SPECIAL REPORT: Extreme Weather Batters Insurance Industry

By | February 9, 2011

  • February 9, 2011 at 3:01 pm
    Eli Mishanie says:
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    With all of this doom and gloom why is it that property & casualty premiums continue to drop?? Where is the government incentives to upgrade ones house or building aside from being energy efficient. How about wind efficient, flood efficient and so on. Where are the tax credits before a disaster instead of asking the government to bail out those that had poor or no insurance???

  • February 9, 2011 at 3:15 pm
    D Williamson says:
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    Cannot email your articles to others anymore (see below) and why is there no longer a print option???

    Could not perform this operation because the default mail client is not properly installed.

    • February 9, 2011 at 6:26 pm
      Josh says:
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      Hey D, We’re releasing print friendly pages tomorrow.

      Because many have quick access to contacts from email client. We’ve been experimenting with “email this article”. We will probably bring back the web form and allow an additional option for those who prefer default mail client.

      Appreciate your feedback.

      • February 9, 2011 at 7:10 pm
        D Williamson says:
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        Josh,

        Thanks for the update on the print friendly pages and the email forward access.

        D Williamson

  • February 9, 2011 at 5:00 pm
    matt says:
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    Eli, there are already some market incentives for improved building codes.

    Many coastal communities are assigned a BCEGS by ISO — Building Code Effectiveness Grading Schedule. This is a number from 1 to 10 that represents both a communities strength of building codes and its adherence and implementation of such codes. These are implemented with a particular focus on natural hazards like windstorm and earthquake.

    Insurers can look up the BCEGS that applies to a particular risk and revise premiums accordingly. They could also use that data in aggregate on the corporate underwriting side to fine tune wind & EQ appetite and rates by community

    With regard to continuing soft market conditions, I recommend re-reading the portions of this article that talk about the size of an event needed to trigger a hard market cycle — $50B to stop rate deterioration and $150B to immediately harden rates. We are working in market conditions where premium dollars are declining for a variety of reasons while we simultaneously have perhaps $100B of surplus.

    Thanks I.J. for publishing this interesting read.

  • February 10, 2011 at 2:07 pm
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    Why no photosof the wind tunnel? Its not top secret.

  • February 10, 2011 at 2:49 pm
    matt says:
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    Thomas I was able to find a local write-up w/ photo and video of the facility via WSPA News here: http://www2.wspa.com/news/2010/oct/19/5/new-sc-wind-facility-puts-houses-through-hurricane-ar-981848/

    Plus a second write-up from a site called GoToTeam here: http://www.gototeam.com/2010/charleston-crew-and-jim-cantore-report-live-for-weather-channel-and-msnbc/

  • February 14, 2011 at 10:25 am
    Chilly: What ended the last Ice Age? says:
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    “It’s hard to really deny that global warming exists.”

    Actually, it’s really pretty easy: http://www.ClimateDepot.com.



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