2011 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…

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MIF supports use of standard hurricane models in the Massachusetts homeowners insurance market

PRESS RELEASE: Massachusetts Insurance Federation Executive Director James T. Harrington refuted claims made  by Attorney General Martha Coakley’s office in a letter to the State Rating Bureau of the Division of Insurance in which the Rating Bureau is requested to initiate proceedings to review homeowners’ insurance rates currently in effect. “We believe such proceedings would be unprecedented and are certainly not warranted by anything in the letter from the Attorney General’s office,” Harrington said. “Her claim that insurance companies in this state are using untested and unsupported hurricane models that…

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