It's time to prepare for a mega-catastrophe

Article Abstract:

The financial stability of the insurance industry could be thrown out of balance if the current method of financing catastrophic risk is not changed. Natural disasters since 1991 have inflicted many billions of dollars in losses to insurers and have caused many companies to seek bankruptcy protection. For example, Hurricane Andrew, which struck Florida in 1992 and resulted in over 700,000 insurance claims, caused nine insurers to go bankrupt. Some of the solutions that have been developed include exotic financial instruments such as Act of God bonds and catastrophe futures and options.

Insurance, Disasters

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Certify your insured's alarm is UL certified

Article Abstract:

Insurance companies need to make sure that their clients' alarm systems are certified by Underwriters Laboratories Inc (UL), a company that tests and sets standards for fire and burglar alarm equipment. Insurers should not assume that the alarms used by their clients are UL certified, even if the equipment is connected to a central station that is UL certified. Insurers also should ensure that the UL certified alarm equipment is installed by UL certified technicians.

Standards, Security measures, Security systems, Underwriters Laboratories Inc.

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Profitable markets wait beyond the red line

Article Abstract:

Insurers must be part of the solution to redlining problems in the inner cities. Obtaining insurance can be difficult for homeowners and businesses located in such areas, and it is important that insurers work with community groups and local institutions to make inner-city properties more insurable. Insurers will also need to be more flexible in their underwriting practices, and they will need to become familiar with the quality of risk inner-city properties offer.

Column, Discrimination in insurance, Insurance discrimination

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