Last year has garnered major notoriety for the number and severity of natural disasters it played host to. 2011 has become widely recognized in the insurance industry as the costliest year in recent history in regards to natural disasters. While estimates varying regarding the total cost of disasters, Munich Re, a reinsurance and risk modeling organization, claims that 2011 generated more than $380 billion in worldwide insured losses, only a third of which was paid by insurance companies. The disasters have caused the global insurance industry to raise prices, but…
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Natural disasters from 2011 cost private insurance companies over $32 billion
As a result of the insured losses from natural disasters in 2011, private sector insurance companies will have paid over $32 billion in claims to assist businesses and homeowners to rebuild after damages caused by those events. According to the Insurance Information Institute (I.I.I.), this figure breaks the records for all previous years in terms of federal disaster declarations. The I.I.I. president, economist Dr. Robert Hartwig, CPCU, the catastrophes that occurred in the United States in January through September resulted in 32.6 billion in losses that were directly insured. This…
Read MoreInsurers wary of disastrous year on the heels of the infamous 2011
A new year has dawned and as celebrations from the holidays die down, insurers turn a wary eye toward a potentially chaotic future. 2011 has gained infamy as one of the worst years in recent history in terms of natural disasters. While some insurance organizations claim the total cost of worldwide catastrophes hovers in the range of $100 billion, Munich Re, a global reinsurance and risk solutions firm, asserts that the real total of global disasters is at $310 billion. Risk modelers have yet to release their predictions regarding the…
Read MoreDoctors warn that drinking and walking can be as dangerous as driving drunk
This year, many people have been listening to the requests of government officials and of insurance industry experts and are choosing not to drive after drinking, but many are surprised to hear that ER doctors are also stating that walking drunk can be dangerous, too. In fact, while these medical professionals are saying that you should have a designated driver when you travel home after having anything with alcohol in it, they’re also recommending a “designated walker.” Dr. Thomas Esposito from Maywood, Illinois’s Loyola University Health System said that pedestrian…
Read MoreDespite disasters, global insurance industry sees only modest rate hikes in 2011
This year, the global insurance industry saw more than $100 billion in insured losses due to natural disasters. Normally, losses are accompanied by rate increases, but many insurers have not been raising premiums as much as analysts and consumers had expected. The fact that insurers have issued only modest rate hikes throughout the world has had a profound impact on the investment business. Investors are now having trouble figuring out which companies are good targets for the 2012 fiscal year, as many have emerged from 2011 catastrophes will healthy capital…
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