NOT FOR REPRINT
Page Printed from: propertycasualty360.com/author/profile/chad-hemenway-mark-e-ruquet/
Due in no small part to major flooding in Manhattans subway system, New York Citys Mass Transit Authority reports estimated Sandy-related losses of $5 billionof which private insurers should kick in more than $1 billion.
American International Group (AIG) estimates its total insured losses from Superstorm Sandy will come to approximately $2 billion.
Tower Group expects an after-tax net loss of between $55 million and $68 million next quarter due to Superstorm Sandy, while Fitch Ratings says insurers can easily handle the lossesand then some.
Third-quarter results are rolling in, and the theme remains the same as it has been throughout the year: Catastrophe losses are dragging down profits.
Catastrophes continued to impact carriers through August, with personal-lines insurers reporting elevated claims activity for the month.
Catastrophes continue to drive down second-quarter results for insurers as both domestic carriers and Bermuda companies report net-income declines and even losses, headlined by Allstate’s $620 million second-quarter loss.
Catastrophe-risk modeler EQECAT has dramatically changed its estimate of insured losses from the Tohoku, Japan earthquake to between $22 billion and $39 billion.
Insurance-industry experts are cautioning that the death of Osama bin Laden does not represent the end of the terrorism threat for the United States. The threat, in fact, may worsen if terrorists seek to execute a reprisal attack.
In the wake of a magnitude 9.0 earthquake that struck Japan on March 11, with insured-loss estimates reaching as high as $35 billion, analysts and rating agencies fell on either side of the debate about whether the event will cause a turn in the long-running soft-market cycle.
{ "author": { "name": "Chad Hemenway Mark E Ruquet", "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet/", "description": "", "imageLarge": "https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g", "estimate": 9, "social": [], "articles": [ { "uri": "/2012/12/13/new-york-mta-says-insurers-on-hook-for-excess-1b/", "title": "New York MTA Says Insurers on Hook for Excess $1B", "byline": "Chad Hemenway, Mark E. Ruquet", "kicker": "News", "prettyDate": "December 13, 2012", "timeToRead": "1 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet/", "name": "Chad Hemenway, Mark E. Ruquet" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "Due in no small part to major flooding in Manhattans subway system, New York Citys Mass Transit Authority reports estimated Sandy-related losses of $5 billionof which private insurers should kick in more than $1 billion.", "body": null }, { "uri": "/2012/12/13/aig-projects-2b-sandy-loss-chubb-hartford-hanover-among-carriers-with-estimated-hundreds-of-millions-in-losses/", "title": "AIG Projects $2B Sandy Loss; Chubb, Hartford, Hanover Among Carriers With Estimated Hundreds of Millions in Losses", "byline": "Chad Hemenway, Mark E. Ruquet", "kicker": "News", "prettyDate": "December 13, 2012", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet/", "name": "Chad Hemenway, Mark E. Ruquet" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "American International Group (AIG) estimates its total insured losses from Superstorm Sandy will come to approximately $2 billion.", "body": null }, { "uri": "/2012/11/19/sandy-to-be-largest-cat-event-in-tower-groups-history-fitch-says-industry-can-easily-handle-superstorms-losses/", "title": "Sandy to Be Largest Cat Event in Tower Group’s History; Fitch Says Industry Can Easily Handle Superstorm’s Losses", "byline": "Chad Hemenway, Mark E. Ruquet", "kicker": "News", "prettyDate": "November 19, 2012", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet/", "name": "Chad Hemenway, Mark E. Ruquet" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "Tower Group expects an after-tax net loss of between $55 million and $68 million next quarter due to Superstorm Sandy, while Fitch Ratings says insurers can easily handle the lossesand then some.", "body": null }, { "uri": "/2011/11/04/3q-earnings-catastrophes-continue-to-plague-insure/", "title": "3Q Earnings: Catastrophes Continue to Plague Insurers’ Results", "byline": "Chad Hemenway, Mark E. Ruquet", "kicker": "", "prettyDate": "November 04, 2011", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet/", "name": "Chad Hemenway, Mark E. Ruquet" } ], "kickerNode": [], "summary": "Third-quarter results are rolling in, and the theme remains the same as it has been throughout the year: Catastrophe losses are dragging down profits.", "body": null }, { "uri": "/2011/09/22/natural-catastrophes-continue-to-challenge-insurers-through-august/", "title": "Natural Catastrophes Continue To Challenge Insurers Through August", "byline": "Chad Hemenway, Mark E. Ruquet, Caroline McDonald", "kicker": "News", "prettyDate": "September 22, 2011", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet-caroline-mcdonald/", "name": "Chad Hemenway, Mark E. Ruquet, Caroline McDonald" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "Catastrophes continued to impact carriers through August, with personal-lines insurers reporting elevated claims activity for the month.", "body": null }, { "uri": "/2011/08/04/2q-results-cats-still-the-story-allstate-ceo-addresses-agent-morale/", "title": "2Q Results: Cats Still The Story; Allstate CEO Addresses Agent Morale", "byline": "Chad Hemenway, Mark E. Ruquet", "kicker": "News", "prettyDate": "August 04, 2011", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet/", "name": "Chad Hemenway, Mark E. Ruquet" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "Catastrophes continue to drive down second-quarter results for insurers as both domestic carriers and Bermuda companies report net-income declines and even losses, headlined by Allstate’s $620 million second-quarter loss.", "body": null }, { "uri": "/2011/05/16/eqecat-increases-japan-quake-loss-estimate/", "title": "EQECAT Increases Japan-Quake Loss Estimate", "byline": "Chad Hemenway, Mark E. Ruquet", "kicker": "News", "prettyDate": "May 16, 2011", "timeToRead": "2 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet/", "name": "Chad Hemenway, Mark E. Ruquet" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "Catastrophe-risk modeler EQECAT has dramatically changed its estimate of insured losses from the Tohoku, Japan earthquake to between $22 billion and $39 billion.", "body": null }, { "uri": "/2011/05/06/death-of-bin-laden-doesnt-lessen-terror-threat/", "title": "Death Of bin Laden Doesn’t Lessen Terror Threat", "byline": "Chad Hemenway, Mark E. Ruquet", "kicker": "", "prettyDate": "May 06, 2011", "timeToRead": "6 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet/", "name": "Chad Hemenway, Mark E. Ruquet" } ], "kickerNode": [], "summary": "Insurance-industry experts are cautioning that the death of Osama bin Laden does not represent the end of the terrorism threat for the United States. The threat, in fact, may worsen if terrorists seek to execute a reprisal attack.", "body": null }, { "uri": "/2011/03/18/japan-rocked-by-9-0-quake-will-it-change-the-market/", "title": "Japan Rocked By 9.0 Quake; Will It Change The Market?", "byline": "Chad Hemenway, Mark E. Ruquet, Susanne Sclafane, Phil Gusman", "kicker": "", "prettyDate": "March 18, 2011", "timeToRead": "8 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/chad-hemenway-mark-e-ruquet-susanne-sclafane-phil-gusman/", "name": "Chad Hemenway, Mark E. Ruquet, Susanne Sclafane, Phil Gusman" } ], "kickerNode": [], "summary": "In the wake of a magnitude 9.0 earthquake that struck Japan on March 11, with insured-loss estimates reaching as high as $35 billion, analysts and rating agencies fell on either side of the debate about whether the event will cause a turn in the long-running soft-market cycle.", "body": null } ] } }
From gryphon.ai
Is your organization protected against costly Do Not Call (DNC) and Telephone Consumer Protection Act (TCPA) violations and fines? This comprehensive checklist explores key compliance areas, offering insights to mitigate risks and protect your brand reputation in 2024.
Download ResourceFrom OneShield
Commercial insurers have faced many challenges in 2023 due to a record number of billion-dollar weather events, inflation and a tightening reinsurance market. The increasing focus on individual risk levels in the reinsurance market requires insurers to embrace new technology, data, and tools to improve loss ratios and customer satisfaction. This eBook explores solutions to navigate these challenges and enhance risk management capabilities.
Download ResourceFrom Origami Risk
Explore common pitfalls in core insurance transformations and how to avoid them. Discover comprehensive strategies and best practices to successfully plan and execute a cloud implementation in this comprehensive white paper.
Download ResourceFrom gryphon.ai
This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.
Download ResourceFrom Origami Risk
Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.
Download ResourceFrom Melissa
As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.
Download ResourceFrom gryphon.ai
Empower your organization to excel in marketing outreach without compromising compliance. This guide offers a roadmap to implement a best-in-class contact compliance strategy so that your organization can continue successful marketing campaigns, ethically and legally.
Download ResourceFrom gryphon.ai
Is your organization protected against costly Do Not Call (DNC) and Telephone Consumer Protection Act (TCPA) violations and fines? This comprehensive checklist explores key compliance areas, offering insights to mitigate risks and protect your brand reputation in 2024.
Download ResourceFrom OneShield
Commercial insurers have faced many challenges in 2023 due to a record number of billion-dollar weather events, inflation and a tightening reinsurance market. The increasing focus on individual risk levels in the reinsurance market requires insurers to embrace new technology, data, and tools to improve loss ratios and customer satisfaction. This eBook explores solutions to navigate these challenges and enhance risk management capabilities.
Download ResourceFrom Origami Risk
Explore common pitfalls in core insurance transformations and how to avoid them. Discover comprehensive strategies and best practices to successfully plan and execute a cloud implementation in this comprehensive white paper.
Download ResourceFrom gryphon.ai
This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.
Download ResourceFrom Origami Risk
Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.
Download ResourceFrom Melissa
As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.
Download ResourceFrom gryphon.ai
Empower your organization to excel in marketing outreach without compromising compliance. This guide offers a roadmap to implement a best-in-class contact compliance strategy so that your organization can continue successful marketing campaigns, ethically and legally.
Download ResourceFrom gryphon.ai
Is your organization protected against costly Do Not Call (DNC) and Telephone Consumer Protection Act (TCPA) violations and fines? This comprehensive checklist explores key compliance areas, offering insights to mitigate risks and protect your brand reputation in 2024.
Download Resource