losses News

U. Of Hawaii Turned Down Concert Insurance

University of Hawaii turned down concert insurance when $200,000 was paid for a Stevie Wonder concert that officials later learned wasn’t authorized by the artist or his representatives. Athletic Director Jim Donovan and Stan Sherriff Center manager Rich Sherriff have …

Willis Exec: Industry Will Respond w/ ‘New Tools’ to Growing Disaster Risk

The insurance industry plays a pivotal role in integrating new tools, technology and solutions to protect populations and assets against growing concerns about natural disasters and, in the process, helps ensure a sustainable future, according to Rowan Douglas, CEO of …

Second Colorado Wildfire Makes for ‘Unprecedented’ Season

Following a fire that forced the evacuation of more than 32,000 people, Colorado continues to be plagued with an “unprecedented” wildfire season that’s shaping up to yield high-dollar values in terms of losses, an insurance industry veteran dealing with the …

Rise of Gadgets Doubles Costs of Lightning Damage – I.I.I.

The cost of insurance claims for lightning strikes nearly doubled between 2004 and 2011, even as the actual number of claims shrank dramatically, and an industry trade group says fancy new TVs and videogame consoles are to blame. The Insurance …

UK Insurers Face Floods Losses; May Raise Premiums

British insurers face big claims for flooding after the heavy rainfalls across the country this month, making it harder for them to hit profit targets and potentially forcing them to raise premium rates for consumers, analysts said on Tuesday. Hundreds …

Feet of Sand Leave Midwest Farms Wasteland After Flooding

Mason Hansen guns his pickup and cranks the steering wheel to spin through sand up to 4 feet high, but this is no day at the beach. Hanson once grew corn and soybeans in the sandy wasteland in western Iowa, …

Celebration Believed to Have Led to Louisiana Tech Frat House Blaze

Fire investigators in Ruston believe a weekend fire that gutted a Louisiana Tech University fraternity house originated in the fireplace while students burned old class notes to celebrate the end of their school year. Saturday afternoon, students noticed smoke coming …

Insurance Australia Group to Review UK Business

Insurance Australia Group’s Managing Director and CEO Mike Wilkins has indicated that it is an “appropriate time to assess the options for the UK business, given the improvement in its performance and the current UK economic conditions.” IAG reported that …

UK’s ABI Warns Metal Theft Crime Wave Costs Insurers over $1.6 Million a Week

“The victims of the UK’s metal theft crime wave are now being paid out over £1 million [$1.58 million] every week by insurers,” according to the Association of British Insurers. Thieves are making off with everything from “train cables to …

Thousands in St. Louis, Missouri, Area Claim Hail Damage

The number of insurance claims resulting from the damaging hail storm that struck the St. Louis region in late April could top 100,000. The St. Louis Post-Dispatch reported that the region’s two largest insurance companies alone, State Farm and American …