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Yearly Archives: 2011

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Survey finds insurers aren’t planning for climate change p2

Mon Sep 19th, 2011 on     Homeowners Insurance,    

Insurance is a little mysterious to most people. The risk assessment, the loss projections, rate-setting and reinsurance woes — there are days when it looks as if the industry is working off a Ouija board. “Will there be a hurricane in Florida?” The planchette, under the deft fingers of a group of insurance executives, moves to “yes.” “Will there be much property damage?” The planchette moves to a Y, then a U and, finally, a P. “Yup.”

Survey finds insurers aren’t planning for climate change, p. 1

Mon Sep 12th, 2011 on     Insurance Claims,    

We have talked a lot about hurricane season and the storm modeling software used by insurance companies. As insurers have evaluated the storm risks, they have proposed higher rates — Florida homeowners could be faced with huge premium increases based on the hurricane projections alone. But what would happen if actuaries factored climate change into loss projections?

Hurricane Irene adds to long list of 2011 weather disasters p. 3

Wed Aug 31st, 2011 on     Homeowners Insurance,    

We are continuing our discussion of weather disasters in the U.S. As we have said in past posts, Florida’s homeowners insurance market is sensitive not only to disasters in this state but also to national and international disasters. Though the state escaped Hurricane Irene last week, it will take some time to know if the estimated $2.6 billion in damage will affect local premiums.

Regulators impatient with bad claims-handling practices, p. 2

Wed Aug 24th, 2011 on     Insurance Claims,    

We are wrapping up our discussion of regulatory compliance in the property and casualty insurance industry. Every state has an agency that monitors insurance companies’ financial and service records. When the results are a little out of whack, the departments — in Florida, it’s the Office of Insurance Regulation — conduct a full examination of the company’s operations.

Senate bill takes aim at natural disaster risk management

Thu Aug 18th, 2011 on     Insurance Claims,    

The National Flood Insurance Program (NFIP) is set to expire at the end of September. In light of recent budget debates, the fate of the program is uncertain, adding another insurance worry to Floridians’ plates. It was hard for residents here to watch the news coverage of the windstorm that took down stage rigging at a state fair — not from a lack of empathy, but from that sense memory of living through hours of 60- to 70-mile-an-hour winds and flooding that come with a hurricane.

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