Though many hosts of Super Bowl parties think that the main thing they need to remember is to have enough to eat and drink, there is one thing that they may be forgetting, which is to review their insurance so that they know who is responsible should their guests drink and drive. According to the Insurance Information Institute (I.I.I.) as the host of a party, it is not only considered to be appropriate and thoughtful to guests to make sure that guests who will be drinking can either stay over…
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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 More2011 disaster losses break records from previous years
This year was one that brought disasters to areas all around the globe, and these catastrophes came with record breaking bills that have left the figures from previous years behind. According to the data from Swiss Re AG, a reinsurance company, the quakes and tsunami in Japan, the earthquakes in New Zealand, the Thailand floods, and the large number of American tornadoes brought a global disaster loss total up to a staggering $350 billion. The tremendous amount of devastation brought production at factories to a grinding halt and cut off…
Read MoreConsumer group issues report accusing insurers of needlessly high rates – Insurance Institute claims report is faulty
Americans for Insurance Reform, a consumer advocacy group, has released a new report regarding the property/casualty insurance industry in New York. The report accuses P/C insurers of excessive rate increases that have slowed the financial recovery of individuals and businesses in the wake of the 2008 economic recession. The group argues that these needlessly high rates may be leading to a new liability insurance crisis in the U.S., one that may set the economy back even further. The group claims that the insurance market throughout the U.S. has been “soft”…
Read MoreReport shows insurance is an economic player in California
A new report has shown that the property and casualty industry for California insurance is responsible for bringing billions of dollars into the state. The report, which was released by the Insurance Information Institute, showed that in 2008, that sector of the insurance industry brought $34.7 billion into the economy. It also showed that insurers are responsible for approximately 2 percent of the total gross state product for California. In fact, in that state, there are more insurance professionals employed than in any other state in the country. In 2009,…
Read MoreInsurance industry sheds jobs in some sectors while adding to others, according to III report
The Insurance Information Institute (III) has released a new report drawing upon data from the U.S. Department of Labor. The report touches upon the volatility seen in the property/casualty insurance business in October of this year. According to the report, the property/casualty sector performed poorly in terms of employment while other sectors saw promising growth. Overall, the report highlights the turbulent year the insurance industry has faced as a whole and suggests that the trend can continue throughout next year depending on the economic climate. The III notes that 900…
Read MoreInsurance Information Institute reports on job loss and gain in the insurance industry
Despite record profits this year, the insurance industry continues to shed jobs. The Insurance Information Institute has released a new report highlighting the losses in the property/casualty insurance sector. Signs of an improving economy may not be enough to help the industry keep its workforce employed, especially when confronted with costly losses due to this year’s natural disasters. The Institute’s report relied on data collected by the U.S. Labor Department’s Bureau of Labor Statistics. Apart from a still turbulent economic climate, the industry has been downsizing as a result of…
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