Connecticut looks to strengthen its defense against natural disasters with new legislation

Connecticut’s governor, Dannel Malloy, has announced that he will be introducing new legislation that could establish new performance standards for the state’s utilities companies. These new standards would require utilities companies to adopt more assertive practices in the event of natural disasters and other emergency situations. The recent spate of catastrophes in the U.S. has led to the formation of the legislation, especially as insurers warn that disasters could have significant and long lasting effects on the state’s economy. Hurricane Irene struck the state in April last year, causing significant…

Read More

Report: Global economy able to withstand only one week of disruption caused by major catastrophic event

A new report from Chatham House, a policy institute for international affairs based in the UK, paints a very dire picture for the future of the global insurance industry. The past two years have been incredibly difficult in terms of insurance. Two record-breaking years for natural disasters have left the industry rattled and somewhat disoriented. The impact of these disasters has taken a toll on the global economy as well, damaging what was already a fragile structure. According to the report, the global economy can only withstand one week of…

Read More

Floods in Thailand causes insurance capacity to contract

Companies that have been waiting to resume business following the massive flooding last year are now struggling to restart their production again as a result of an insurance capacity that has been significantly reduced, and because those coverage options that are available have significantly higher prices and stricter terms. According to Aon Benfield, the insurance industry in the country saw significant losses which reached an estimated $10 billion as a result of the floods that began in the summer of 2011. Much of the insured losses came from the international…

Read More

Lawyers gain broadened professional liability coverage from OneBeacon

OneBeacon Insurance Group member, OneBeacon Professional Insurance (OBPI), has launched a broadened lawyers’ professional liability (LPL) coverage so that its protections will now include network security and privacy (NSP) liability. Lawyers can access this new offering in either of two possible ways, which are: 1. As an LPL policy endorsement 2. As its own standalone coverage According to the OBPI senior vice president of the LPL division, Kim Noble, these days, a law firm’s lifeblood is its information systems, and it is vital to protect those systems, as they may…

Read More

Swiss Re expects long lasting economic impact from Thai floods

Swiss Re, a global reinsurance corporation, has released its estimates of the damage done by the recent flooding in Thailand. Heavy rainfall in July caused widespread flooding in many parts of Thailand. Waters first began receding in late October and many parts of the country are still inundated. More than 600 people have lost their lives to the disaster with many thousand more losing their homes. According to Swiss Re, the damage caused by the floods could cost the insurance industry as much as $11 billion. More than 1,500 industrial…

Read More