"If other states follow Hood's lead, industry losses could reach $75 billion"By Steven TuckeyNational Underwriter P&C"While the property-casualty industry braces for a record tab for Hurricane Katrina, with some estimates as high as $60 billion, the possibility looms that the figure could jump to more than $75 billion with the stroke of a pen. A lawsuit filed by Mississippi Attorney General Jim Hood to force companies to cover flood damages in addition to those caused by wind-driven rain has prompted insurance industry representatives to lay out frightening scenarios not only for insurers, but for the nation as well..."
By Andrew G. Simpson, Jr.September 30, 2005The Insurance Journal"New York insurance officials, fearful Congress will not renew the Terrorism Risk Insurance Act before it expires at the end of the year, are working on backup plans of their own..."
September 29, 2005The Insurance Journal"After months of blocking a Senate bill because he claimed it shortchanged his state, Sen. Dick Durbin announced Thursday that he has won assurances that Illinois' state health insurance pool would get an extra $1.6 million a year in federal funding under a compromise version, according to Associated Press..."
September 20, 2005The Insurance Journal"Independent insurance agents in Southeast Louisiana and South Mississippi face a daunting task as they play their part in rebuilding their shattered communities. They will need the help of the insurance companies whose products they sell to survive, rebuild their agencies, and serve the overwhelming needs of policyholders..."
September 20, 2005Advisen -- Insurance Market(From THE WALL STREET JOURNAL)By Ian McDonald and Theo Francis"Insurance commissioners from California, Florida and New York will host a two-day meeting in November to debate proposals with other state regulators, industry executives and lawmakers for helping insurers cope with the unpredictable and potentially huge cost of natural disasters and terrorist acts..."
September 19, 2005Advisen -- Medical MalpracticeSource: Pennsylvania Law Weekly"If Pennsylvania lawyers practicing in the area of professional negligence have learned one thing about certificates of merit, it is this: 60 days means 60 days..."
September 19, 2005Advisen -- Medical MalpracticeSource: Pennsylvania Law Weekly"A study commissioned by the Pennsylvania Insurance Department estimates that the MCARE Act and other reform measures have yielded a 5 to 8 percent reduction in medical malpractice costs in the state..."
September 16, 2005The Insurance Journal"Mississippi Attorney General Jim Hood's complaint, filed in state court to force insurers to pay for flood losses not covered by property insurance contracts is "groundless" and an attempt to retroactively rewrite private insurance contracts according to a statement issued by the American Insurance Association..."
September 09,2005Source: AdvisenThe September issue includes AVRECO's own Marcia Gloppe and Jody Oster. Click on the link above to read more.
September 15, 2005Advisen -- Medical MalpracticeSource: Miami Herald"Floridians hoping to learn more about the medical mistakes of doctors and hospitals may have a long wait ahead of them..."
September 15, 2005The Insurance Journal"Wholesale insurance brokerage AVRECO will hold an EPLI Seminar on Tuesday, Sept. 27, 2005 from 8:30 a.m. to noon at the Union League Club in downtown Chicago. The free event is approved for continuing education credits in Illinois..."
September 14, 2005The Insurance Journal"Congress has agreed to increase the borrowing authority of the federal program overseeing flood insurance to cope with the huge expected costs of claims from Hurricane Katrina..."
September 14, 2005The Insurance Journal"Ohio Department of Insurance Director Ann Womer Benjamin recently announced the launch of a web-based medical liability data collection application that enables insurers and those who pay medical liability claims on behalf of health care providers to securely report to the Department their costs of defending medical liability claims, and paying judgments and settlements..."
September 13, 2005Advisen -- ReinsuranceSource: Advisen"Facing Terrorism""Monte Carlo (Sept. 13) – Terrorism is now a fact of life in America and Europe, and it isn’t likely to go away soon..."
September 14, 2005Advisen -- Insurance MarketSource: Hartford Courant, The (CT) (KRT)"Sep. 14--The floodgates of debate have burst open over Hurricane Katrina's impact on insurance prices, with some experts predicting the devastating storm could slow or halt the current downslide in rates for business properties around the nation..."
September 14, 2005Advisen -- CasualtySource: New York Times Full Feed"The New Orleans medical system has been devastated by Hurricane Katrina, and no one can say how many hospitals will ever reopen..."
By Mark RuquetNU Online News Service, Sept. 12, 1:18 p.m. EDTNational Underwriter P&C"New York —Insurance executives said they believe contingent fees will remain part of the independent agent compensation package, and companies would have to develop an alternative reimbursement if legislators outlawed them..."
By Andrew G. Simpson, Jr.September 12, 2005The Insurance Journal"The insurance industry is hoping that a federal case will be made out of disaster preparedness and response following the devastation of Hurricane Katrina..."
September 12, 2005The Insurance Journal"The Louisiana Department of Insurance is updating daily important information regarding recovery from Hurricane Katrina, including company contact information, on the department's Web site at www.ldi.state.la.us..."
September 12, 2005The Insurance Industry Charitable Foundation and The Insurance Journal"...The Insurance Industry Charitable Foundation* and Insurance Journal are partnering on a nationwide campaign to raise funds on behalf of the insurance industry in support of relief efforts. All collected funds will be donated in the form of a grant on behalf of our donors and the insurance industry to the American Red Cross and Salvation Army – the two national agencies leading relief and recovery efforts. There are three ways to donate..."
September 12, 2005The Insurance Journal -- Midwest News"The Young Agents Committee (YAC) of the Independent Insurance Agents & Brokers of America (the Big "I") presented its most prestigious annual award to the Young Agents Committee of the Professional Independent Insurance Agents of Illinois (PIIAI)..."
VOLUME 4NUMBER 36SEPTEMBER 5, 2005 - SEPTEMBER 9, 2005Published September 9, 2005Advisen -- News Wrap-UpsSource: Advisen"This Week's Special Focus: Katrina"
September 9, 2005Advisen -- ReinsuranceSource: Bestwire Service"OLDWICK, N.J. (BestWire) - Although global European reinsurers such as Munich Re, Swiss Re and Hannover Re have already provided estimates for their potential exposure to Hurricane Katrina, A.M. Best Co. believes that it may take longer to fully assess the extent of damage in the Gulf of Mexico region and that it could be significantly higher than initially anticipated (with overall insured damage estimates currently ranging from USD 20 billion to USD 60 billion)..."
September 9, 2005Advisen -- PropertySource: Bestwire Service"WASHINGTON (BestWire) - A bill doubling the borrowing authority of the National Flood Insurance Program has sailed unanimously through the U.S. House of Representatives, as claims from Hurricane Katrina appear likely to far exceed the program's $1.1 billion in reserves..."
September 9, 2005The Insurance Journal"The Excess Surplus Lines Claims Association has announced that its 36th annual meeting will be held September 21-24, 2005, at the Hyatt Regency Tamaya Resort & Spa in Santa Ana Pueblo, New Mexico..."
September 8, 2005Advisen -- ReinsuranceSource: Dow Jones International NewswiresBy Ulrike Dauer and Rolf NeumannOf DOW JONES NEWSWIRES "FRANKFURT (Dow Jones)--Katrina will be the talk of the town in Monte Carlo next week when the world's largest reinsurance companies try to convince their customers that natural and man-made disasters are on the rise - and warrant higher prices to cover the risks..."
September 7, 2005The Insurance Journal"The CPCU Society has established an emergency relief fund to provide assistance to people living in areas affected by Hurricane Katrina..."
By Jerry GeiselBusiness InsurancePosted on Sept. 07, 2005 11:15 AM CST "BOSTON—Massachusetts health care regulators are lowering a surcharge on payments made to hospitals and ambulatory centers in the state..."
By Sarah VeyseyBusiness InsurancePosted on Sept. 07, 2005 10:45 AM CST "LONDON—Beazley Group P.L.C. estimates that it will incur $50 million in net losses from Hurricane Katrina..."
By Sarah VeyseyBusiness InsurancePosted on Sept. 07, 2005 10:19 AM CST "MEDAN, Indonesia—Insurance coverage for a Mandala Airlines jet that crashed shortly after takeoff on Monday in Medan, Indonesia was led by Lloyd's of London syndicate 318, managed by Beaufort Underwriting Agency Ltd. sources said..."
By Arthur D. Postal and Matt BradyNational Underwriter P&CNU Online News Service, Sept. 2, 2:45 a.m. EDT"The property-casualty insurance industry will focus on retaining as much of the current Terrorism Risk Insurance Act as it can this Congressional term..."
NU Online News Service, Sept. 7, 12:30 p.m. EDTNational Underwriter P&C"The Council of Insurance Agents & Brokers announced that a minimum of $100,000 would be donated to Hurricane Katrina relief efforts by the Foundation for Agency Management Excellence (FAME), the CIAB's insurance industry educational foundation..."
September 6, 2005Advisen -- Insurance MarketSource: Bestwire Service"KANSAS CITY, Mo. (BestWire) - Though it faces record losses, the property/casualty industry has enough capital to face down the damages sustained by Hurricane Katrina, according to the National Association of Insurance Commissioners..."
September 7, 2005Advisen -- HealthcareSource: Bestwire Service"WASHINGTON (BestWire) - As the U.S. Senate prepares to take up legislation to allow small businesses to purchase federally regulated group health policies through business and trade associations, some proponents of the measure are pointing to a recent U.S. Census Bureau study showing a sharp decline in availability of employer-sponsored health insurance as evidence for their cause..."
September 6, 2005The Insurance Journal"A Wisconsin Senate Committee late Friday killed the anti-business "all sums" bill, a measure vehemently opposed by the insurance industry..."
September 3, 2005Advisen -- Insurance MarketSource: Mortgage Banking"TERRORISM INSURANCE COVERAGE REMAINS A vital component of the nation's economy in general and the CMBS market in particular, but the current terrorism insurance system fails to provide adequate financial protection to the commercial real estate and construction sectors, conclude two separate studies..."
September 6, 2005Advisen -- CasualtySource: Dow Jones News Service (DJNS, "Broad Tape")"TOKYO (AP)--Typhoon Nabi lashed southern Japan on Tuesday, injuring at least 15 people and forcing tens of thousands to evacuate, as the government dispatched troops to fortify defenses against the waves and flooding. Three people were reported missing..."
BY Steve TuckeyNational Underwriter P&C"The National Association of Insurance Commissioners has canceled its fall quarterly meeting set to begin later this week due to the devastating flooding that hit New Orleans following Hurricane Katrina..."
September 6, 2005The Insurance Journal"Lloyd's has issued the following statement regarding policies and claims related to losses from Hurricane Katrina..."
September 9, 2005United States Postal Service Onlinewww.usps.com
September 6, 2005United States Postal Service Onlinewww.USPS.com"Effective immediately, the Postal Service is not accepting any Standard Mail (Letters and Flats) or Periodicals Mail — from any source — addressed for delivery within the following three-digit ZIP Code ranges: 369, 393, 394, 395, 396, 700, 701 and 704..."
September 2, 2005The Insurance Journal"Fireman's Fund Insurance Co. based in Novato, Calif., has declared a temporary moratorium on canceling or non-renewing personal and commercial insurance policies in areas severely affected by Hurricane Katrina..."
By Larry G. FranceThe Rough Notes Company, Inc.Specialty Lines Markets"Input from agents, MGAs and carriers is invaluable when assessing the current conditions in any insurance line. We can gauge the attitude of markets and see what the major issues are affecting pricing, underwriting, and capacity for the future..."
Here is something interesting from Advisen Ltd. on a new book project. I have included contact information below, so feel free to contact the editors with your stories and/or anecdotes!Advisen Ltd. Press Release August 12, 2005"A publishing project is being undertaken by Larry Goanos together with Bill Brown, Chris Cavallaro, Greg Flood and Al Salvatico (collectively known as the Editors) to assemble and produce a book about the colorful history of Directors & Officers Insurance. Proceeds of this book will go to charity. The book will consist entirely of anecdotes and reminiscences about D&O Insurance, from the early days right up to the present (the product, the underwriters, the brokers, the buyers, the lawyers and other camp followers, and their business practices)."Due Date: September 15, 2005Contact:Larry GoanosManaging Editor/Publisherinsurancestories@aol.com211 East 18th Street, #6CNew York, NY 10003"...Selection of materials for publication is at the discretion of the Editors. Submitted materials may be edited for length and content..." See the link above for complete submission information! Thanks, Karen
By Mark E. RuquetNational Underwriter P&CNU Online News Service, Aug. 31, 2:58 p.m. EDT"An insurance industry economist said losses from Hurricane Katrina will not change the overall soft market cycle, though locally, some hardening may result from the storm..."
September 2, 2005The Insurance Journal"Experts say the path of destruction left by Hurricane Katrina likely will lead to higher insurance rates in the metro-east and across the country, although it is unclear how much and how soon rates will rise..."
September 1, 2005The Insurance Journal"In response to Hurricane Katrina, A.M. Best Co. has begun to aggregate public and private information in order to assess the financial impact it will have on the global property/casualty insurance and reinsurance industry..."
