U.S. Rep. John Campbell (R-48), from California, has received praise from the California Earthquake Authority, for his introduction of H.R. 3125, which was legislation to pair with S. 637, that was introduced by U.S. Sen. Dianne Feinstein, earlier in 2011. Together, the two bills will work to bolster the system for natural disaster recovery in the United States, by setting the Earthquake Insurance Affordability Act (EIAA) into effect. CEO Glen Pomeroy from the California Earthquake Authority, has announced his gratitude to Sen. Feinstein and Rep. Campbell for the bipartisan efforts…
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Insurance group spends more than $300,000 lobbying the federal government
The American Insurance Association spent more than $300,000 in lobbying the federal government during the second quarter of this year. Much of the lobbying effort was focused on disaster insurance and regulatory reform. The insurance organization has been pressuring legislators to pass laws that would make insurance more accessible to those in disaster prone areas. The money spent during the second quarter was not only spent to lobby the House and Senate, it also went toward lobbying efforts targeted at the Department of Treasury and Federal Reserve System. The association…
Read MoreTrillium Software helps insurers and reinsurers obtain more robust catastrophe modelling results
MONTE CARLO, Monaco & BILLERICA, MA – Sept. 13, 2011 – Trillium Software(r), a business of Harte-Hanks, Inc. (NYSE:HHS), and a leading enabler of Total Data Quality solutions, announced today an agreement with AIR Worldwide, the scientific leader and most respected provider of catastrophe risk modelling software, to provide more precise geocoding through the integration of Trillium Software’s geospatial capabilities with AIR’s catastrophe modelling application. The integrated software solution is expected to help AIR Worldwide’s clients improve risk geocoding and catastrophe risk analyses for perils such as wind, flood, and…
Read MoreAIR Worldwide Updates European Wind and Earthquake Catastrophe Models
MONTE CARLO, Sept. 12, 2011 – Catastrophe risk modeling firm AIR Worldwide (AIR) released updates to its Extratropical Cyclone and Earthquake Models for Europe. Both models were significantly expanded to include additional European countries and provide a consistent and comprehensive assessment of the extratropical cyclone and earthquake risk throughout Europe. “AIR Worldwide offers complete and robust extratropical cyclone and earthquake models for Europe,” said Dr. Jayanta Guin, senior vice president of research and modeling at AIR Worldwide. “With the expanded regions and enhancements to these models, insurers and reinsurers now…
Read MoreColorado continues to be rocked by aftershocks from last week’s quake, insurers highlighting the importance of protection
Last week, Colorado was rocked by a magnitude-5.3 earthquake that went largely unnoticed as it was a mere two hours before the now infamous Virginia earthquake. Both events triggered mild panic and dismay due to their rarity. While Virginia and its neighboring states have been rattled by a handful of weak aftershocks, Colorado has been shaken by a total of 13 so far. Insurance companies are taking this opportunity to promote earthquake coverage in the hopes of bolstering the meager number of such policies nationwide. Colorado’s quake was the largest…
Read MoreShould you have additional earthquake insurance?
The August 23, 2011 earthquake on the East Coast seems to have opened the eyes of the country to show them that California isn’t the only state that can experience a quake. This is making an increasing number of people wonder if earthquake insurance should be added to their coverage, even if they’re not living in a zone that they’d previously considered to be seismically active. Reports poured in from Georgia, Vermont, Massachusetts, New York, and other areas, saying that they also felt the tremors. Though there has not been…
Read MoreU.S natural disasters: How the insurance industry is faring and what consumers need to know about the future.
As Hurricane Irene barrels down on the East Coast, Chris Hackett, Director of Personal Lines Policies for The Property Casualty Insurers Association of America (PCI), has quite a few things to say concerning insurance and how people will be affected by the storm. We were able to ask Mr. Hackett about current, past and even future potential natural disaster events that we all should prepare for. Here is what he had to say: Live Insurance News – With hurricane Irene beating down on the Carolinas, and maybe even New York,…
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