It Figures

November 6, 2006

$1.1 Billion
Amount received in recoveries on behalf of claimants of the failed Executive Life Insurance Co., and its subsequent fraudulent acquisition by a French consortium, according to the California State Auditor.

$42.9 million
The cut in premiums State Farm Mutual Automobile Insurance Co. expects in Colorado because of the state’s switch from a no-fault to tort insurance system.

Rates were expected to be reduced by the insurer by 7.5 percent in October. The reduction in premiums will average about $50 per year for policyholders in the state.

2%
Average amount Washington’s Department of Labor and Industries (L&I) is proposing to lower state workers’ compensation rates by in 2007. The L&I is scheduled to hold a public hearing on its proposal on Nov. 7.

$25 million
Threshold insured losses must exceed for an event to be considered a catastrophe, according to the Insurance Services Office Property Claims Service Unit’s definition, according to the Insurance Information Institute. Figures have not yet been finalized for insured losses in Hawaii due to the two earthquakes in October, but state officials say the damage estimates are nearing $100 million.

40%
Number of consumers who would want their homeowners insurance carrier to offer coverage for identity theft, according to a study by J.D. Power and Associates.

32.8%
The uninsured motorist rate in some Hispanic areas, according to a recent survey by Infinity Insurance Companies and Hispanic Research.

1,100
The number of fatal crashes 16- and 17-year-olds were involved in between 2002 and 2005 during the hours of 3 p.m. and 5 p.m. on Mondays through Fridays, according to AAA’s analysis of crash data.

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Insurance Journal West November 6, 2006
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