by BusinessInsurance.com - Mar 18,2010
Natural catastrophes and man-made disasters cost insurers $26 billion worldwide in 2009, Swiss Reinsurance Co. Ltd. said Tuesday in a sigma study. Natural catastrophes cost insurers $22 billion last year, man-made disasters cost insurers $4 billion and, combined, claimed ... [full story]
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by AIA - Mar 18,2010
The American Insurance Association (AIA) today, stated that efforts to abolish Louisiana Citizens Property Insurance Corporation (Citizens) are misguided. Dissolving Citizens, a state-run non-profit organization that serves as Louisiana’s property insurer of last resort and as its windstorm insurance residual ... [full story]
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by Bloomberg.com - Mar 16,2010
Florida’s government-owned Citizens Property Insurance Corp., bracing for an “above-normal” hurricane season, plans to sell $2 billion in tax-exempt bonds as early as this week. The state’s largest real-estate underwriter comes to market amid forecasts for as many as ... [full story]
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by BusinessInsurance.com - Mar 16,2010
Despite technical and scientific advances in catastrophe models during the past 20 years, observers say the most significant developments appear to be in the form of human capabilities. That's because a shift is under way among insurers and reinsurers ... [full story]
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by BusinessInsurance.com - Mar 12,2010
WASHINGTON—Insurer and reinsurer groups reiterated their opposition Wednesday to a bill that would have the federal government guarantee debt issued by eligible state catastrophe insurance programs that cover homeowners insurance.
Two House Financial Services Committee subcommittees held a joint hearing Wednesday ... [full story]
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by Business Journal - Mar 10,2010
Californians are aware of major earthquakes and the effect from temblors, but many have not taken necessary steps to make their homes safer and protect their personal finances, according to a just-released report.
Residents are better about doing the obvious — ... [full story]
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by BusinessInsurance.com - Mar 10,2010
U.S. commercial property/casualty insurance rates declined 5% in February compared with a year earlier, MarketScout said Monday.
Over the past six months, P/C rates have fallen 4% to 5% each month, which represents a “consistent pattern” of pricing in most coverage ... [full story]
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by National Underwriter - Mar 05,2010
WASHINGTON—After a lawmaker agreed to drop his objections, the Senate voted final approval last night for legislation that included a reauthorization of the National Flood Insurance Program.
Senate action followed an agreement by Sen. Jim Bunning R-Ky., to end his filibuster ... [full story]
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by MercuryNews.com - Mar 05,2010
RENO, Nev.—The chance of a significant earthquake rocking the Reno-Sparks area over the next half century is on the rise, with a 67 percent likelihood a magnitude 6.0 will strike within 31 miles by 2060, a new report said Wednesday.
That's ... [full story]
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by National Underwriter - Mar 04,2010
WASHINGTON—Congress’ inability to renew the National Flood Insurance Program has potentially dire consequences, Federal flood agency management officials warned.
The NFIP was allowed to expire Sunday when a congressional appropriations bill that included the program was held up by Sen. Jim ... [full story]
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