financial ratings after one of the nation’s top rating companies announced it will reconsider them in light of the financial problems faced by the state-back reinsurance facility. A.M. …

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The Industry’s Role in Cutting Down Crooked Contractors

Thu, 17 May 2012 15:25:15 +0000

Approximately one year ago, on Sunday, May 22 at about 5:30 p.m., Joplin, Mo. was devastated by a massive EF 5 tornado that at times was one mile wide and traveled on the ground for more than 20 miles. This …

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