Six months ago we wrote about the 2012 Biggert-Waters Act (BW-12) and people’s reactions to it at that time. In the intervening six months, a lot of reacting has happened. Most importantly, the Homeowner Flood Insurance Affordability Act (HFIAA) was passed. After Biggert-Waters was passed, there was a public outcry. It was so universal across … Continue reading Does the Homeowner Flood Insurance Affordability Act “Gut” Biggert-Waters?
Our consultants will be busy this summer attending several industry conferences and meetings. Florida Hurricane Catastrophe Fund Participating Insurer WorkshopOrlandoMay 15-16 South Carolina Department of Insurance Public Input SessionMyrtle BeachJune 7 Society of Actuaries Medical School for ActuariesNew OrleansJune 12 Society of Actuaries Health MeetingNew OrleansJune 13-15 Florida Office of Insurance Regulation 2012 Industry ConferenceTallahasseeJune … Continue reading A Busy Summer Attending Meetings and Conferences
Financial statements from 2006 through 2010 for property and casualty insurers seem to indicate positive news: in the aggregate, the industry has demonstrated favorable development in each of those years. “Favorable development” refers to a situation such as the following, involving the fictional XYZ Insurance Company, which began writing business in 1995: At 12/31/2009, the … Continue reading Reality or Wishful Thinking? Historical Information on P&C Insurance Industry Favorable Development
After a devastating tornado season that ravaged much of the Southern United States in 2011, we may not be in the clear yet. According to AccuWeather.com, we should be gearing up for what could be another record-breaking tornado season in the United States. Warmer-than-normal temperatures in the Gulf of Mexico are expected to lead to … Continue reading Be Prepared: 2012 Tornado Season is Almost Here
M&A will be attending the 2012 World Captive Forum in Miami, January 30-February 1. The World Captive Forum is a three-day annual meeting that attracts risk managers, captive managers, captive owners, regulators and service providers to exchange ideas, network and learn from expert speakers. M&A has extensive experience providing consulting in the area of alternative … Continue reading Merlinos & Associates at the World Captive Forum
A recent article in Insurance Journal by Amy O’Connor discusses a new wave of insuring reputational risk due to the exposure created by the boom in the social media. Your first question might be, “What is reputational risk as it pertains to insurance?” In the article, the author defines reputational risk as “a company’s risk of … Continue reading Insuring Your Company’s Reputation – Literally
Florida requires drivers to have $10,000 of Personal Injury Protection (PIP) to compensate persons injured in accidents regardless of fault and property damage insurance. PIP coverage provides reimbursement for 80% of reasonable medical expenses, 60% of loss of income and 100% of replacement services, for bodily injury sustained in a motor vehicle accident without regard … Continue reading Should Florida Repeal the Personal Injury Protection Requirement for Motorists?
M&A consultant Derek Chapman was recently approved by the State of Nevada Division of Insurance to perform actuarial services for captives in that jurisdiction. Currently, Nevada ranks 4th in the nation as a domicile for captive insurers. Congratulations to Derek. Our captive actuarial experience includes work in Alabama, Arizona, Anguilla, Barbados, Bermuda, Cayman Islands, Colorado, Delaware, Kentucky, … Continue reading Derek Chapman Approved as Captive Insurance Actuary in Nevada
Recently, the Weiss Ratings for Florida Property Insurance Companies were reported. After a review of the results, the first question that comes to mind is, “Who uses these ratings?” But a further review of the ratings paints an interesting picture for the Florida Marketplace, and begs two more important questions: “Where are we now? Where … Continue reading What Do Weiss Ratings Mean for Florida Property Insurance?
Enterprise risk management is a hot topic. The charge of Enterprise Risk Management is to identify and quantify an organization’s current and potential risks and opportunities, determine the company’s risk tolerance, and decide on risk-taking and risk-avoidance strategies. Insurance professionals are especially attuned to the lessons of risk management. There is one risk that persists … Continue reading The Power of Dissent in Risk Management