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Variables hinder estimates of insured losses from Sandy, modeler says: Providing an accurate estimate of insured losses from Hurricane Sandy and its remnants is difficult because many important variables are yet to be calculated, with power-reconnection times expected to have a major effect, according to Risk Management Solutions. Insured losses from wind damage could amount to $12 billion, with most of the claims coming from New York and New Jersey, according to Karen Clark & Co. "The storm will not be a capital issue for most insurers," Adam Klauber of William Blair said in a statement, adding that the costs "will likely be limited to between one half to a full quarter worth of earnings." PropertyCasualty360
(11/2), PropertyCasualty360
(11/2), Business Insurance (tiered subscription model)
(11/4)
Industry News | | |
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- Market conditions improve for producers, surveys indicate
Insurance producers have continued to experience modest organic growth this year, according to a study by the Independent Insurance Agents & Brokers of America. A separate survey by the Council of Insurance Agents & Brokers found that prices increased 3.9% on average in the third quarter. "We definitely saw an increase in most lines, but it was more of a creep than a leap. Carriers seemed more focused on tightening terms and conditions," said Ken Crerar, CEO of the Council of Insurance Agents & Brokers. PropertyCasualty360
(11/2)
Catastrophic Risk | | |
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- NFIP is likely to shoulder hefty losses from Sandy, report says
Reinsurers including the Federal Emergency Management Agency, which offers "Write Your Own" policies under the National Flood Insurance Program, are likely to see hefty losses from Hurricane Sandy and its remnants, according to an SNL Financial report. Property/casualty insurers last year posted about $342.8 million of direct premiums in New York, New Jersey and Connecticut, according to the report. "But the ultimate losses borne by reinsurers will depend, of course, on the reinsurance programs in place at the underwriters that wrote policies within the region affected by Sandy," SNL's Thomas Mason says. PropertyCasualty360
(11/2), Reuters
(11/2)
- P/C insurers are acting to address climate change, experts say
Industry experts are seeking to counter criticism that property/casualty insurers aren't doing enough to address the risks associated with climate change. While scientists largely agree that global warming exists, climate models so far can't provide useful information for insurers, said Insurance Information Institute President Robert Hartwig. "Even if you concede that there are impacts of humans on the global climate, it's quite another thing altogether to ... bring it down to the level where it could be used to price an individual insurance policy," Hartwig said. The Huffington Post
(11/3)
- Forensic meteorology helps determine wind vs. water damage
Forensic meteorologists can provide expertise to insurers and adjusters on claims involving wind and water damage caused by Hurricane Sandy and its remnants, writes Howard Altschule of Forensic Weather Consultants. An accurate interpretation of thorough weather information is necessary in addressing these claims, Altschule writes. "When it comes to hundreds of thousands or even millions of dollars in damages or claims, it is always better to rely on a seasoned forensic meteorologist who has the background, education and experience to tell you, confidently, what the weather conditions were based on the supporting data," he writes. PropertyCasualty360
(11/2)
Policy and Law | | |
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- Experts: P/C insurers have much at stake in presidential election
The results of the presidential election will have repercussions in the property/casualty insurance industry, experts say. PCI's Tom Litjen says P/C insurers are likely to see tougher federal regulations if President Barack Obama is re-elected, while the federal government under Republican Mitt Romney would be more supportive of the state-based regulatory system. "We will aggressively work to protect state regulation and protect McCarran-Ferguson delegation of antitrust authority to the states," Litjen said. Insurance Networking News
(11/2)
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