| Author |
Message |
Gale Hawkins (Gale)
| | Posted on Monday, October 30, 2000 - 11:34 am: | |
Dave you are so right and have been all along the way. Some of our pet issues may be of little concern if we are not invited to the party of the future. Keep up the good job of helping all of us focus on long term key issues. |
R.D. Hood (Dave)
| | Posted on Sunday, October 29, 2000 - 10:15 pm: | |
Gale,
The adjusting costs (us) are considered as an un-allocated loss expense, as are the direct costs associated with the adjusting of the claims.
The natural ebbing of the tide, away from us, as has been noted several times, is fairly simple.
All of these "un-allocated" loss expenses will be attacked from any and all venues.
This is one of the reasons that the use of electronics for file distribution, assignment, claim handling, closing , reporting, payment and final record storage is here. These "files of the future" will be done by those that are extremely computer literate, have advanced internet capabilities and are able to understand WHY we are going in this direction.
The article (You are "E" or you are Out) was gleaned from much research, experimentation and many conversations. This, coupled with an understanding and appreciation of the conditions as they apply to our profession, was the result.
We have no control over the decisions that are made in the proverbial "Ivory Towers" of management. BUT, we do have the capacity, to look, listen and learn. And to be able to cope with the the inevitable changes that are occurring.
In short, "To be "E", or not to be "E", THAT, is the question? |
Gale Hawkins (Gale)
| | Posted on Sunday, October 29, 2000 - 8:26 pm: | |
Here is an article that kind of sums up the third quarter as to where and how much happened. I thought the last sentence was interesting in pointing out we are placed in a different cost center. It would be interesting to know that figure as well.
CATASTROPHE LOSS LOWEST IN 11 YEARSU.S. property/casualty insurers will pay homeowners and businesses $315 million for insured catastrophe losses — the lowest third-quarter amount in 11 years beginning 1990, estimates Insurance Services Office, Inc.'s (ISO) Property Claim Services (PCS) unit.
For the first nine months of the 11 years beginning 1990, this year ranks eighth in total losses, ninth in number of claims and last in number of catastrophes.
The current quarter's $315 million in losses from three catastrophic events compare with $2.1 billion in losses from seven events in third-quarter 1999. The highest-ever third-quarter catastrophe losses were in 1992, when Hurricanes Andrew, Iniki and six other events caused $17.4 billion in insured property damage from more than 1 million claims.
The three catastrophic events in the third quarter affected 12 states, primarily in the Midwest. The worst catastrophe loss was $150 million from a thunderstorm-related event in the upper Midwest in early July.
Five states sustained most of the losses in the quarter: Minnesota - $105 million; Wisconsin - $50 million; Ohio - $45 million; Michigan - $40 million; and Illinois - $16 million.
Insurers' catastrophe losses through the first nine months of this year totaled $3.48 billion, down from $8.06 billion in nine-months 1999, and $9.59 billion in the corresponding 1998 period.
For the first nine months of this year, insurers received more than 1.2 million personal and commercial property, and auto damage claims. That compares with 2.4 million claims — twice as many — in the year-earlier period.
The following is a recap of third-quarter catastrophic activities since 1990:
ISO's PCS unit defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of property/casualty policyholders and insurers.
The PCS estimate represents anticipated insured loss on an industrywide basis arising from catastrophes, reflecting the total net insurance payment for personal and commercial property lines of insurance covering fixed property, personal property, vehicles, boats, related property items, business interruption and additional living expenses. The estimates exclude loss-adjustment expenses |
Jim (Jim)
| | Posted on Friday, July 07, 2000 - 12:10 am: | |
Glad to see that everything is back to "normal."
Glad to have all you folks back. Now where in the heck is the Phantom? |
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