costs News

Officials Say Costs from North Dakota Flooding Adding Up

Although spring flooding in North Dakota wasn’t as bad advertised in some areas, officials who are totaling the damages say the costs are piling up. The question is whether the final figure will impress the federal government. Federal, state and …

Munich Re Study Focuses on Rising ‘Cyber Crime’

“Cyber attacks are a reality and companies need to prepare themselves,” warns Munich Re in a recently released study – “Cost of Cyber Crime” – conducted by the Ponemon Institute. “Advancements in the IT sector are opening up new applications, …

Lloyd’s Report Focuses on ‘Gap’ in Disaster Costs and Insurance Coverage

A new report from Lloyd’s notes that the “the world has been battered by natural catastrophes in recent years, revealing a serious gap between the economic cost of natural catastrophes and the levels of insured risk.” Recently published research, Lloyd’s …

Iran Oil Liability Fears Grow as Insurance Ban Bites

A ban on European Union insurers covering Iranian oil exports has forced ship owners to fall back on new, untested insurance providers, raising fears that governments may have to pay in the event of an oil spill. The July ban, …

UK Drivers Poor Eyesight Costs $52.7 Million a Year Says RSA Report

A new report, commissioned by global UK-based insurer RSA, has found that road accidents caused by poor driver vision cost the UK an estimated £33 million [$52.7 million] a year and result in nearly 2,900 casualties, with official tests to …

UK Competition Comm. to Investigate Auto Insurance; ABI Welcomes Move

The UK’s insurance market for auto insurance has been referred to the Competition Commission for investigation. The Office of Fair Trading (OFT), which made the referral, expressed concerns that the structure of the market resulted in excessive costs and that …

Swiss Re Report Analyzes Rise in Flood Losses – $15 Billion and Counting

A new report from Swiss Re underscores the fact the “insured flood losses have increased from $1–2 billion in 1970 to $15 billion in 2011, which it describes as an “alarming rate” while posing “unique challenges for the industry” as …

UK MGA’s Advised on Changes in Employers Liability, Public Liability Claims

Impending changes in UK laws governing claims for Employers Liability (EL) and Public Liability (PL) should be a priority membersof the UK’s Managing General Agents’ Association were told at a recent briefing in London. The MGAA’s bulletin warned that changes in …

Tornado Cost Wichita, Kansas Area $146.3M

Sedgwick County, Kansas, officials say the tornado that hit Oaklawn and southeast Wichita on April 14 caused an estimated $146.3 million in damage. County officials say the tornado damaged or destroyed 776 homes and 86 businesses, and affected another 3,481 …

Panel Reports Climate Change to Cost Canada Many Billions

Climate change will cause damage in Canada equivalent to around 1 percent of GDP in 2050 as rising temperatures kill off forests, flood low-lying areas and cause more illnesses, an official panel said Thursday. The National Round Table on the …