PartnerRe Comments on Financial Impact of Q2 Losses
July 28th, 2011
Bermuda-based PartnerRe Ltd. has provided information on the net impact of catastrophe-related large losses affecting second quarter 2011 results.
Significant losses, related to the tornadoes that struck the U.S. in April and May, are estimated to total $89 million, which includes the tornado losses during the last week of April 2011 that were already disclosed by the Company.
In addition, PartnerRe said it “expects to record $59 million in losses associated with changes in estimates during the second quarter for catastrophe events that occurred in the first quarter of 2011″.
The revised estimate is mainly due to “an increase in the loss estimate for the New Zealand earthquake in February 2011, following the receipt of recently revised loss information from cedants,” said the bulletin. “The Co
Tags: Losses, Q2 Losses
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Aon Benfield Guide: All You Need to Know on Volcanoes, Landslides, Tsunamis
July 26th, 2011
The Aon Benfield UCL Hazard Centre has launched an introductory guide -”Getting to Grips with Non-Modelled Perils” - on volcanoes, landslides and tsunamis, which highlights the important characteristics that global insurers should know and consider when assessing their risks.
It focuses on “hazard and vulnerability,” and examines these three “key non-modelled perils to understand how they contribute to insurance losses and link to modelled perils.”
Recent events include the tsunamis generated by the Japan and Chile earthquakes, plus the disruption caused by the Icelandic and Chilean volcanic eruptions. These are ”re
Tags: Aon Benfield, Tsunamis
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Health Insurance Exchanges: A Race to the Bottom
July 21st, 2011
President Obama says that his health plans popularity will grow once its provisions start being implemented. But peculiar rules tucked into the legislation are likely to make the entire scheme even more disliked as its implementation approaches.
At the heart of the Obama plan are 50 state-based exchanges where insurers will be able to sell health plans inside new marketplaces. The health plans that insurers market will have to comply with a strict set of government rules on the minimum benefits that they need to offer, and the amount of money that plans can spend on overhead and take for profits. Th
Tags: Health, Health Insurance
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21 States Support Missouri Health Care Reform Challenge
July 19th, 2011
Nearly two dozen states are in support of a challenge to the health care reform law presented by Missouri Lieutenant Governor Peter Kinder. The states all believe the law, passed in March 2010, is unconstitutional because it requires people to purchase health insurance.
States Ask for Appeal to Previous Lawsuit
Shortly after health care reform was signed into law, Missouri began to fight what it believed was the unconstitutionality of requiring a person to purchase health insurance. In May 2010, the Missouri House of Representatives allowed residents and employers vote on their right to decline coverage.
Then in July, Kinder and six state residents sued U.S. of
Tags: Care Reform, Challenge, Health Care, Health Care Reform
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Hailstorms Result in 50,000 Claim Filings in Colorado, Wyoming
July 19th, 2011
Mother Nature wrecked havoc along the Front Range and southeastern Wyoming last week — again living up to the region’s weather reputation as “hail alley.”
The Rocky Mountain Insurance Information Association estimates insured damage to cars and homes in Colorado from last week’s hailstorm at $164.8 million as a result of approximately 29,800 claims — 17,200 auto claims and 12,600 homeowners claims.
Cheyenne’s hailstorm resulted in an estimated insurance price tag of $120 million resulting from approximately 19,800 claims — 15,200 auto claims and 4,600 homeowners claims.
Tags: Wyoming
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Top-down Controls Not the Solution: Response to Marmor, Oberlander, and White
July 17th, 2011
Ted Marmor and colleagues argue that the problem is not Medicare but the entire health system. We do indeed have a system-wide problem, but if we expect to solve it we have to start with Medicare. The program sets the pace for the rest of the system through its myriad regulations, instructions, and other guidance, which have tremendous influence on how health care is delivered in this country. Medicare is not only the largest individual payer, but it also has the threat of legislative, judicial, and political action to ensure that providers fall into line. Ch
Tags: Marmor, Marmor Oberlander
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Homeowners Insurance – Steps to Making a Claim
July 16th, 2011
The first thing you should do in order to file a claim under your homeowners premium is to notify your insurance company immediately. Get in touch with your insurance agent and inform him of the claims you want to make. He will advise you on the next steps to take.
Some homeowners insurance policies require notification in a specific timeframe to file for claims so immediacy is important. Request your agent to send over any relevant forms for you to fill.
Next, assess the extent of damage to your home and belongings. Make a video or take pictures and list down any damaged or lost items as well as their estimated value. Read full post…
Tags: Claim
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Florida Governor Likes Idea of Privatizing State’s Citizens Insurance
July 16th, 2011
Florida Gov. Rick Scott quickly embraced a suggestion this week by the board chairman of the state-backed Citizens Property Insurance Corp. to consider privatizing Florida’s largest insurer of business and homes.
Citizens has roughly 1.4 million policies in force and is growing by more than 5,000 new policies each week. But their rates have remained below what many feel are realistically sound levels. F
Tags: Citizens Insurance, Insurance
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