Insurance ins and outs
With wildfires searing one coast and tropical storms tossing lightening and hail on the other, insurance company executives must be watching The Weather Channel with the remote in one hand and a box of tissues in the other.
Not a bad time for us to take a look at the insurance industry, which will be paying out its share of claims after the meteorological mayhem dies down.
I’m talking mainly here about hazard and property insurance for businesses and individuals – the type of policies that will be paying out for damages to dwellings, automobiles, personal property, commercial property, crops and other catastrophic losses. And I’m not suggesting that you look for direct correlation between weather woes and the underwriters’ financial performance – in fact according to the Dow Jones Property & Casualty Insurance Index, these stocks have been buoyed along with the rest of the market in recent months.
But if you’ve got a substantial insurer in your backyard, it’s worth checking in and it’s a good opportunity to improve your knowledge of the industry. If you don’t have any large underwriters nearby, it’s still a good idea to familiarize yourself with resources for consumer insurance stories.
Start with state regulators; a shortcut is through the National Association of Insurance Commissioners. It offers a really handy state map that will get you to the insurance oversight board in your state with one or two clicks. In addition to research materials, fact sheets and surveys, many sites offer fraud alerts, legislative updates, rate information, disciplinary action and other information.
Similar resources are available via industry and lobbying organizations.Trade groups include the National Association of Mutual Insurance Companies and the American Insurance Association.
A recent Consumer Reports blog item warns homeowners that their policies may not cover all hurricane damage and the magazine’s September edition also includes an article about dwindling coverage.
Hazard insurance may not be the sexiest topic, but it’s one your readers care about when the wind is licking at the roof and the p.m. commute ends with the sound of crumpling fenders.
Come back to Your Daily Tipsheet each morning for advice on where to find sources, background and creative ways to make financial news and trends relevant to your audience.
Not a bad time for us to take a look at the insurance industry, which will be paying out its share of claims after the meteorological mayhem dies down.
I’m talking mainly here about hazard and property insurance for businesses and individuals – the type of policies that will be paying out for damages to dwellings, automobiles, personal property, commercial property, crops and other catastrophic losses. And I’m not suggesting that you look for direct correlation between weather woes and the underwriters’ financial performance – in fact according to the Dow Jones Property & Casualty Insurance Index, these stocks have been buoyed along with the rest of the market in recent months.
But if you’ve got a substantial insurer in your backyard, it’s worth checking in and it’s a good opportunity to improve your knowledge of the industry. If you don’t have any large underwriters nearby, it’s still a good idea to familiarize yourself with resources for consumer insurance stories.
Start with state regulators; a shortcut is through the National Association of Insurance Commissioners. It offers a really handy state map that will get you to the insurance oversight board in your state with one or two clicks. In addition to research materials, fact sheets and surveys, many sites offer fraud alerts, legislative updates, rate information, disciplinary action and other information.
Similar resources are available via industry and lobbying organizations.Trade groups include the National Association of Mutual Insurance Companies and the American Insurance Association.
A recent Consumer Reports blog item warns homeowners that their policies may not cover all hurricane damage and the magazine’s September edition also includes an article about dwindling coverage.
Hazard insurance may not be the sexiest topic, but it’s one your readers care about when the wind is licking at the roof and the p.m. commute ends with the sound of crumpling fenders.
Come back to Your Daily Tipsheet each morning for advice on where to find sources, background and creative ways to make financial news and trends relevant to your audience.
Labels: American Insurance Association, insurance weather, jobless claims, National Association of Insurance Commissioners, National Association of Mutual Insurance Companies, property insurance
posted by Melissa Preddy
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4:32 PM
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