The European Union has joined the Caribbean Catastrophe Risk Insurance Facility’s (CCRIF) 16 member governments – Canada, the World Bank, the United Kingdom, Bermuda, Ireland, France and the Caribbean Development Bank – in donating to the facility’s reserve pool. The …
U.S. Sen. Bill Nelson has asked the U.S. Treasury to provide assurances to private market lenders that any loans they make in Florida would be repaid at fair market interest in the event of a catastrophe. Nelson, however, said obtaining …
With consumers’ credit scores dropping as lenders tighten credit terms, insurance consumer advocates are stepping up their criticism of the use of credit scores by insurance companies. They are also warning insurers that they could lose business and consumer confidence …
Consumer Advisors See Pros and Cons to Internet; Role of Independent Agent Clouded By Commissions Insurance Journal spoke with some of the National Association of Insurance Commissioners (NAIC) consumer liaisons and found that in addition to credit scoring, their issue …
State Farm Fire and Casualty Co. Nevada Insurance Commissioner Scott J. Kipper has approved a rate change for homeowners insurance premiums as filed by State Farm Fire and Casualty Co. The rate change will become effective on April 1, 2009, …
Canon Insurance Service has added a new in-house earthquake insurance program to its specialty coverages. The expanded coverage can be written anywhere in California, with Canon retaining full authority to quote and issue policies. This is for commercial property including …
A Midwest fault zone that unleashed a series of violent earthquakes in the early 19th century shows no signs of building up the stresses needed for the quakes many seismologists expect to someday rock the region again, two scientists say. …
Swiss Re has just released its latest sigma study, which details the toll of disasters that made 2008 “one of the worst years for catastrophe losses” according to the report. More than 240,500 people lost their lives, while the insurance …
Standard & Poor’s Ratings Services has lowered its counterparty credit ratings on Bermuda-based Everest Re Group Ltd. and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc., to ‘BBB+’ from ‘A-‘. S&P also lowered its counterparty credit and financial strength …
A new study, released by the UK-based Maplecroft, has determined that “the increase in both frequency and severity of climate related disasters is increasingly impacting upon developed and emerging economies.” Maplecroft, according to its web site (www.maplecroft.com ) provides quantitative …
