For the property/casualty insurance industry, 2011 was a remarkably “sharing” year. I don’t mean what you think. I’m talking about sharing on social media websites. Of the eleven most shared events during the year, three were directly related to property loss. The Japanese tsunami, Hurricane Irene, and the U.S. East Coast earthquake were major occasions [...]
Property
For many insurers, 2011 will go down in history as one of the costliest years ever for weather-related losses. In the spring, we had deadly tornadoes and powerful hailstorms. Later on, it was wildfires, tropical storms, and hurricanes. By the end of June, the industry had suffered an estimated $23 billion in direct insured losses [...]
Cross-selling is big business for insurance companies. Retention rates are about 10 percent higher for customers who bundle their auto and homeowners policies compared with monoline policyholders. And, of course, if you can get a customer to buy two policies in one transaction, you increase your revenue and decrease your average acquisition costs. To entice [...]
2011 is shaping up to be a year that contradicts historical patterns. Since 1950, when ISO’s Property Claim Services (PCS) began to keep records on catastrophes, 88 hurricanes have met the organization’s definition of a catastrophe, and those storms have cost insurers more than $136.5 billion.[1] During the same period — 1950 to 2010 — 1,251 [...]
Like all of you, I, and everyone at Xactware, have been closely watching the events in Japan. Certainly our hearts go out to the many victims of the earthquake and tsunami. Much of the disaster is still unfolding and the full extent of the damage is still being calculated, but it’s already clear that there has been a significant loss of life and years of rebuilding are ahead.
