Catastrophes, disasters cost insurers $26B in 2009

Published - 03/18/2010 12:00 AM

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 about 15,000 lives, according to the study. North America ... 

Featured Insurance News  Company News IndexPost News  RSS Feeds

AIA Says Recommendation to Abolish Louisiana Citizens Property Insurance Corporation is Misguided

Published - 03/18/2010 12:00 AM

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 market, and reconstituting it as a FAIR and Coastal Plan ... 

Featured Insurance News  Company News IndexPost News  RSS Feeds

Florida Hurricane Insurer Offers $2 Billion of Tax-Exempt Bonds

Published - 03/16/2010 12:00 AM

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 five hurricanes to strike the U.S. mainland this year. The ... 

Featured Insurance News  Company News IndexPost News  RSS Feeds

Insurers, reinsurers strive to make better use of catastrophe models

Published - 03/16/2010 12:00 AM

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 to better understand and more effectively interpret the results of ... 

Featured Insurance News  Company News IndexPost News  RSS Feeds

Insurers oppose debt guarantee of state catastrophe cover

Published - 03/11/2010 11:00 PM

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 on the Homeowners’ Defense Act of 2009. Among other things, ... 

Featured Insurance News  Company News IndexPost News  RSS Feeds

Californians need to be better prepared for earthquakes

Published - 03/09/2010 11:00 PM

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 — such as collecting supplies and making backup documents — in ... 

Featured Insurance News  Company News IndexPost News  RSS Feeds

Property/casualty rates fall in February

Published - 03/09/2010 11:00 PM

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 classes, Richard Kerr, CEO of the Dallas-based electronic insurance exchange, ... 

Featured Insurance News  Company News IndexPost News  RSS Feeds

Report: Reno has good chance of big quake by 2060

Published - 03/04/2010 11:00 PM

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 up from four years ago when the last report by ... 

Featured Insurance News  Company News IndexPost News  RSS Feeds