| T O P I C R E V I E W |
| huynhhuy |
Posted - 04/07/2006 : 02:44:43
COMMENTARY ON FULL YEAR RESULTS
 Robert Hartwig. Insurance Information institute, special report. 2006/06/28. 124 Pages
The property/casualty insurance industry reported a statutory rate of return on average surplus of nearly 16 percent for the first quarter of 2006, well above 10.1 percent recorded for the 12 month period ending March 31, 2006. The results were released by the Insurance Services Office, Inc. (ISO) and the Property Casualty Insurers Association of America (PCI). Profitability in this range, if maintained, would catapult insurers to their best financial performance in nearly 20 years and mark an extraordinary recovery from the record $61.2 billion in insured catastrophe losses in 2005. Other highlights in include a combined ratio of just 91.2 and an underwriting profit of $8.4 billion. The results, of course, are unlikely to be representative of the full year results because of the expectation of another active and destructive hurricane season. Insurers face several significant challenges in 2006 beyond the possibility of above average catastrophe losses, including softening in both personal and commercial lines pricing, a slowing economy that will reduce exposure growth in several key lines, a rapid accumulation of excess capital leading to margin compression, slower investment income growth and rising inflation that could adversely impact claim severity
The full commentary and results are posted on the Web at http://www.iii.org/media/industry/financials/2006firstquar ter/
|
| 5 L A T E S T R E P L I E S (Newest First) |
| huynhhuy |
Posted - 04/07/2006 : 03:04:00
CURRENT AWARD TRENDS IN PERSONAL INJURY — 2006 EDITION.
Jury Verdict Research, 747 Dresher Road, Suite 500, P.O. Box 980, Horsham, PA 19044 215-784-0860. http://www.juryverdictresearch.com. June, 2006
An analysis of nationwide personal injury verdicts finds that the median award for 2004 registers at $35,000 compared to $37,086 in 2003, according to Jury Verdict Research®’s annual report, Current Award Trends in Personal Injury – 45th Edition. The overall median award for personal injury cases from 1998 to 2004 is $35,298.
The median is the middle value among awards listed in ascending order. According to JVR, this value provides the most accurate gauge of the norm for a specific sampling of jury award data. Copies of report are available from Jury Verdict Research for $42.50 plus $5.50 shipping and handling. To order or for more information, call 1-800-341-7874; visit the JVR Store at www.JuryVerdictResearch.com; or e-mail custserve@lrp.com.
A release highlighting the findings is posted at http://www.juryverdictresearch.com/Press_Room/Press_releases/Verdict_study/verdict_study41.html
|
| huynhhuy |
Posted - 04/07/2006 : 02:55:38
STATE OF THE WORKERS COMPENSATION INSURANCE INDUSTRY: CALM AMID THE STORMS
Robert Hartwig. Insurance Information Institute, 110 , 110 William Street, New York, NY 10038. http://www.iii.org. June 20, 2006. 124 Pages
This PowerPoint report, presented at the American Association of State Compensation Insurance Funds Annual Conference,provides a comprehensive overview of workers compensation insurance markets. Detailed charts provide information on historical and current profit and underwriting performance. Recent medical and indemnity frequency and severity trends are reviewed as are drivers of premium growth, including wage and salary growth and rate/loss cost changes. Recent research by the National Council on Compensation insurance on price and utilization in workers compensation relative to group health plans is reviewed. The presentation also includes a section on emerging workers compensation risks, including obesity; the role of insurers and employers concerning military veterans returning to the workplace; and possible evidence between occupation and certain neurodegenerative disorders such as Alzheimer’s and Parkinson’s. A review of the Terrorism Risk Insurance Extension Act is presented along with recent cost estimates for various attack scenarios. Throughout, workers compensation results are compared with results for the overall property/casualty insurance industry.
The full report is posted at http://www.iii.org/media/presentations/workerscomp/ |
| huynhhuy |
Posted - 04/07/2006 : 02:53:13
ACE USA White Paper Explores Cost to Consumers When Extreme Weather Hits Home
PHILADELPHIA –June 21, 2006 – ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, reports that the increase in extreme weather events has long-term financial implications for consumers and their communities. As reported in its white paper titled “Extreme Weather: Events, Trends & Consumer Impact,” Hurricane Katrina broke all records, with estimated total property losses of $135 billion while other weather events caused damage and losses impacting millions of consumers. Los Angeles experienced severe rainfall in 2005, triggering flash floods and landslides that killed 10 people, damaged and destroyed homes, and accounted for $300 million in property damage. With persistent drought affecting wide areas of the Southwest and Southern Plains, wildfires burned 8.53 million acres in 2005, breaking the record set in 2000. That year, the devastating Cerro Grande Fire in Los Alamos, N.M., resulted in insured losses of $140 million.
According to Kimberle Kennedy, Vice President, ACE Accident & Health, author of the white paper, homeowners, even those living in high-risk areas, seldom expect to be driven from their homes by natural disasters like tornadoes, wildfires, or hurricanes. Adding to their vulnerability, some homeowners assume that their basic homeowners insurance policy will provide them with adequate financial protection if their homes are damaged or destroyed. As unexpected expenses are incurred, homeowners must still meet their mortgage obligations, even if their homes have been severely damaged or completely destroyed.
According to weather experts, it’s likely that extreme weather events will continue to escalate in number and severity. With the 2006 hurricane season upon us, tropical storm experts predict 17 named storms, and nine hurricanes, and scientists predict that the Atlantic Basin, where hurricanes form, is likely to remain very active for at least the next decade.
After enduring a record-setting 1,819 twisters in 2004, “Tornado Alley,” the most tornado prone region of the U.S., experienced “only” 975 tornadoes in 2005, a welcome, if short-lived respite. Already this year, in March, the first month of tornado season, 226 twisters touched down, the greatest number reported for that month in more than 50 years.
The white paper examines consumer issues associated with extreme weather events, including supplementary insurance products designed to protect the financial health of homeowners faced with the daunting task of recovering from hurricanes, floods, fires or any other disaster that renders the home uninhabitable. According to Kennedy, homeowners can avoid financial disaster by purchasing affordable “mortgage disaster protection” insurance, designed to:
Cover monthly mortgage payments, including taxes, insurance and other escrow items (when the home is deemed temporarily uninhabitable)
Reimburse the homeowner’s deductible for losses covered under the mortgage disaster protection insurance policy
Provide a monthly emergency cash benefit
Cover the remaining mortgage balance (when the home is deemed permanently uninhabitable)
“Recovering from a hurricane or any other disaster can be emotionally devastating and extremely costly. Many homeowners may not have the financial resources needed to fully recover. Coping with additional expenses such as building contractor advance payment, lost wages and replacement of necessary personal and household items, while continuing to make monthly mortgage payments can be extremely difficult for some homeowners,” Ms. Kennedy added. “To protect their personal financial strength in the event the worse happens, consumers are wise to complete a regular review of their insurance needs, existing policies and coverage, as well as supplemental products available in the market. ACE Disaster Mortgage ProtectionSM is one of those supplemental products that can make a difference.”
ACE Accident & Health is committed to delivering a diverse portfolio of innovative insurance products—from traditional employer accident programs to supplemental plans designed to serve the needs of its clients and their members.
For more information about ACE Accident & Health’s products and services, visit www.aceaccidentandhealth.com and www.dmp-ace.com. To obtain a copy of the white paper, please click here.
# # #
ACE USA is the U.S.-based retail operating division of the ACE Group of Companies, headed by ACE Limited (NYSE: ACE), and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor’s. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.
Media Contact
Carla Ferrara
ACE INA Communications
215 640-4744
carla.ferrara@ace-ina.com
|
| huynhhuy |
Posted - 04/07/2006 : 02:51:12
EXTREME WEATHER: EVENTS, TRENDS & CONSUMER IMPACT
ACE Group of Companies, Philadelphia, PA. http://www.ace-in.com. June 21, 2006
A study by ACE USA reports that the increase in extreme weather events has long-term financial implications for consumers and their communities. As reported in its white paper titled “Extreme Weather: Events, Trends & Consumer Impact,” Hurricane Katrina broke all records, with estimated total property losses of $135 billion while other weather events caused damage and losses impacting millions of consumers. Los Angeles experienced severe rainfall in 2005, triggering flash floods and landslides that killed 10 people, damaged and destroyed homes, and accounted for $300 million in property damage. With persistent drought affecting wide areas of the Southwest and Southern Plains, wildfires burned 8.53 million
acres in 2005, breaking the record set in 2000. That year, the devastating Cerro Grande Fire in Los Alamos, N.M., resulted in insured losses of $140 million. The white paper examines consumer issues associated with extreme weather events, including supplementary insurance products designed to protect the financial health of homeowners faced with the daunting task of recovering from hurricanes, floods, fires or any other disaster that renders the home uninhabitable.
To request a contact go to http://www.ace-ina.com/shownews.asp?ID=379 on the Web.
|
| huynhhuy |
Posted - 04/07/2006 : 02:46:32
IRC STUDY ESTIMATES 14% OF DRIVERS ARE UNINSURED UNINSURED MOTORISTS
Insurance Research Council, 718 Providence Road,
According to this recent Insurance Research Council(IRC) study, the estimated percentage of uninsured motorists increased nationally from 12.7 percent in 1999 to 14.6 percent in 2004. However, the magnitude of the uninsured motorists problem varied widely from state to state. The study, Uninsured Motorists, 2006 Edition, found that the five states with the highest uninsured driver estimates were Mississippi (26 percent), Alabama (25 percent), California (25 percent), New Mexico (24 percent), and Arizona (22 percent). The five states with the lowest uninsured driver estimates were Maine (4 percent), Vermont (6 percent), Massachusetts (6 percent), New York (7 percent), and Nebraska (8 percent).
A news release highlighting the findings is posted on the Web at http://www.ircweb.org/News/Index.htm
|
|
|
