Category Archives: Insurance

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New Lloyd’s Chairman Sees Premiums Increasing

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The soft market can’t last forever. This thing is cyclical, we know, and commercial insurance buyers have had a very long stretch of favorable pricing. As we conveyed in Risk Management magazine last August, various industry forces appeared to be starting to turn the property/casualty market naturally. So after a devastating first quarter for catastrophe losses across the globe (Japan quake/tsunami, New Zealand earthquake, Australia floods, U.S. winter weather and tornados …) it isn’t surprising that more and more people within the industry are now expecting the market to begin hardening.

Today, none other than newly minted Lloyds Chairman John Nelson is broaching the topic.

“The challenge is to make sure that we maintain the significance and substantial improvement of underwriting standards over the last few years. That, I think, is a sine qua non for the success of Lloyd’s,” Nelson told Dow Jones Newswires.

Last year, Lloyd’s profitability fell “because it was quite a difficult year because of claims and because of low insurance premiums and low investment returns,” Nelson said.

Still, Lloyd’s managed to produce a pretax profit of GBP2.195 billion, down from GBP3.868 billion a year earlier.

“That’s still a good sign, but the conditions in the market remain challenging because you still have low investment returns, premiums haven’t increased very much and you’ve already got three major catastrophes so far this year, including Japan,” he said. “What we hope is that market participants are able to charge premiums–in some cases, it may be higher, sometimes it may not be–which are commensurate to the risks they’re taking.”

“The aim of Lloyd’s is to encourage a market where the quality of underwriting, not just risk-taking, but also the quality of premiums being charged, are balanced,” he said.

This isn’t exactly Nelson sticking a flag in the ground and preparing for a fight, but it does sound like he sees a future where premiums in many lines will be increasing in the near future.

Could Hydrofracking Cause Cancer?

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Hydraulic fracturing (hydrofracking), or the fracturing of rocks far below the earth’s surface for the recovery of oil and natural gas, has become a hot topic of conversation among conservatives, liberals and environmentalists, to name just a few interested parties. And most would agree — fracking is a controversial issue.

Environmentalists denounce the idea because of the risks posed to not only the environment, but also to humans.

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In fact, a recent Democratic report states that millions of gallons of hazardous chemicals and known carcinogens were injected into wells by leading oil and gas service companies.

Between 2005 and 2009, drillers injected 32 million gallons of fluids containing diesel into wells in 19 states, an investigation by Representative Henry A.

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Waxman (D-Calif.) concludes. Just as it recovers its footing from the 2010 Gulf of Mexico oil spill, the Administration faces a new threat, again involving a risky drilling technology and charges of lax regulation. Obama is “evaluating the need for new safeguards for drilling,” says White House spokesman Clark W. Stevens. “It’s likely that the science is going to say we need to regulate fracking,” says Tyson Slocum, director of the energy program for Public Citizen, a liberal advocacy group.

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“But Obama’s political team is going to say don’t regulate, and I think the political team will win.”

Though the Democratic report may ignite a firestorm, there are some who truly believe in the benefits of fracking. Scientists claim that switching to natural gas, the cleanest of the fossil fuels, could help slow the approach of climate change by cutting carbon dioxide emissions by 17%.

So with growing criticism towards fracking, but staunch supporters of the gas extraction method, we are left to make our own conclusions. Do the risks outweigh the benefits?

Check out the June issue of Risk Management for an in-depth article on the risks fracking presents to the insurance and reinsurance industry.

Deadly Storms Ravage Plains, Move East

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Residents of Oklahoma and Arkansas were met with the wrath of Mother Nature late yesterday as tornadoes ripped through the two states, killing at least five and causing massive damage.

“We have two fatalities and 15 people taken to the hospital with injuries,” said Capt. Jeff Sewell with the Oklahoma Highway Patrol. “There’s a tremendous amount of property damage,” he said. “Cars have been blown together. A lot of electric wires are down all over the place. Several houses were totally destroyed.”

Another three fatalities occurred in Arkansas and are being blamed on falling trees. The massive storm is not stopping there; Mississippi, Alabama and Tennessee are bracing for severe weather today, while Georgia and the Carolinas will likely see strong storms later this evening and into Saturday.

Severe thunderstorms cause significant destruction and large insured losses, as we can see from this excerpt of the Insurance Information Institute’s website:

This comes just five days after a record-setting 10 tornadoes touched down in Wisconsin. Footage of which can be seen in this video:

Georgia Storms Cause $32 Million in Insured Losses

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Georgia has been through some pretty intense weather this week. Severe storms ripped through Georgia and neighboring states, ushering in high winds, hail, lightning and at least 20 tornadoes.

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It has been reported today that seven people were killed in Georgia alone and hundreds of thousands were left without power.

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Needless to say, communities in the area are left with much to clean up.

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And insurance companies are left with a lot of claims. In fact, insured losses from the storms in Georgia are estimated at $32 million, according to Georgia Insurance Commissioner Ralph T. Hudgens. This number does not include uninsured losses and is likely to grow, he warned.

“We’ve been quite busy the last couple of — actually we’ve been busy this year,” said Richard Tison, a Claim Representative for State Farm. And the damage is not just in one place.

As Georgia residents continue the cleanup process, most can do so knowing that their electricity has been restored. As of this morning, only 300 metro Atlanta residents remained without power.