|Posted on Thursday, March 29, 2001 - 10:49 am: |
I confess i confess! Actually if it would help us find work i'll confess to anything. Maybe if enough of us dance naked in the lobby of the weather channel building somethin will happen. (at least we would be feed for a while). If this goes on anylong I might have to take some satalite courses....nah! I'll flip burgers first...
|Posted on Thursday, March 29, 2001 - 9:22 am: |
And then... our girlfriend, Christina Abernathy on the Weather Channel, comes on with a chart showing for the first quarter of '01 that there has been only 49 tornados so far. This compares with something like 290 in the same period of 1999. Then some other guy says this might be due to an errant jet stream or some such other space alien conspiracy.
I think it is high time for you sinners out there to confess to your lack of heathen storm dancing and mend your evil ways. C'mon boys and girls, let's get to hoppin! Our depleted bank accounts can't be squeezed anymore than they already have.
|Posted on Tuesday, March 27, 2001 - 10:00 am: |
Well, golly-gee there fair dinkums... Could this possibly mean that the concept of 'Underwriting Profit" might be dusted off and brought back to life? Is it likely that those great ponderous dinosaurs known as Insurance Companies will go back to selling policies that can make them money instead of policies that are social welfare maintenance contracts? Will there be a pot of gold at the end of the rainbow?
I would venture to guess that depends on whether there's any thing left after the self-castration tactics of the past 30 years.
The bright note to be observed is that we storm troopers are NOT to be blamed. Last years loss ratio was successfully achieved without us!
And, what's with this rumor that the head honchos at FIG are so mad at their own staff adjusters that they want to send them all back to school to relearn the basics? ( "Last week I couldn't spell adjuster, now I are one.")
|Gale Hawkins (Gale)
|Posted on Monday, March 26, 2001 - 7:02 pm: |
The link below is good news/bad news. Cats will be up in the years ahead but some carriers may be unable to pay up. The stock market does not seem to be willing to make up for the negative cash flow of the P/C insurance industry it seems perhaps. Guess who might be expected to help out in a cash crunch?
P/C insurance industry on track to hit record poor underwriting results
Insurers' prospects for greater profitability may be diminishing in today's rapidly slowing economy. The combined ratio is on track to be 114.9 -- 4.5 points worse than 2000 -- and could hit 139.6 five years from now.
|Gale Hawkins (Gale)
|Posted on Thursday, December 28, 2000 - 10:37 pm: |
It seems that only 25% of 2000 CATS were covered by insurance world
|Scott Wiens (Digitalsaw)
|Posted on Thursday, December 28, 2000 - 5:48 pm: |
Thanks for the reponse Roy. I read the article and I found the table interesting. I appreciate the reference.
|Posted on Wednesday, December 20, 2000 - 10:22 am: |
Interesting article, all that was missing was a violin playing. You would think that the companies were losing money! It is interesting to look beyond the underwriting losses and see what they really made.
I am curious, has anyone else ever worked for a company that decided to raise reserves in December when they were having a good year?
|Posted on Tuesday, December 19, 2000 - 11:00 pm: |
OK, so I read the article and, as I see it, the upshot is for claims departments to squeeze the sponge and not overpay losses. Is this how you read it?
Now then, can this be interpreted that the various approved shop or DRP's will be flushed away like the offal they truly are?
Can it be that the accounting rule that prevents claim expense costs from being a factor in rate setting will be repealed?
Will now the claims departments be seen as the savior of the company instead of a foul stench as the other departments percieve us?
Yep! These would be just loverly XMAS presents for us all!!! Ho! Ho! Ho!
|Posted on Tuesday, December 19, 2000 - 10:32 pm: |
For a different viewpoint on 2000 losses see the following article entitled "What's Behind The Jump In 2000 Losses?"
It can be found at http://www.nunews.com/archives/pc_archive/2000/p11-27/p200048whats.asp
|Posted on Tuesday, December 19, 2000 - 4:51 pm: |
Please see the forum post that I made on 11/2. "And we wonder why there is no work." I posted most of the ISO article that Roy was refering to concerning this subject. I hope it answers all your questions.
National Catastrophe Director
RAC Adjustments, Inc.
|Roy Cupps (Admin)
|Posted on Tuesday, December 19, 2000 - 1:33 pm: |
That sounds close to what ISO reports. They state that the 3rd quarter had lowest number of catastrophe related claims in 11 years, They also report that we had only 3 catastrophic events this year, resulting in 100,500 claims, $315,000,000 in total losses. Follow this link for more info.
|Scott Wiens (Digitalsaw)
|Posted on Tuesday, December 19, 2000 - 10:23 am: |
I recently spoke with a client who stated the year 2000 was the slowest catastrophe year on record going back almost 100 years. He quoted a figure of $311 million in insurance claims due to natural catastrophes. This was as of the first of December. Has anybody else heard anything like this? We at DDS know it has been slow as many of our clients are telling us about their woes. Does anyone have any concrete numbers on this? Thanks in advance.