Filed Under:Markets, Personal Lines

Industry Claims-Paying Capacity Will Weather Hurricane Season

The insurance industry is “financially prepared to pay the claims that may arise out of significant natural disasters in 2013 and beyond,” said Dr. Robert Hartwig, president of the Insurance Information Institute, looking ahead at a predicted active hurricane season.

The industry’s claims-paying capital was at a record $608 billion at the start of the second quarter of 2013, driven by premium growth, a reduction in catastrophe losses despite ongoing claims from Superstorm Sandy, and favorable prior-year reserve development. Direct insured catastrophe losses during the first quarter were $3.6 billion, among the costliest on record, but fell by $1 billion in the current period.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Baby, it’s cold outside! Here are 6 tips for staying safe in sub-zero temperatures

Extreme temperatures bring risks to people and property. Make sure you are taking care of yourself and your surroundings.

Top Story

5 ways insurance agencies can improve their websites

The way people use the Internet has changed over the past few years. Has your website changed with it?

More Resources


eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.