November 21, 2011

Run Across America

“If I can help inspire even just one person with diabetes to work toward a personally meaningful goal, one they had thought their diabetes precluded, I will have been a success.”

—Kevin Powell, a 43-year-old runner and vice president at New Jersey insurance wholesaler FTP, on why he recently took part in a 3,000 mile trans-continental race called Run Across America, as a member of Team Type 1. Powell was diagnosed with type 1 diabetes at age 24 but remains active and frequently runs in marathons and Ironman races. Team Type 1 consisted of 10 runners who all have diabetes. The runners say they wanted to instill inspiration for other people who are also affected by diabetes.

Largest Loss Event

“Irene is the first hurricane to make landfall in the tri-state region since 1985 and the first to make landfall in New Jersey since 1903. The $60 million loss from Irene, in addition to the being the largest single loss event in our 20-year history, is also greater than the total of all catastrophe losses experienced by Tower throughout its history.”

—Michael Lee, CEO of Tower Group Companies, on the effects of Hurricane Irene. Like many other major property/casualty insurers during the latest earnings season, Tower Group saw a big Irene-related loss put a damper on its profitability. Hurricane Irene provided a stark reminder that the entire East Coast is at risk for catastrophic storms.

Paying Auto Premiums

“One statistic I’d like to see that no one has kept is, how much I’ve paid out in auto insurance in the past 25 years and how much I’ve collected. The insurance company didn’t get the perfect driver when they got me but they haven’t done badly. I guess we’ve paid out a total of more than $20,000 and I doubt if they’ve paid out $2,000, mostly in dents.”

—The late Andy Rooney, who recently passed away after working as a curmudgeonly commentator on CBS “60 Minutes” for more than 30 years, in his last book titled “Andy Rooney: 60 Years of Wisdom and Wit.” On camera, he often expressed his frustrations with everyday subjects, and paying for insurance was no exception.

From This Issue

Insurance Journal West November 21, 2011
November 21, 2011
Insurance Journal West Magazine

Contractors & Builders, Claims and the Independent Agent, Top Personal Lines Retail Agencies

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