June 23, 2017

Private-Sector Insurers To Pay More Than $32 Billion In Claims From Natural Disasters In 2011

Private-Sector Insurers To Pay More Than $32 Billion In Claims From Natural Disasters In 2011

FEDERAL GOVERNMENT SET RECORD FOR DISASTER DECLARATIONS

NEW YORK, December 30, 2011—Insurance companies will pay more than $32 billion in claims to help people rebuild homes and businesses damaged or destroyed by natural disasters in 2011, a record year for federal disaster declarations, according to the Insurance Information Institute (I.I.I.).

“Catastrophes striking the United States in the first nine months of 2011 caused $32.6 billion in direct insured losses, nearly double the $18.6 billion in catastrophe-caused direct insured losses insurers generally incur over the first nine months of any given year,” said Dr. Robert Hartwig, CPCU, the president of the I.I.I. and an economist, citing figures released earlier this month by ISO’s Property Claim Services. “The $32.6 billion figure doesn’t even include the significant insured losses which arose after the pre-Halloween snowstorm, which caused enormous damage to multiple states along the Atlantic seaboard. Coupled with other events in 2011’s fourth quarter, direct insured losses could exceed $35 billion this year.”

Despite the frequency and severity of 2011’s natural catastrophes in the U.S., policyholders’ surplus—insurers’ net worth measured according to Statutory Accounting Principles—fell only four percent to $538.6 billion as of September 30, 2011 as compared to $559.2 billion at year-end 2010.

“The policyholders’ surplus number is a sure sign that U.S. property/casualty insurers remain well-capitalized, and capable of paying future claims,” Dr. Hartwig stated.

via III – Private-Sector Insurers To Pay More Than $32 Billion In Claims From Natural Disasters In 2011.

Comments

  1. PublicAdjuster says:

    American Property Loss Services’ adjusters are there to make sure that if and when the time comes, your insurer will pay out what you are entitled to and that they are not just adding to their surplus.

    Call today for your free claim review.

    855 – 757 – 2757 and remember “Your Recovery is our Success!”

Speak Your Mind

*

Site by Lizardwebs.net