Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
Commentary: Flood Sales 101-Fact vs. Fiction
Dec 3 2001 // • I don’t need flood insurance; I’m not in a flood zone. • I don’t need flood insurance; this neighborhood has never flooded. • I don’t need flood insurance; Uncle Sam will buy a new house for...
CA Supreme Court Reaffirms: 7 Years After Northridge, Insurers Can Be Sued
Nov 26 2001 // The California Supreme Court recently upheld the new law that insurance companies can be sued for their failure to cover damage that their adjusters mistakenly overlooked, even when the legal deadlines for such lawsuits...
Nonprofits Growing Fast But Still a Tough Class
Nov 26 2001 // Nonprofit organizations are among the fastest growing sectors of the U.S. economy and while many companies try to steer away from writing policies for nonprofits, there are a few that thrive on the business. Those who do...
SAFECO Rating Affirmed
Nov 21 2001 // Following Seattle-based SAFECO’s announced loss reserve strengthening and subsequent discussions with management, A.M. Best Co. has affirmed the financial strength rating of A (Excellent) for the property/casualty...
Uncertainty on Insurance Hits NYC Commercial Property Market
Nov 20 2001 // Lower Manhattan has suffered a catastrophic decline in tenants seeking office space since the destruction of the World Trade Center. According to a study by Newmark & Company published in the New York Times there are...
Insuring Nonprofits as Markets Harden
Nov 19 2001 // As recession looms and claims costs associated with the terrorist attacks on September 11 add up, insurance markets are beginning to harden for the first time in nearly a decade. Many major property and casualty carriers,...
The View from Up There-Insurers Embrace Space Age Technologies
Nov 12 2001 // The key witness in a recent crop fraud case turned out to be a camera. In June 2001, a U.S. District judge in Arkansas ruled against several farmers accused of filing false crop insurance claims totaling approximately...
WTC PROPERTY CLAIMS RISING
Nov 12 2001 // Property insurance claims from the Sept. 11 attacks are worth $16.6 billion and rising, according to the first estimate from the Insurance Services Office Inc.’s Property Claim Services unit. That would make the...
Commentary: Purchasing Insurance for Mexico
Nov 12 2001 // Tourists, property owners and businesspersons who drive, own homes, or operate businesses or subsidiaries in Mexico need to properly protect their assets south of the border. It is ironic that most agents place insurance...
Property Claims from WTC at $16.6 Billion and Rising
Nov 6 2001 // Property insurance claims from the Sept. 11 attacks are worth $16.6 billion and rising, according to the first estimate from the main U.S. claims tallying service. According to a Reuters report, that would make the...
Commentary: Purchasing Insurance for Mexico
Nov 5 2001 // Tourists, property owners and businesspersons who drive, own homes, or operate businesses or subsidiaries in Mexico need to properly protect their assets south of the border. It is ironic that most agents place insurance...
The Hartford Reports Third Quarter Operating Loss of 22 Cents Per Share
Nov 2 2001 // The Hartford Financial Services Group Inc. reported an operating loss of $52 million for the third quarter of 2001, reflecting a $440 million loss related to the Sept. 11 terrorist attack. The results also reflect a $130...
Acceptance Insurance Companies Reports Losses
Nov 2 2001 // Iowa-based Acceptance Insurance Companies Inc. reported an after-tax net loss of $9.5 million, or $0.66 per share, for the third quarter of 2001. The company’s continuing crop insurance operations generated an...
NAMIC Board of Directors Votes to Endorse Offshore Property Catastrophe Facility
Oct 31 2001 // The National Association of Mutual Insurance Companies (NAMIC) Board of Directors voted Oct. 24 to endorse an offshore property catastrophe facility that will be available exclusively to member companies. Renaissance...
Commercial Insurance Market Index Shows Evidence of Hardening Market
Oct 26 2001 // According to the recently released third-quarter Commercial Insurance Market Index — reflecting market observations of the largest commercial insurance brokers across the nation — commercial insurance premium...
The Midland Company Reports Third Quarter Results
Oct 24 2001 // Cincinnati, Ohio-based The Midland Company, a highly focused provider of specialty insurance products and services, reported third quarter 2001 results ahead of its previous announcement. For the quarter ended Sept. 30,...
SAFECO Reports 3Q Results, Strengthens Reserves by $240M
Oct 23 2001 // SAFECO reported third-quarter income, before charges, of $7.8 million or $0.06 per diluted share. Including $240 million in reserve strengthening and previously announced restructuring charges, SAFECO posted a net...
Property Insurers to Exclude Acts of Terrorism, and to Price Premiums for Larger Maximum Losses Oct
Oct 22 2001 // Property and Casualty insurers, already wary of terrorism before the September 11 attack, are very likely to begin pricing “terrorist attack risk” separately from other coverages, according to a new forecast...
AXA, RSA To Raise Commercial Property Rates
Oct 17 2001 // France’s AXA and Britain’s Royal & Sun Alliance both announced that there would be large increases in their premium rates on commercial property coverage in the aftermath of the terrorist attacks on the...
External Review of Medical Claims by P/C Insurers Could Raise Premiums
Oct 16 2001 // Requiring property/casualty insurers to have medical treatment claims reviewed by third party examiners is unnecessary, counterproductive and could raise the cost of insurance for Iowa consumers, according to the...
