“The Northeast may be the most overlooked of all the risk out there,” Robert Hartwig, president of the Insurance Information Institute, said in this week’s BestWeek U.S./Canada. “Insurers are well aware of the potential here. There are those that say hurricanes in the Northeast are so unlikely, insurers should not be permitted to charge for that probability. Nothing can be further from the truth.”
Modeler AIR Worldwide paints a grim picture if a Category 3 or 4 storm hits the metropolitan area, according to BestWeek. A presentation given in New York by the institute outlined the findings. Insured losses could reach $110 billion from Rhode Island to New Hampshire. It happened once. In 1938 a hurricane known as the “Long Island Express” barreled into New England, causing $308 million in damages and more than 600 deaths.
In BestWeek Europe, European reinsurers continued to feel the sting of volatile financial markets in their investment portfolios over the first quarter, while pointing to signs of better underwriting conditions in the January and April renewal periods. First-quarter net income was up for some reinsurers but down for others. All are expressing confidence that the market will improve over the rest of 2009, as primary insurers seek more reinsurance protection to cover their own strained balance sheets.
Also in BestWeek U.S./Canada, it is no surprise that states like Texas, Florida and other coastal states had the highest average homeowners insurance premiums in the United States in 2006, according to the latest data available from state regulators. However, it is possible rates could rise in other areas as insurers look for rates to match increasing wind and hail risks in the Midwest, for instance. In addition, insurers recognize losses are going to escalate with increases in development over the recent past.
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- The Co-operative Insurance has launched a new range of specially designed sector-specific, flexible packaged business insurance products.
The range of tailored insurance products have been developed to meet the protection needs of the self employed, shop and salon owners, publicans, restaurateurs, hoteliers, office and surgery owners and residential property owners. The products are focused primarily on smaller business, which now make up the majority of businesses in the UK, and sole traders which account for a massive 74 per cent of all UK businesses. The products allows shop, salon, office, surgery, pub, restaurant and hotel owners to benefit from a range of insurance products as standard whilst offering them the chance to pick and choose a range of market leading optional add-ons. These include; employee dishonesty cover and 24-hour personal accident cover (Shop and Salon, Office and Surgery, Pub, Restaurant and Hotel), engineering protection (Residential Property) and contract works cover (Self Employed), to name a few.
Anyone interested in taking out a packaged business insurance policy should call 0800 046 6342 for a quotation or make an appointment with one of The Co-operative's Financial Advisers.