Last year saw the greatest economic toll for natural catastrophes and man-made disasters, at $370 billion, according to Swiss Re.
Insured losses in 2011 ranked as the second-highest sum ever in a year, at $116 billion.
The highest loss was the Japanese earthquake and tsunami, which at $35 billion was the largest quake loss ever for the insurance industry.
Flooding in Thailand caused insured losses of $12 billion, making it the most expensive insured loss for a single flood event.
Other disasters included $25 billion in insured losses for U.S.
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A blaze that may have been sparked by a prescribed burn conducted by the Colorado State Forest Service and ignited by high winds on Monday is now at 90 percent containment, the Forest Service said Saturday afternoon.
The Lower North Fork wildfire in Jefferson County is estimated to have consumed 4,140 acres and has reportedly destroyed 25 structures, revised downward from 27, and killed two people.
Evacuations are still in effect for 180 homes.
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Insurance Bureau of Canada (IBC) has applauded the federal government for proposing up to $99.2 million for provinces and territories to work on permanent flood mitigation measures.
The funding, which will go those regions affect by 2011 flooding, was announced on Mar. 29 in the federal budget.
“As the insurance industry, we are concerned with climate adaptation issues,” says IBC president and CEO Don Forgeron. “We want governments at all levels, the private sector, citizens and community groups to come together for an effective severe weather adaptation strategy.”
Flooding in Manitoba and Saskatchewan in Spring 2011 forced governments to pay more than $1 billion for compensation and protection measures. Histori
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Kentuckys General Assembly has given final passage to legislation that would exempt the Amish from a longstanding requirement that they affix bright orange safety triangles on their slow-moving buggies.
Lawmakers, in a debate watched by other states with sizable Amish populations like Kentucky, were left to weigh religious rights against traffic safety.
The House approved voted 75-21 for a bill that would allow the Amish to use reflective silver or white tape on the backs of their horse-drawn buggies — instead of orange traffic triangles normally required for slow-moving vehicles. The Senate had unanimously passed the bill last month and the measure now goes to Gov. S
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Canadian property and casualty (P&C) companies reported a profit of $4.53 billion in 2011, according to figures released by MSA Research Inc.
MSA Research’s aggregate industry totals are derived from the individual results of 220 Canadian property and casualty insurers.
Overall, the industry wrote $48.5-billion worth of premiums in 2011 (up 7% from 2010), according to MSA. It paid out $32.04 billion in net incurred claims (up 6% from 2010).
On the whole, the industry recorded an underwriting profit of $368.7 million in 2011. I
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