It Figures

$50 Million

The total amount in auto insurance refunds that insurers began mailing this month to about one million North Carolina insureds. The distribution is a result of the 2009 auto rate settlement with the insurers’ rating bureau that Commissioner Wayne Goodwin signed last July. The refunds will occur in two waves, the second starting on Nov. 1.

$50 Million

The aggregate limit on business interruption and property insurance associated with flood damage carried by the company that owns Nashville’s Gaylord Opryland Resort. The famous property, which sits adjacent to the Cumberland River, suffered flood damage May 3 as the river rose to levels that have not been seen in the last 50 years and breached the levees. The resort’s owner, Gaylord Entertainment Co., said the hotel could be closed for several months.

$1.4 Billion

The overall insurance coverage written on companies with exposure to the sinking of the Deepwater Horizon oil rig in the Gulf of Mexico, making it one of the largest losses ever for global offshore energy insurance and reinsurance markets, according to the Insurance Information Institute. III noted that the risks are well-syndicated, with the insured loss spread across a broad spectrum of insurers and reinsurers on a global scale. Also, major oil concerns such as British Petroleum (BP) make extensive use of self insurance as well.

$1.5 Billion

The initial partial estimate of damage caused by flooding in Nashville that also took more than 31 lives.

81%

The increase in workers’ compensation premiums facing the Sissonville Volunteer Fire Department in West Virginia. This and other volunteer departments are protesting the higher charges from BrickStreet Mutual, which changed the way it calculates premiums, basing them on a paid firefighter’s average wage instead of a volunteer’s regular job.