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As Hurricane Season Begins, Smartersafer.org urges Congress to Pass Mitigation

June 3, 2013 Guest Author

MEASURES TO PREVENT HIGH COST OF BEING UNPREPARED FOR NATURAL DISASTERS WASHINGTON ‒ With the 2013 hurricane season getting underway today, SmarterSafer.org is urging Congress to begin work on a legislative strategy to promote mitigation incentives that will minimize the financial impact disasters like Sandy. “Now that hurricane season is here, we should be reminded of the terrible cost of being unprepared for severe storms,” said SmarterSafer.org. “It’s long past time for Congress to pursue a national mitigation strategy. These kinds of measures will help save taxpayers billions of dollars…

Texas Windstorm Insurance Association may find new allies

December 12, 2012December 12, 2012 Marc

Texas Windstorm Insurance Association attracting global attention The Texas Windstorm Insurance Association, a state-run insurance group that provide coverage for wind damage primarily to properties in coastal areas of the state, has been experiencing financial troubles recently. Financial challenges are nothing new to state-run insurance groups, as many of them offer coverage that is much more affordable than that offered by private insurance companies. Texas Insurance Commissioner Eleanor Kitzman, who is in charge of the state-run insurance group, has been traveling around the world in order to address the issues…

Hurricane insurance losses from mammoth storm reaches billions

November 3, 2012 Julie Campbell

Sandy left a wide path of destruction in her wake when it slammed the U.S. North East. Although residents of the North Eastern United States had been hoping for the best, the hurricane insurance losses resulting from Sandy will likely hit the $5 billion mark and above. Insurers and others in the industry are already crunching the numbers from the “frankenstorm”. Even before beginning to perform these calculations, it was clear to the hurricane insurance industry that the numbers would run well into the billions. Fitch Rating, for example, said…

Climate change threatens insurance industry

October 12, 2012October 12, 2012 S.Vagus

Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…

Insurance news from Munich Re shows that it will see “profitable growth”

October 12, 2012October 12, 2012 H. Cutner

The reinsurer has announced that it expects to boost its industry coverage business. Munich Re has made insurance news with its latest statement, which has indicated that it expects to be able to increase the size of its industry coverage business, which offers corporate clients both insurance and reinsurance. The last cycle has already shown notable increases, and this does not show signs of halting. The head of the corporate insurance partner unit for Munich Re, August Proebstl, stated that “We have shown that we can achieve profitable growth in…