Risk Management

The storm system that produced deadly tornadoes this past week, including the one that leveled Moore, Okla., is expected to cause between $2 billion and $5 billion in insured property losses, according to catastrophe modeler Eqecat.

The storm system that produced deadly tornadoes this past week, including the one that leveled Moore, Okla., is expected to cause between $2 billion and $5 billion in insured property losses, according to catastrophe modeler Eqecat.

Citizens Property Insurance Corporations Board of Governors this week took a bold yet responsible step to reduce the risk to Florida taxpayers while protecting Citizens policyholders in the event of a catastrophic storm.

The National Resources Defense Council says private insurers are turning away from climate-change risks, sending an unmistakeable signal that such risks are increasing and that costs to society are climbing, but an insurance industry association disputed some of the figures used to arrive at that assumption.

The Citizens Property Insurance Corporation Board of Governors has approved Florida-based Heritage Property and Casualty Insurance Co. to remove approximately 60,000 mulitperil properties from the state's insurer of last resorts personal lines and coastal accounts.

American International Group Inc's board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the situation.

The National Resources Defense Council says private insurers are turning away from climate-change risks, sending an unmistakeable signal that such risks are increasing and that costs to society are climbing, but an insurance industry association disputed some of the figures used to arrive at that assumption.

As news reports question the lack of shelters in Oklahoma, insurance experts say that Tornado Alley residents are more prepared than ever to handle tornado damage.