Corporate changes: catastrophes, regulatory pressures were driving forces in '94
Article Abstract:
The number of property and casualty insurance companies retired in 1994 fell from the amount reported in 1993. Seventy-one of those retired in 1994 were either merged, dissolved or became insolvent, compared to 83 companies in 1993. Reasons for failures in 1994 include inability to meet minimum state capital requirements, quick growth of workers' compensation claims and catastrophic losses that include Hurricane Andrew and the Northridge, CA, earthquake. Additionally, 32 new companies obtained licensing in 1994 compared to 27 companies in 1993.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1995
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Economic factors affect insurance claims cost
Article Abstract:
Several economic factors contribute to higher claims costs for property and casualty insurers. Inflation in prices and salaries results in higher costs, as do state laws which mandate higher benefit levels. The claims cost index for 1983 to 1993 is tabulated for property/casualty insurance products. Also tabulated are decennial increases in consumer prices, legal costs and claims costs for various insurance products.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1995
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Gap in claims cost trends continues to narrow
Article Abstract:
The differential between the costs of liability claims and the costs associated with property claims is decreasing. Pressures to limit health care costs during the 1990s and the institution of more stringent building codes are two factors in the trend differential. Economic factors such as salary, wage levels and price have also contributed to the narrowing trend.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
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