The United States’ disaster response agency should be abolished and rebuilt from scratch to avoid a repeat of government failures exposed by Hurricane Katrina, a Senate inquiry has concluded. Crippled by years of poor leadership and inadequate funding, the Federal …
The 2006 hurricane season is looming and the insurance industry already sees dark clouds on the horizon. The Texas Windstorm Insurance Association is considerably under-funded in the event a major hurricane makes landfall in Galveston or Corpus Christi. Last year …
Spending for loss control services increased or remained flat for a majority of organizations in the past year, and the greatest spending increases occurred in such areas as disaster preparedness and catastrophe management, according to the Internet-based 2006 Loss Control …
In the aftermath of a large F-3 to F-4 tornado, hundreds of carriers and insurance agents in northern Tennessee and southern Kentucky are paying hundreds of claims. The storm formed April 7 at about 7 p.m., touching down in three …
The American Academy of Actuaries, in response to questions posed by the President’s Working Group on Financial Markets, has submitted its terrorism risk insurance analysis, which concludes that a national framework for terrorism risk is necessary if terrorism coverage is …
Risk Management Solutions has defended its hurricane risk models in the face of consumer groups’ criticisms that the models are more political than they are scientific and that they are designed to justify insurance premium increases. RMS declined to address …
U.S. property/casualty insurers managed to increase earnings and add to their capital base in 2005 despite record catastrophe losses, according to Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI). Sound risk management and strong investment …
More than $25 million in damage occurred in late April in north Georgia when a string of twisters swept through the state, including metropolitan Atlanta, hitting homes and businesses in Cobb, Fulton, Gwinnett and Hall counties. Insurance Commissioner John Oxendine …
The same week Enron Corp. founder Kenneth Lay told jurors that he did not intentionally deceive investors and analysts, another former Enron executive told the insurance and risk management community that Enron suffered corruption and complacency in the months before …
Mississippi Attorney General Jim Hood’s recent comments comparing the insurance industry to “Nazis” have been met with industry criticism. Among those responding was Charles M. Chamness, National Association of Mutual Insurance Companies president and CEO: “Now that Hood’s inspired exercise …
