Katrina Churns in $34.4B in Losses: Hurricane Katrina is expected to cost U.S. property/casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services unit. …
CALIFORNIA ACIC OPPOSES PROPOSED CDI REGULATIONS: The Association of California Insurance Companies recently testified on proposed Department of Insurance regulations. According to Jeff Fuller, executive vice president and general counsel of ACIC, if passed, the regulations would increase the cost …
Roundup of Katrina Loss Estimates: As the scope of the devastation wrought by Hurricane Katrina became increasingly evident, European and Bermuda-based insurers and reinsurers continued to calculate their potential exposures. Most, if not all, of the estimates are based on …
N.Y. AG Indicts Former Marsh Execs: New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills announced the indictment of eight former executives of insurance brokerage giant Marsh Inc. for their roles in a bid-rigging scheme that officials maintain …
MASSACHUSETTS AG Might Sue Marsh: Marsh & McLennan Cos., the insurance broker that paid $850 million to settle New York Attorney General Eliot Spitzer’s accusations of bid-rigging, may face a similar suit from Massachusetts Attorney General Tom Reilly. Reilly intends …
INDIANA Ind. Targets Unemployment System: The Indiana Department of Workforce Development (IDWD) has taken another step toward modernizing its unemployment insurance system by contracting with Carmel, Ind.-based Haverstick Consulting Inc. as the prime vendor for the Unemployment Insurance Modernization (UIM) …
ALABAMA Ala. Commissioner Asks Carriers for 60 Day Grace Period Alabama Insu-rance Commissioner Walter Bell has asked all carriers to provide a 60-day grace period for customers who have claims related to Hurricane Katrina to prevent the cancellation of policies …
ARKANSAS The Workers’ Compensation Research Institute reported that Ar-kansas’ workers’ compensation system has experienced a period of stability after extensive reforms were passed in 1993, but maintained that some concerns still remain. According to a recent report published by WCRI, …
MASSACHUSETTS Agents Contribute $20K to Katrina Relief: The Massachusetts Association of Insur-ance Agents is sending a $20,000 check to the Big ‘I’ Katrina Relief Fund established by its national organization, the Independent Insurance Agents and Brokers of America, to help …
Illinois Katrina Could Affect Ill. Insurance Rates: Experts say the path of destruction left by Hurricane Katrina likely will lead to higher insurance rates in the metro-east and across the country, although it is unclear how much and how soon …
