Insurable losses of up to $11 billion for Louisiana floods
The industry ground-up insurable losses (which may or may not actually be insured) from the Louisiana floods from excessive rainfall in August are estimated to be in the range of $8.5 to $11 billion says catastrophe risk modeling firm AIR Worldwide.
The estimate includes insurable physical damage to property (including contents) and autos; and direct business interruption losses. However, it does not include losses to land, infrastructure, CAR/EAR, Marine Hull or Marine Cargo lines, indirect business interruption, loss adjustment expenses or demand surge.
Canadian insurers await debate on genetic discrimination bill
Canada’s House of Commons is debating a bill this week which would impact the insurance industry and employers.
The Senate has already unanimously approved Bill S-201 which would mean that insurers and employers would be prohibited from accessing the results of genetic testing by those concerned about their likelihood of contracting certain conditions.
While those in favor of the bill say it will protect individuals from discrimination, the insurance industry opposes it on the basis that it means consumers will know more about the risk than their insurers.
When Frank Swedlove, president and CEO of the Canadian Life and Health Insurance Association appeared before a Senate committee meeting he said that the proposed legislation "is directly contrary to the principle of equal information, which is the foundation of our insurance system."
USI to acquire Atlanta brokerage
USI Insurance is to acquire Atlanta P&C and employee benefits insurance brokerage Johnson & Bryan for an undisclosed sum.
“We are thrilled to welcome Johnson & Bryan, Robert [Wynne, president] and the entire team to USI,” commented Michael J. Sicard, chairman and chief executive officer of USI.
“Johnson & Bryan has a long history of exceptional professionalism with tremendous people who are dedicated to helping businesses thrive. Their strong customer and community ties will play an important role in helping us to grow our presence in Atlanta and throughout the southeast, and we look forward to continuing their long-standing tradition of always going the extra mile and custom-tailoring an approach to every risk."
USI says that all current Johnson & Bryan employees will be offered employment with USI. The deal is expected to complete in the fourth quarter of 2016.
Former insurance pro switches to law career aged 75
You’re never too old for a career change as a former Tennessee insurance salesman is proving.
Jim Edwards is awaiting approval to become a lawyer following graduation from law school in July, aged 75. If he is admitted to the bar, he is yet to decide if he will accept a job offer from a local law firm or set up his own practice.
Edwards started a specialty insurance brokerage, Bailey Special Risks, in 1989 in Hendersonville, TN and it was there that he really took an interest in the plight of those who had a strong legal case but unable to afford a lawyer.
So, when he sold his insurance business in 2009, he returned to studies and in 2014 started at Nashville School of Law. At the time he told USA Today that he is thankful that his insurance career has given him the time and money to go back to school in retirement.
Two years and a graduation later, he will find out if he is admitted to the bar next month.