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News of the Day

A review of news items on insurance and reinsurance

August 26, 2008 - The Miami Herald reports today that the four largest property insurers in the state have received a total of 9,270 claims so far for Tropical Storm Fay.

The Herald adds that Citizens Property Insurance, the state-run company and the largest insurer of homes and condos in Florida, has seen 2,158 claims, the most of any insurer.

An editorial in yesterday's Winston-Salem, N.C. Journal stated that if North Carolina doesn't reform its beach-insurance plan before the next big storm hits, many more homeowners, including those who live inland, may either be without insurance or pay much higher insurance rates.

The Associated Press reported yesterday that the number of medical malpractice lawsuits filed in West Virginia is growing slowly but steadily after legislative changes in 2001 and 2003 sent the number plunging.

A study released yesterday by Ernst & Young concludes that, when it comes to their ability to underwrite property catastrophe exposure, the biggest concern among reinsurers is quality of cedant data.