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.
Business interruption insurance can be as vital to your survival as a business as fire insurance. Too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises so that they were temporarily unusable.
The CPI-U—sometimes called headline inflation—rose by 2.5 percent in April 2018 vs. April 2017, which is the largest 12-month increase since the period ending March 2017, and higher than the 1.6-percent average annual rate over the past 10 years. The core CPI rose 2.1 percent for the 12 months ending April 2018—the same as the March year-over-year core, and its largest increase since the period ending February 2017.
DEDUCTIBLE- The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.
BURGLARY AND THEFT INSURANCE- Insurance for the loss of property due to burglary, robbery or larceny. It is provided in a standard homeowners policy and in a business multiple peril policy.See Full Glossary
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
Need information on the rapidly growing #insurance industry? Download our #FactBook2018 at the link in the comments:
#Coveragegaps are a topic discussed by many but understood by few. With the approach of #hurricane season, this is an ideal “teachable moment:" via The Palm Beach Post & I.I.I.'s Sean Kevelighan FEMA Federal Emergency Management Agency National Flood Insurance Program #hurricaneprep
#ICYMI You can catch the full Property/Casualty Industry Results 2017: Perspectives from Verisk, PCI - Property Casualty Insurers Association of America, and I.I.I. #webinar, here:
OnDemand Webinar: Given the major hurricanes and wildfires seen last year, what were the results of the property/casualty insurance industry in 2017? In this webinar, executive leaders from ISO, PCI, and the I.I.I. will discuss how the insurance industry performed in 2017, and explore some key chall...
2017 was a record year for #naturalcatastrophe and man-made disaster losses. The latest Swiss Re sigma study delivers statistics and expert analysis:
Swiss Re's annual sigma report on natural catastrophes and man-made disasters showed that insured losses worldwide totaled a record-setting $144 billion in 2017. The series of Category 4-plus Hurricanes Harvey, Irma and Maria, that devastated islands in the Caribbean, particularly Puerto Rico, Texas...
Raising #home #insurance deductibles from $500 to $1,000 can cut your #premium by 25 percent! Discover this and other great moneysaving tips: via MSN Money Amazon.com
A reminder that we’re LIVE tonight on Twitter at 4:00 (PT) in San Francisco with Deloitte and Lloyd's to give you an advanced look at the research on rethinking insurance products for the #sharingeconomy.
Motor vehicle #crashes are the most common #agribusiness #insurance #claim, according to insurer Nationwide: via Insurance Journal
Motor vehicle accidents are the most common agribusiness insurance claim, according to insurer Nationwide. The Ohio-based insurer, the nation's largest insurer of farms, said that over the last three years, the top 10 claim types have accounted for more than 50,000 claims by its agribusiness custome...
For the second week in a row, the The New York Times has published an article that made our most popular list! Check out some of the other articles from Insurance Business America. For more information on "The Daily" send us a message to connect.
FOR IMMEDIATE RELEASE I.I.I. New York Press Office: (212) 346-5500; firstname.lastname@example.org 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; email@example.com 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