Karen Clark & Company, a catastrophe management firm serving the insurance industry, has developed a new tool that could help insurers manage their risks in a changing world of natural disasters. The past two years have been the most catastrophic years in history in terms of insurance. Natural disasters from both 2010 and 2011 have cost the industry billions and have left it staggered. Insurers are hoping that 2012 will not be as disastrous as its predecessors. If it is, however, they will have a new risk management tool at…
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Allstate loses over $2 Billion in period between April and May
Allstate Corp., has announced that in the two month span between April and May, its catastrophe losses were greater than $2 billion. According to Allstate, which is the biggest publically traded home and auto insurance company in the United States, the losses within these two months matched that of their losses for the entire 2010 year – which totaled $2.21 billion. This was primarily the result of massive devastation due to severe thunderstorms and tornadoes. In fact, April and May 2011 have now become one of the worst two-month periods…
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