The role of insurance in the economy

Insurance Industry Economy

Insurance and economy go hand-in-hand Insurance has managed to attract a lot more attention from consumers in recent years than it had in the past. Many people are now conscious of how insurance affects their lives, but few people are aware of the connection that insurance has with the economy. Indeed, it is more common for people to be aware of how the economy affects the insurance businesses than vice versa. To say that insurance is the underpinning of the modern economy may seem like hyperbole. When put into perspective,…

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Strong M7.7 Earthquake Strikes Remote Region of Southern Pakistan

Insurance News

BOSTON, Sept. 24, 2013 – According to catastrophe modeling firm AIR Worldwide, at 7:29 a.m. Eastern time (4:29 p.m. local time), a magnitude 7.7 earthquake struck southern Pakistan. The epicenter was located 69 km (43 miles) north-northeast of Awaran in the province of Balochistan. The quake struck at a depth of 20.0 kilometers and was followed minutes later by a M5.9 aftershock. The USGS issued a red alert for this temblor, meaning that high casualties and widespread damage are probable. Rescue efforts have begun in full force with Balochistan officials…

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Typhoon Usagi Weakens Before Landfall in China’s Guangdong Province: AIR Worldwide

Typhoon Usagi

According to catastrophe modeling firm AIR Worldwide, Severe Typhoon Usagi, the 19th named storm to form in the Northwest Pacific this year, made landfall near the city of Shanwei (150 kilometers northeast of Hong Kong) in the Chinese province of Guangdong at 6 p.m. (local time) Sunday. Accompanied by heavy rains, a central pressure of 941 millibars, and 10-minute sustained winds of 85 knots (157 km/h) according to the Japan Meteorological Agency (JMA), Usagi struck as a strong Category 2 typhoon. Prior to landfall, the Hong Kong Observatory raised the…

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Massive Wildfire Burns More Than 140,000 Acres of Yosemite Wilderness

Yosemite Fire from space

According to catastrophe modeling firm AIR Worldwide, a massive wildfire that started just over a week ago is currently racing along the remote northwest corner of Yosemite National Park. Dry, warm conditions and winds gusts between 15 to 30 mph are fueling the blaze, which is currently at 7% containment. The fire has already consumed more than 225 square miles of Yosemite’s wilderness-known to be some of the most beautiful in the world-and is threatening two groves of California’s iconic sequoia trees. According to the U.S. Forest Service, the fire…

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This week in insurance news video round up

Insurance News Video

Below please find our notes and links about video featured insurance news… Health insurance shows 84 million Americans uninsured or underinsured for a span of 2012 According to research conducted by the Commonwealth Fund, there were 84 million people who either went uninsured or underinsured for a span of time in 2012. The reason has to do with a provision of the Affordable Care Act that allows young adults to remain on the health insurance plans of their parents for longer periods of time. In the case of underinsurance, research…

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