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Aon report focuses on impact of US natural disasters

January 29, 2013January 28, 2013 Nordstrom

Natural Disaster damage insurance trends

US disasters deal costly blow to global insurance industry, according to Aon Aon Benfield, a leading reinsurance and catastrophe modeling firm, has released its latest Annual Global Climate and Catastrophe Report. The report highlights the impact that natural disasters have had throughout the world and how these disasters have hit the global insurance industry and economy. According to the report, two of the world’s costliest natural disasters occurred in the U.S. While these disasters were largely confined to the borders of the country, Aon notes that their influence has sent…

Hurricane Sandy emergency relief moves one step forward

January 23, 2013January 23, 2013 Marc

Hurricane Sandy Damage flood Insurance surcharge

Hurricane Sandy relief package makes modest progress Little more than 10 weeks have passed since Hurricane Sandy visited the East Coast, leaving a path of destruction in its wake. The recovery effort is still underway as those affected by the storm try to regain some semblance of balance in their lives. Late last week, the U.S. House of Representatives finalized their approval of a $50.5 billion emergency relief plan designed to help the victims of Hurricane Sandy. The move exposed divisions throughout the Legislative branch, creating a significant amount of…

Insurance news from Australia shows surprising spending of disaster payouts

January 15, 2013April 30, 2013

Many victims are using their funds to help to pay their vet bills for pet care. A recent insurance news report has shown that the disaster emergency fund payments are being spent in ways that were not expected, as data indicates that thousands of policyholders are spending half of the money they collect on veterinary bills. The statistics were collected through cumulative figures generated by emergency fund debit card use. In order to help disaster victims as quickly as possible, the insurance news reported, insurers have been issuing debit cards…

Hurricane Sandy spawns class-action lawsuit against insurers

December 24, 2012December 24, 2012 Nordstrom

New Jersey victims file suit against insurers in wake of Hurricane Sandy Hurricane Sandy continues to cause problems along the East Coast. Though the storm is long over, its effects can still be felt in numerous states. Insurers may soon feel another financial impact as a result of the storm, but it will be coming from consumers instead of the storm itself. Hurricane Sandy victims from New Jersey have filed a class-action lawsuit against nine insurance companies. The suit claims that these insurers denied claims through the misinterpretation of something…

Insurance news from Swiss Re shows drop in catastrophe claims

December 21, 2012April 30, 2013

The industry has faced about half as much cost from disasters than it saw last year. Swiss Re, the massive European reinsurance company, has released its most recent insurance news statistics for the year, saying that it looks as though the industry took on about half of the claims costs for disasters this year than it did last year. The claims losses from 2011 were nearly record breaking, so the notable reduction is very welcome. The prediction made by Swiss Re in its insurance news statement was that the industry…

Oklahoma lawmakers look to expand liability protection to shelter providers

April 20, 2012April 30, 2013

Lawmakers seek to provide comprehensive liability protection insurance… Last weekend, a number of powerful tornadoes swept through the state of Oklahoma, as well as its neighbors. According to the National Weather Service, 75 tornadoes touched down throughout the Midwest, many of which caused rampant damage throughout the region, especially in Oklahoma, where a powerful tornado claimed six lives. The total damage of the tornado outbreak is still be assessed by the insurance industry, but the event has spurred Oklahoma lawmakers to develop a comprehensive liability protection policy to help shelter…

AIR Expands Its Catastrophe Risk Engineering Solutions to Include Supply Chain Risk Quantification

April 16, 2012May 27, 2012 Guest Author

Insurance News on catastrophe insurance losses

Insurance news… AIR Worldwide (AIR) announced today that it has expanded its suite of Catastrophe Risk Engineering (CRE) solutions to help quantify, mitigate, and manage the risk associated with the impact of catastrophes on supply chain networks. AIR’s new offering will help risk managers better assess and reduce their risk from catastrophic perils such as hurricanes, earthquakes, floods, tornadoes, and tsunamis. This includes risk not only from physical damage but also from direct and contingent business interruption losses across the entire supply chain network. “The catastrophe risk to supply chain networks…