Catastrophe News

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

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 …

Burand’s Agency E&O Blog: Tip #27

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 …

Policyholder Education: Agent or Carrier Responsibility?

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 …

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

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 …

Coalition Pushing for New National Framework for Disasters

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 …

Report: Insurers Boost California Economy $29.4B

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 …

Art Insurers Face Record Loss from Superstorm Sandy

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 …

October Disaster Loss at $1.08B: Allstate

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 …

Wildfires, Hail Take Toll On Colorado Home Insurance

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 …

Sandy Dominates Southern California PCI Conference

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 …