Insured losses in the United States from Hurricane Wilma are likely to range from $6 billion to $10 billion, predicted Risk Management Solutions (RMS). The Newark, Calif.-based company said its estimate is based on current information on landfall location and …
West Virginia Insurance Commissioner, Jane L. Cline, announced Tuesday that Richard Custer Jr., was sentenced Oct. 12 on one felony charge of making a false statement to the Workers’ Compensation Commission. Custer, of Marshall County, attested on an application for …
Oklahoma Insurance Commissioner Kim Holland announced she has ordered Dan Lyon to stop conducting unauthorized business involving insurance in Oklahoma. The order states Lyon provided a surety bond that may be illegal to guarantee performance of a construction contract with …
Jobless benefits for victims of hurricanes Katrina and Rita now stand at $242.8 million, with Katrina-related claims totaling $233.8 million and Rita claims totaling $8.9 million, according to the Louisiana Department of Labor. In the past seven weeks, the department …
Texas Mutual Insurance Company announced its newest Web site tool: Online Dividend Reports. The new feature at texasmutual.com allows policyholders and their agents to view detailed dividend information about their account or their clients’ accounts. “Texas Mutual has distributed over …
Castle Inspection Service (Castle) and Marshall & Swift / Boeckh (MS/B), an MDA company, announced the formation of a strategic alliance. Castle is refocusing its resources on its core strategy – inspection services – rather than on its online replacement …
A new report from the RAND Corporation indicates that the Terrorism Risk Insurance Act (TRIA), which will expire in December unless extended by Congress, “creates an effective mechanism for sharing the financial risk that businesses face from terrorism.” The report …
A.M. Best Co announced that it has begun to assess the potential financial impact of Hurricane Wilma on the property/casualty and reinsurance industry, following the storm’s landfall in South Florida. Best said its “initial focus will be on those rated …
According to a report published the Association of British Insurers (ABI), five years after the disastrous floods of 2000, the government has yet to fully act on its commitments to reduce flood related risks. “The ABI’s Statement of Principles on …
If the first half of 2005 was sunshine and fair weather for the insurance industry, the second half seems to be shaping up as its exact opposite, as storms, earthquakes and other natural disasters take their toll. Everest Re Group, …