Declarations
The Earth isn’t flat “It’s not that they’re bad investigators or there’s been any conspiracy to promulgate erroneous conclusions — it’s just the way it was. How many years did we think the Earth was flat?” — Richard Custer, former …
Ironshore to Offer Scarce Nat Cat Coastal Commercial Coverage
Newly formed Ironshore Inc. boldly announced that it will go where others fear to tread. With an initial capitalization of more than $1 billion, the Bermuda-based company said it will “begin underwriting specialty lines of insurance immediately through its Bermuda-based …
Insurers Build Record-High Surplus, Lower Non-Coastal Rates After Hurricane Respite
With elevated hurricane activity predicted over the next 15 to 20 years, insurers took advantage of last year’s respite to fix the roof while the sun was shining, setting aside billions to bolster the industry’s claims-paying capacity, according to the …
Absence of hurricane losses proves beneficial to insurers’ bottomline
P/C industry posts $24.4 billion net gain on underwriting in first three quarters of 2006 Driven by a sharp decline in catastrophe losses from hurricanes and other natural disasters in 2006, the U.S. property/casualty industry posted a $24.4 billion net …
Declarations
The Earth isn’t flat “It’s not that they’re bad investigators or there’s been any conspiracy to promulgate erroneous conclusions — it’s just the way it was. How many years did we think the Earth was flat?” — Richard Custer, former …
Absence of hurricane losses proves beneficial to insurers’ bottomline
News Currents Driven by a sharp decline in catastrophe losses from hurricanes and other natural disasters in 2006, the U.S. property/casualty industry posted a $24.4 billion net gain on underwriting through nine months. The net gain on underwriting through nine-months …
House Reps. Introduce National Catastrophe Insurance Proposal
U.S. Representatives Ginny Brown-Waite (FL) and Vern Buchanan (FL) today introduced the Homeowners’ Insurance Protection Act of 2007, a comprehensive catastrophic insurance bill that would establish a federal reinsurance catastrophic fund (cat fund) as a federal backstop for future natural …
Mo. Commissioners Elect to Purchase Terrorism Coverage
Cape Girardeau County, Mo. government buildings have been insured against a terrorist attack, ensuring that taxpayers won’t be stuck with the cost of rebuilding. In approving purchase of the policy late last week, commissioners acknowledged that the likelihood of a …
Natural Disasters, Workers’ Comp Still California Concerns, Garamendi Says
Outgoing California Insurance Commissioner John Garamendi said “California is not prepared for the financial consequences of a major disaster” and more work needs to be done to improve the state’s workers’ compensation system. At his final Capitol news conference as …
Munich Re Warns Insurers Against Nat Cat ‘Complacency’
While recognizing that economic losses from natural catastrophes were considerably lower in 2006 than in 2005, Munich Re warned the industry against becoming too complacent. In a bulletin on the reinsurer’s web site (www.munichre.com), Dr. Torsten Jeworrek, a member of …
