The year of the cats

Article Abstract:

The insurance industry suffered a record number of catastrophic losses in 1992 and will probably report losses of $14 billion for the year. Record numbers of tornadoes and hailstones, flooding in Chicago, IL, Hurricanes Iniki and Andrew and rioting in Los Angeles, CA, were responsible for the unprecedented level of catastrophe-related losses. An analysis of insurance industry and by-line underwriting, commercial multiple peril lines, private passenger automobile underwriting, workers' compensation underwriting and other insurance trends is presented.

1992 AD

---

Hurricane Andrew: a postmortem

Article Abstract:

Hurricane Andrew will cost primary insurers at least $13.7 billion, or $7.8 billion after reinsurance. The $5.9 billion recoverable through reinsurance will be divided evenly between catastrophe programs and pro rata and quota share programs. 40% of this amount will be absorbed by off-shore reinsurers, leaving another $2.5 billion to be covered by domestic companies. Adverse claim costs - especially inflated construction costs - could boost gross losses to $16.5 billion.

Economic aspects, Statistics, Environmental aspects, Hurricane Andrew, 1992, Windstorm insurance

---

Auto hauls the industry's burdens

Article Abstract:

The automobile insurance industry lost financial strength in 1994 because of catastrophes and lower premium income. The industry's combined ratio for 1994 is estimated to be 109.4, higher than 1993's 106.9. Catastrophic losses in 1994 increased to an estimated $14 bil. Claims from the Northridge, CA, earthquake totaled approximately $9 bil. Underwriting premiums increased an estimated 3.7%, but those gains barely paid for inflation, which increased costs by 3%-4%.

Direct Property and Casualty Insurance Carriers, Auto Insurance, Industry Overview, Finance, Property and casualty insurance industry, Automobile insurance

Similar abstracts:

• Abstracts: The year of the consumer. Making correct assumptions
• Abstracts: The top 250. Overview of international insurance. Leading P/C insurers by policyholders' surplus 1986-1990
• Abstracts: Average policy size. 1991 sales results of the top insurers
• Abstracts: DOL decides company owes benefits to part-time employees. Release of future claims not fiduciary breach. Courts clarify requirements for summary plan descriptions
• Abstracts: Converting your retiree medical benefits to a medicare supplement plan. Retiree health plan design: common questions and answers

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.