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In the Caribbean, Hanna weakened to a tropical storm today and may regain hurricane strength tomorrow as it moves over the southeastern Bahamas, the center said in an advisory at 8 a.m. Miami time. The system, packing 70 mph winds, was near Great Inagua Island and drifting west at 2 mph. Hanna is forecast to… Continue reading Tropical Storms Hanna and Ike Making their Way Over the Atlantic

As Hurricane Gustav begins to fade, initial estimates of insured losses are coming in at between $2 billion to $10 billion.     Risk Management Solutions Inc (RMS)., based in Newark, California, said that insured losses from the storm could range between $4 billion to $10 billion. The estimate included both on and offshore losses… Continue reading Initial Estimates Insured Losses from Gustav Range from $2B to $10B

Hurricane Gustav didn’t wreak the havoc of Katrina three years earlier, but almost 2 million people evacuated after being urged to stay away from the area.    Power lines were down all over the city on Monday and a significant number of homes and businesses were without power according to New Orleans Mayor Ray Nagin.… Continue reading Gustav Fades, Gulf Coast Assesses Damage

Auto insurance customers with high commitment levels not only make more recommendations and are more likely to renew their policies, but are also significantly less sensitive to pricing offers from competitors, according to the J.D. Power and Associates 2008 National Auto Insurance Study(SM) released today. Auto insurers with highly satisfied customers have a renewal rate… Continue reading Happy Auto Customers Renew, Refer and More Open to Price Increases

A government report released today shows that U.S. personal income tumbled unexpectedly in July and spending slowed as the effects of government stimulus wore off and an inflation measure was at a 17-year high.    Personal income fell 0.7 percent in the month, the sharpest decline since a 2.3 percent plunge in August 2005 after… Continue reading Report Shows Spending Down, Inflation Up for July

The cost of auto injury claims involving lighter-weight vehicles tends to be higher than the cost of claims involving heavy vehicles, according to new research from the Insurance Research Council. These findings may have important implications for those seeking to understand how higher gas prices will affect auto insurance costs. IRC found that the average… Continue reading IRC Also Looks at Claims Cost of Lighter-Weight Vehicles and Higher Gas Price Implications

According to Fitch Ratings’ mid-year report on the property/casualty industry, decreasing premium rates and lower investment income will continue to cut into profits as we head into next year.    “I think the underwriting results are rapidly approaching the point at which companies are going to be challenged to produce an underwriting profit,” said New… Continue reading Fitch: P/C Sector to Continue to See Cuts in Profits Heading into ‘09

Tropical Storm Fay, July’s Midwest flooding, wildfires in California – all highlight the need for small business owners who are dealing with damage caused by these catastrophes to have adequate insurance coverage.    According to insurance industry experts, many small businesses are underinsured, either in dollar terms or in the kinds of policies they’ve taken… Continue reading Need for Business Insurance Highlighted by Recent Storms, Floods and other Catastrophes

Jamaica was hit by Tropical Storm Gustav with rain, flooding streets and resulting landslides, while Louisiana is preparing for the system to strengthen into a hurricane before hitting areas devastated by Katrina in 2005. Gustav packed sustained winds of 65 miles an hour and was centered 85 miles west of Kingston, Jamaica, according to the… Continue reading Gustav Heads for US, Louisiana Prepares for Hit