Insurance News

Posts Tagged ‘Losses

MINNEAPOLIS — The federal government proposed Thursday to reward farmers who use crop insurance and demonstrate good management practices that limit their losses.

The awards under the Good Performance Refund plan would average about $1,000 per eligible farmer, and payments would go out in the first quarter, in time to help with spring planting, said William Murphy, administrator of the U.S. Department of Agriculture’s Risk Management Agency. Read the rest of this entry »

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The first quarter of 2010 likely will be the worst-ever first quarter for natural catastrophe losses, but it’s still not enough to turn the market on its own, a global reinsurance renewals report concluded Wednesday.

The ?unprecedented? $16 billion in insured first-quarter catastrophe losses, including the earthquake in Chile and Windstorm Xynthia in Europe, do not bode well for reinsurers because their largest losses are in smaller Read the rest of this entry »

WASHINGTON?Catastrophe modeler EQECAT Inc. estimates that the two winter storms that raked the mid-Atlantic region earlier this month caused more than $2 billion in insured losses.

Two storms struck the area, the first beginning on Feb. 5 and the second last week, leaving some parts of the Washington metropolitan area with more than 30 inches of accumulated snow.

Oakland, Calif.-based EQECAT based its estimate on a preliminary Read the rest of this entry »

The tough economy has led to a decrease in the number of vehicles rated total losses after a crash, according to a provider of collision data processing systems used by insurers and body shops.

That finding was one of many in the latest Industry Trends Report produced by San Diego-based Mitchell International.

Mitchell also noted a reduction in crash damage appraisal values, collision losses and third-party property damage. At the Read the rest of this entry »

The U.S. property/casualty insurance industry?s 2008 asbestos and environmental losses were the lowest since 2000, according to a report by A.M. Best Co. Inc. slated to be released Monday.

According to the report, net incurred asbestos losses dropped 49.9% to an estimated $1.3 billion in 2008 from a year earlier, while net incurred environmental losses dropped 41.3% to about $400 million.

The decline was the fifth in the past Read the rest of this entry »

NEW YORK (Reuters) – Hartford Financial Group (NYSE:HIG – News) posted its third straight net loss and said it plans to stop selling new policies in Japan and the United Kingdom, as the insurer reeled from the same weak financial markets that triggered a net loss at MetLife Inc (NYSE:MET – News).

Both posted results worse than analysts had expected, and their shares dropped after hours, with Hartford down 12 percent.

But Hartford Read the rest of this entry »