News Archive from November 6, 2012
- Why Insurance is Like Victoria's SecretNovember 06, 2012At the 2012 Insurance & Technology Summit, CUNA Mutual CIO Rick Roy told the audience that the company's direct-to-consumer strategy is based on some very unlikely sources.
- Obama, Romney Solutions to Stimulating the EconomyNovember 06, 2012The health of the U.S. economy has been central to the campaign for the White House, with both President Barack Obama and Republican challenger Mitt Romney seeking to
convince voters they have a plan to usher in faster growth and job creation.
- Allstate Won't Apply Hurricane Deductibles for Sandy VictimsNovember 06, 2012Allstate and Allstate New Jersey say tropical cyclone and hurricane deductibles on property policies will not be applied for Northeast and several Mid-Atlantic states affected by last week's superstorm.
- Northeast Insurers Mop Up After Sandy, Face Formidable Claims ChallengeNovember 05, 2012Carriers that have navigated the initial business continuity challenges of Hurricane Sandy are ramping up to deal with increased claims volume as power is restored to policyholders.
- Torus Leverages Portal Tech for Expanded Small Business StrategyNovember 05, 2012The global specialty insurer has adapted its industry-leading ESCAPE portal capabilities from its beginnings in excess casualty to commercial E&O and healthcare/medical professional liability.
- Sandy Illustrates Need for Better Claims Mobility: Aite's ApplebaumNovember 02, 2012Claims technologists reported dissatisfaction with mobile capabilities before Sandy – and the catastrophe will only highlight the need, says Aite Group's Stephen Applebaum.
- RMS Says 'Too Soon' to Estimate Sandy LossesNovember 02, 2012The damage from the powerful storm Sandy
is so widespread that it is too soon to estimate losses, a
leading disaster assessment firm, RMS, said on Friday, in
contrast to rivals projecting possible insured losses of $7
billion to $20 billion.
- Friday Sandy Update: Homeowners Could Still Face Hurricane DeductiblesNovember 02, 2012A Reuters report says courts could ultimately have the final say on what policyholders pay in the wake of Hurricane Sandy.
- NY Governor Warns Insurers Not to Charge Hurricane DeductiblesNovember 01, 2012The governors of New York, New
Jersey and other U.S. states said on Wednesday that insurance
companies should not charge hurricane deductibles that cost
tens of thousands of dollars to state homeowners who file claims
for damage from Sandy because it was
- U.S. East Coast Staggers to Recover from Monster StormNovember 01, 2012Rescuers searched flooded streets and
swamped houses for survivors, drivers lined up for hours to get
scarce gasoline and millions remained without power on Thursday
as New York City and nearby coastal towns struggled to recover
from one of the biggest sto
- Eye on Sandy: Loss Estimates Double, N.Y. Exempt from Hurricane DeductiblesNovember 01, 2012The New York State Department of Financial Services told insurers that deductibles should not be triggered because Sandy did not sustain hurricane-force winds when it hit the city.
- Insurers Respond to Sandy: Report from Rhode IslandOctober 31, 2012Insurers report being prepared in advance for the catastrophe and remaining busy handling claims and other customer concerns.
- Sandy Update: Flood Insurance Program Under SiegeOctober 31, 2012With floods causing the vast majority of damage in the Northeast, the National Flood Insurance Program is in the news.
- Sandy Unlikely to Sink Catastrophe BondsOctober 30, 2012Investors who have put their
money into specialist financial bonds which cover insurance
companies from huge natural disasters are unlikely to be hit
with big losses from monster storm Sandy even though it is one
of the biggest ever to hit the United State
- Sandy "Worst Possible Category 1 Storm" for N.Y. City: CoreLogicOctober 30, 2012Dr. Tom Jeffery, chief hazard scientist for CoreLogic, says the only way to get a bigger storm surge in Manhattan is with a Category 2 storm.
- Hurricane Sandy Insured Losses Widely Outstrip IreneOctober 30, 2012Hurricane Sandy appears to have easily
caused more losses than last year's Hurricane Irene, but final
totals will be hard to come by for some time because of the
scale of the disaster, catastrophe forecasting companies said on
- Business Insurers Face Tangle of Sandy ClaimsOctober 29, 2012The varied size and needs of clients represent a challenge for their insurers.
- What’s Sandy Going to Cost?October 29, 2012FEMA says Sandy could cause $3 billion in wind damage alone; others place Sandy in the company of Irene, Ike and maybe beyond.
- Magna Carta's CIO Reports Remotely on Carrier's ReadinessOctober 29, 2012CIO David Lawless reports that the NYC-headquartered company's Northeast employees are working safely from home, thanks to virtualization, and that Oregon-based claims staff are at the ready.
- CURE "Beefed Up" Reinsurance After Irene: COOOctober 29, 2012The New Jersey-based auto insurer also plans hyper-local storm outreach for future storms, according to COO Eric Poe, who envisions these major events hitting the company's home state much more often than they have historically.
- PURE Prepared for Sandy Using Cloud Based CapabilitiesOctober 29, 2012PURE will be able to maintain uninterrupted processing, communications and remote work through cloud-based policy administration, claims, telephony and call center.
- Capital Markets Shut After Sandy Strengthens OvernightOctober 29, 2012Hurricane Sandy, the monster
storm bearing down on the U.S. East Coast, strengthened on
Monday after hundreds of thousands moved to higher ground,
public transport shut down and the U.S. stock market suffered
its first weather-related closure in 27 years.<
- Insurers Put Finishing Touches on Hurricane Sandy PrepOctober 28, 2012Insurers say they are making the
usual preparations for a hurricane - activating claims teams,
staging adjusters near the locations most likely to be affected
and generally getting ready to pay for a potentially huge volume
- Sandy Leaves 31 Dead in CarribeanOctober 26, 2012Slow-moving Hurricane Sandy, a
late season Atlantic storm unlike anything seen in more than two
decades, slogged toward the U.S. East Coast on Friday after
killing at least 31 people on a trail of destruction across the
- East Coast Prepares for Unprecedented "Frankenstorm" SandyOctober 26, 2012Virginia declared a state of
emergency on Friday, neighboring states readied utility crews
and New York City said it may shut down mass transit as
authorities along the U.S. East Coast prepared for a potential
pounding from Hurricane Sandy.See more news