The Alabama Department of Insurance has released the latest numbers concerning insured losses from the tornado outbreak in April of last year. A series of devastating tornados hit the state in late April, causing large amounts of damage to homes, businesses, automobiles and claiming a number of lives. The latest estimates of damage do not account for the claims paid through surplus insurance lines from companies like Lloyd’s of London. The estimates only concern insurance payouts that come from insurers regulated by the state. According to the Department of Insurance,…
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Thailand floods could cost the global insurance industry $10 billion
Devastating floods in Thailand may have a global impact, according to insurers. Thailand is a critical point in the global supply chain, says Gary Lynch, head of supply chain risk at Marsh Risk Consulting. Widespread flooding has closed more than 14,000 businesses, including distribution centers for Sony, Canon and Nissan. The disruption in the supply chain could have far reaching consequences in the U.S., the UK and throughout Europe. Lloyd’s of London is now petitioning Thailand insurance and risk firms to assess the risk exposure they see in the nation.…
Read MoreJudge decides BP oil spill not covered by Transocean Insurance
A New Orleans judge has ruled that BP Plc’s 2010 Gulf of Mexico oil spill is not covered by the insurance the company holds with Transocean Ltd. Following the oil spill in 2010, BP filed claims with the carriers of Transocean Insurance, seeking a payment of $750 million from their numerous policies with the insurer. Several excess underwriters, with Lloyd’s of London and Ranger Insurance, the primary insurer of Transocean, contested BP’s claims, saying that the contract between BP and the owner of the rig did not include this protection.…
Read MoreModern-day pirates find a formidable enemy in the British insurance industry
Piracy, a practice once thought long-dead is, in fact, alive and well today. Ongoing economic trauma has produced desperation in a number of nations throughout the world. People displaced by financial calamity have been flocking to the African country of Somalia, where they have been joining pirate bands. Somalia is an infamously unstable state which has served as a port of home for modern-day pirates that prey on shipments throughout the Indian Ocean. Pirates have, of course, run afoul of man law enforcement and military organizations, but their greatest enemy…
Read MoreFrom Breasts to legs, celebrities are taking out insurance coverage on their bodies
Reality star Holly Madison has purchased a $1 million insurance policy with Lloyd’s of London to provide coverage on her breasts. The 31year-old Madison stated that she took out this protection in order to provide greater security to herself and the other Peepshow participants. She explained that she’d discovered that other celebrities have been taking out insurance on their body parts, and she decided “why not?, because if anything happened to my boobs, I’d be out for a few months and I’d probably be out a million dollars.” The Las…
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