This op-ed by Sean Kevelighan, the CEO of the Insurance Information Institute, explains what happens when there is a disparity between insured losses—damages that are covered under an insurance policy—and uninsured losses, which are paid out-of-pocket by individuals affected by a catastrophe, such as flooding. With the approach of hurricane season, this is an ideal teachable moment.
Sinkholes—depressions in the surface of the ground caused by the sudden settlement or collapse of the land—are a natural component of the landscape in many states. While the risk of a sinkhole is low, the fallout is potentially devastating to a homeowner.
The National Insurance Crime Bureau (NICB) released a study today on the number of animal-related insurance losses for the years 2014-2017. A total of 1,740,425 animal-related insurance claims were processed with 1,739,687 of them (99.9 percent) involving vehicles. Since many drivers do not carry insurance for this type of event, the real number of incidents is likely much higher.
SWAPS- The simultaneous buying, selling or exchange of one security for another among investors to change maturities in a bond portfolio, for example, or because investment goals have changed.
ASSIGNED RISK PLANS- Facilities through which drivers can obtain auto insurance if they are unable to buy it in the regular or voluntary market. These are the most well-known type of residual auto insurance market, which exist in every state. In an assigned risk plan, all insurers selling auto insurance in the state are assigned these drivers to insure, based on the amount of insurance they sell in the regular market. (See Residual market )See Full Glossary
Along the #Atlantic and #Gulf Coasts there are more than 6.6 million homes with an estimated #reconstruction cost of $1.5 trillion, according to I.I.I.: Insurance Journal NOAA Satellite and Information Service U.S. National Weather Service (NWS) NOAA NWS Climate Prediction Center #hurricane, #hurricaneprep #hurricaneseason
Two of our top five #mostpopular articles in "The Daily" came from A.M. Best Company this week. If you want to get "The Daily" emails, send us a message. TIME Reuters Washington Post
Which critters caused the most damage to motor vehicles from 2014-17? The latest #IIIBlog entry has the answer (and other wild facts that will make you say “oh, deer!”). Check the link in the comments for more information from National Insurance Crime Bureau. #animals #insurance
On May 11-16 a series of #wind, #hail and #rain storms struck most states east of the #RockyMountains. One catastrophe modeling firm estimates that the storms will cost insurers $2.5 billion: #IIIBlog
Parks Associates Research indicates that almost 60% of U.S. #broadband households with #insurance are likely to buy #smarthome devices: Verisk Verisk - insurance solutions Pixabay Electronic House
The National Oceanic and Atmospheric Administration (NOAA) has just released their #hurricaneseason forecast for 2018 and it calls for the highest likelihood of a near-normal season: 10-16 named #storms, 5-9 #hurricanes and 1-4 major hurricanes. Check the link in the comments for more information. NASA - National Aeronautics and Space Administration U.S. National Weather Service (NWS) NOAA NWS National Hurricane Center FEMA Federal Emergency Management Agency #HurricanePrep
#TBT to the 2018 P/C #Insurance Joint Industry Forum. The I.I.I. were honored to host #PCForum2018, where leaders from insurance and other fields gathered to discuss how economic and political disruption, innovation and government affairs would shape our industry--today and in the future. Thanks to all who joined us--and stay tuned for news about #PCForum2019! #insurance #forum Terrell Davis
The unfolding outbreak of the #Ebola virus in the Democratic Republic of #Congo may activate pandemic #catastrophe bonds, said a recent Artemis.bm - Catastrophe bonds, ILS, reinsurance convergence #blog post. Check the link in the comments for more information. #IIIBlog
On average, it costs > 40% more to repair #petdamage to furniture than #damage due to other causes, according to Safeware: via West Unified Communications Services #pets
FOR IMMEDIATE RELEASE I.I.I. New York Press Office: (212) 346-5500; email@example.com NEW YORK, May 10, 2018 —The Insurance Information Institute (I.I.I.), Verisk Analytics (ISO), and the Property Casualty Insurers Association of America (PCI) … Read More
FOR IMMEDIATE RELEASE New York Press Office: (212) 346-5500; firstname.lastname@example.org Kim Kirchner, Coburn Communciation: (212)-536-9837; Kim.Kirchner@coburnww.com New York, April 20, 2018—Thousands of residents and firefighters in four U.S. Read More