Claims

Last week’s events in Japan has the world—and the insurance industry—reeling. Not only has Japan seen an enormous earthquake and the resulting tsunami, but the country is still trying to avoid what could be an even bigger catastrophe—failure of one or more nuclear power plants.

Last week’s events in Japan has the world—and the insurance industry—reeling. Not only has Japan seen an enormous earthquake and the resulting tsunami, but the country is still trying to avoid what could be an even bigger catastrophe—failure of one or more nuclear power plants.

Texas State Rep. Larry Taylor has filed a bill meant to reform the Texas Windstorm Insurance Association.

While the industry tries to get a handle on losses coming from Japan in the wake of the recent earthquake, insurers in California can expect to see business interruption and other claims from damage caused to marinas by tsunami waves that hit the coast.

In the first of three parts of a series, the president and CEO of the International Insurance Institute explains his five standards of a great claims organization.

The insurance industry is just beginning to grasp the consequences following the massive earthquake and tsunami in Japan late last week, with one catastrophe modeler estimating insured property losses at $35 billion.

More information about Friday's earthquake and tsunami in Japan are coming out, with many estimates of total and insured losses being made by modelers. But that's not all that's making news.

Now more than at any time since the savings and loan crisis in the 1980s, directors and officers of financial institutions must be aware of liability risks related to performance of their duties. The FDIC is on a litigation campaign.