BOSTON, Nov. 7, 2011 – Catastrophe risk modeling firm AIR Worldwide (AIR) released an inland flood model for Germany that offers a fully probabilistic approach for determining the likelihood of flood losses from all types of storms. The model provides insurers and reinsurers with a robust tool for managing inland flood risk – allowing companies to make informed underwriting decisions, to monitor and quantify aggregate concentrations of flood risk across their portfolios, and to assess the potential impact of less frequent but large loss events. “To meet the challenge of…
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Chubb Corp. reports losses verging on $500 million from natural disasters in the third quarter
The Chubb Corporation, a massive property insurance organization, has had a difficult time recovering from recent storms in the U.S. The occurrence of natural disasters in the U.S. has been unusually high this year, and the damage caused by these storms has been unprecedented. The storms have imposed gargantuan financial losses on the insurance industry and many companies are still sifting through claims from earlier in the year that are adding to total losses. Chubb officials have warned investors that the company’s third quarter losses may end up being higher…
Read MoreLegal battles expected in the wake of Hurricane Irene
Adding to the troubled following Hurricane Irene, lawyers along the East Coast are expecting a number of legal battles to break out, all centered on insurance. The most prominent litigations are expected to form around property damage and how it was caused. While most property insurance policies account for damage from wind, flood coverage is an entirely separate issue. State Farm, Allstate and Liberty Mutual are expected to bear the brunt of the legal battles as they are the primary insurers in the states battered by Irene. The extent of…
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