The impact of the terrorist attacks of September 11th on the property/casualty insurance industry can hardly be overstated—the largest catastrophe loss ever; an unprecedented convergence of coverages, creating a previously unimaginable combination of huge losses from widely divergent lines of …
In future years property/casualty insurers will no doubt look back on the year 2001 and shudder. Right now they’re too busy coping with the reality of the industry’s “annus horribilis,” to borrow Queen Elizabeth II’s view of 1992. Dominating the …
According to a report released by the Insurance Services Office (ISO), U.S. property and casualty insurers paid $24 billion in claims for 2001—the largest amount ever—mainly a result of the terrorist attacks on the World Trade Center. More than $16 …
It’s almost inevitable that after every major disaster some individuals will try to profit from the situation; therefore, it came as no real surprise when Manhattan District Attorney Robert M. Morgenthau announced charges against 22 people for falsely filing for …
Munich Re, the world’s largest reinsurer, has just published an analysis of last year’s loss events, which includes a discussion of “underestimated loss potentials,” notably risks from a sudden strike by a meteor or comet, and the slower effects of …
According to a report released by the Insurance Services Office (ISO), U.S. property and casualty insurers paid $24 billion in claims for 2001—the largest amount ever—mainly a result of the terrorist attacks on the World Trade Center. More than $16 …
Last month, members of the Council of Insurance Agents + Brokers (CIAB), the American Insurance Association (AIA) and the Reinsurance Association of America (RAA), in association with Russell Miller, gathered in San Francisco for the 14th Annual National Insurance Leadership …
A.M. Best Co. has affirmed the financial strength rating of “A+” (Superior) for the core operating subsidiaries of XL Capital Ltd., Bermuda, and the “a” rating on the $100 million 7.15 percent senior notes, due 2005, issued by NAC Re …
Enron, the World Trade Center attack, and other recent disasters have made directors and officers liability one of the worst performing lines of insurance in 2000 and 2001. It is only through adequate pricing, higher retentions and improved management behavior …
Despite calls for more overall planning of the WTC site, Larry Silverstein is pushing ahead with plans to start construction to rebuild No.7 World Trade Center, which collapsed several hours after the twin towers on Sept. 11. The building, which …
