After two years of cut-rate prices, in 2005 hurricanes inflicted an estimated $58 billion in losses on the insurance industry and began prompting carriers to charge a good deal more for property insurance. According to a survey, in the fourth quarter of 2005, commercial property-insurance buyers faced a median price...
Courts continue to analyze interesting first-party property issues arising out of the September 11, 2001, tragedy. In particular, over the last year courts have reached important decisions relating to the period of restoration and to business interruption issues. This article reviews the recent changes made to the property insurance laws...
This paper argues that obsolete rating architecture is a cause of decades of documented poor financial performance of residential property insurance products. Improving rating efficiency and equity through modernization of rating and statistical plans is critical to the continued viability of the products. The transition from indivisible to divisible base...
The paper looks at some of the factors that generally affect the property insurance underwriting profitability of an insurance company. In the Internet Age, one can get specific and look at property insurance, and then again get more specific and look at property insurance for a warehouse, and then get...
This J.D. Power and Associates 2004 National Homeowners Insurance Study reports that despite the fact that homeowners insurance premiums have largely stabilized around the country and in some markets may even be falling, a record number of long-term homeowners indicate they shopped for a new insurer in the past year.
Change remains the most constant aspect of the property insurance market as this report examines the mid-year market's status. From the continuously softening industry standards of the closing years of the 20th century, morphing into the stricter standards at the opening of the 21st, followed by 9/11, which created one...
This paper identifies specifics as to how terms and conditions had become soft; further the paper identifies changes in terms and conditions in the post 9/11 harder market environment. The methodology employed is interview of brokers and underwriters in the Chicago insurance market place, and much of what is reported...
A California intermediate appellate court has ruled that a first party property insurance policy does not cover the loss of computer data resulting from a computer system “crash.” The appellate court affirmed a trial court’s judgment that no coverage exists where a computer data loss is unaccompanied by the destruction...
Property insurance carried by shopping center landlords is designed to provide, the amount of money required by the landlord to restore the common area and building improvements in compliance with all codes and regulations, and to replace up to one year of abated effective rent pending the resumption of tenant...
The international insurance industry has been screening its existing terms and conditions for potentially ruinous risks and has identified certain weak points. The report believes that one of the most perilous shortcomings in traditional property insurance and reinsurance concerns inadequate nuclear risk exclusions. Insurance portfolios have always been exposed to...
For millennia, people have understood that seasons for tropical storms, blizzards, and other weather events come and go with predictable regularity. What people have not known, until recently, was whether a coming season was likely to be more or less stormy than previous ones. Drawing on correlations between various natural...
Intense insurance market competition and better management controls are driving risk and insurance costs down little by little for U.S. corporations, but administrative costs are starting to creep up. As a result of the losses, property insurance costs have started to increase worldwide, while the cost of other coverages has...
The Blackout of 2003 disrupted business, damaged property, and created mass confusion in the Midwestern and northeastern Unites States and parts of Canada. The power grid in North America was compromised by interdependencies and other weaknesses, and while the actual blackout lasted for short time, its impact is still reverberating...
The property and casualty insurance industry is, just as any industry, in business to make a profit. This means that for any individual insurance company, the premium dollars received must equal the losses paid out, plus a margin for the cost of doing business and profit. It may not be...
The article is about property insurance market. It describes the situation of market place before 2001, which make effect on rates and premium, introduces reinsurance policies. It describes the points included for the terrorism insurance, blanket limit. At the end it defines the insurers result like continuing poor underwriting results,...
While property insurance policies differ somewhat amongst insurers, most policy forms provide the insurer with a right to demand the "Examination Under Oath" ("EUO") of its insured, and a right to demand records and documents in support of the presented claim. This article states that an examination under oath, effectively...
This article gives an overview of the relevant Illinois Supreme Court Rules, which is necessary in order to properly examine the extent, to which the insurer’s claim file may be discoverable in a first-party property insurance lawsuit. It explains that a blanket request for the production of an insurer’s claims...
Most property insurance policies expressly exclude coverage for loss caused by mold and fungus. While this exclusion may appear to express a clear intent that mold and fungus losses will not be insured, the coverage determination is often not nearly that simple. Instead, an analysis of what caused the mold,...
Just having insurance coverage in place does not guarantee that one’s loss will be fully reimbursed. A final settlement can be affected by the policyholder’s actions from the moment the loss occurs. From securing the loss site and notifying the insurer to agreeing on the final settlement, the policyholder needs...
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