Current estimates (from various sources) of the cost to the worldwide P&C insurance industry range between US$80bn - US$100bn. To put this into context, the cost of the World Trade Centre event was US$40bn and the insured costs of Hurricane Katrina (according to Swiss Re) was US$80bn. We have yet to realise the full impact of Covid-19 on the economy let alone the insurance industry, but we want to give clients a few pointers on how the industry could be affected and what this means for you in the future especially for Property & Casualty (P&C) market. Claims resulting from Covid-19 will certainly be made under the following types of policy. Event Cancellation and Contingency (...
Continue reading...
OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Protective Property & Casualty Insurance Company (Protective) (St. Louis, MO). The outlook of these Credit Ratings (ratings) remains stable. The ratings reflect Protective’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also reflect the rating lift from its parent, Protective Life Insurance Company. Protective specializes in providing coverage for vehicle service contracts and guaranteed...
Continue reading...
Act of God – An accident or event resulting from natural causes, without human intervention or agency, and one that could not have been prevented by reasonable foresight or care—for example, flood, lightning, tornado, earthquake, or a storm. Actual Cash Value (ACV) - the cost to replace property minus the allowance for the property's depreciation. Admitted Insurer - sometimes referred to the "licensed insurer". An insurer authorized by the state insurance department to sell insurance within the state. Agent/Agency - sells, solicits, or negotiates insurance for compensation and represents or acts on the behalf of another party. Adjuster – The person who investigates and settles...
Continue reading...
We may use what we know about you to help us serve you better and to ensure you are treated fairly. We are allowed by law to use it, and disclose it to our affiliates and others, for many purposes. For instance, we may use your information, and disclose it to others, in order to: Help us evaluate your request for a product or service from us or an affiliate Help us process claims and other transactions Confirm or correct what we know about you Help us prevent fraud and other crimes To comply with applicable laws Process information for us We generally will not give information about you to third parties without your consent, unless otherwise permitted by law. When we do disclose information...
Continue reading...
OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to “bbb-” from “bb+” of Equitable Life & Casualty Insurance Company (Equitable) (Salt Lake City, UT). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Equitable’s balance sheet strength, which AM Best categorizes as adequate, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The ratings upgrade was based on Equitable’s improved operating performance. Over the last two years, the company delivered improving...
Continue reading...
Casualty insurance is a broad category coverage insurance which is pretty much different from the commonly heard, life or health insurances. It is focused upon the liability coverage of an individual or a particular organization for their negligence. It can also be described as a set of various individual insurances that covers the loss of properties, their damages, the medical expenses of the individuals involved with the incident. This particular insurance is used in various categories of events such as property insurance, fidelity and surety insurance, crime insurance, political risk insurance, earthquake and other natural calamity insurance and also as machinery insurance. Basic...
Continue reading...
Property & Casualty Insurance (or P&C) has long been a sleepy category that has historically made its profits by helping customers protect valued objects against the unforeseen. To adapt to today’s rapidly evolving, consumer-centric culture, and increasingly experience-driven economy, insurers need to continually revisit their business models and value propositions as they move into a new era. P&C growth opportunities would seem deeply connected to the proliferation of interconnected devices, autonomous vehicles and other technologies, and their adoption by the mobile-centric Millenials (estimated at 92M) entering the market. They crave new, tech-based solutions that provide the...
Continue reading...
China’s insurance market is expanding steadily, and foreign companies must build up their operations to remain competitive. At a property insurance policy meeting in Shanghai, an insurance company representative asked a policy holder whether he would renew his policy. “No,” said the client. “May I know why?” asked the insurer. “Well, I didn’t win,” the client replied, referring to the fact that he had no losses in the covered period and, therefore, did not “win” any claims. Many Chinese consumers share this attitude toward insurance. They often do not view risk mitigation as an insurance policy’s primary objective. Instead...
Continue reading...
Alabama Life and Health Insurance Alabama Property and Casualty Insurance Become an insurance professional in the State of Alabama. The courses will prepare you to sit for the State Exam. For your convenience, courses are offered online. Professionally developed by experienced instructors, you will learn in a clear, easy to understand style that will help you remember every aspect of Life and Health or Property and Casualty insurance. "Thank You For Your Excellent Learning System. It Was Everything I Needed To Pass My State Exam The First Time Plus More! I Loved The Way The Course Was Set Up And The Exam4Caster Was Very Helpful! The Troy Continuing Education Staff Was Very Nice And Every...
Continue reading...
Property & Casualty Insurance Even within a specific industry, there are innumerable variables that we must take into account in order to accurately assess the level of risk and potential loss. For example, if you own a retail store, you have a higher risk of on-site injury claims by customers and loss of inventory due to theft or damage (imagine the fire sprinklers going off by accident). On the other hand, if you own an auto body shop, you have different concerns. What if a star employee gets hurt on the job? If a customer’s BMW is destroyed in a fire, will it be fully covered? We’ll start y asking a lot of questions and then precisely craft...
Continue reading...
