The global stock of insurance linked securities at the end of 2014 was approaching $25.2 billion. Yesterday George Osborne unleashed the giant peach for the United Kingdom in a seemingly measured statement but one full of promises.
“2.228 Global reinsurance – the government announced at Autumn Statement 2014 that it…
Read More George Unleashes the Giant Peach
The New York State Assembly recently passed a number of bills seeking to amend the state’s insurance laws. Most significantly, Assembly Bill 7455A seeks to amend New York insurance law by prohibiting insurers from using “anti-concurrent causation” clauses in homeowner and commercial insurance policies to preclude coverage for flood claims. …
Read More New York Assembly Passes Bill Prohibiting “Anti-Concurrent Causation” Clauses
In a report issued last week analyzing Superstorm Sandy, the National Hurricane Center (NHC) reviewed why Sandy was downgraded from hurricane status to a post-tropical cyclone before it made landfall in New York, New Jersey and elsewhere in the northeast, and made recommendations for changes in definitions and procedures going forward. …
Read More Lessons Learned from Sandy: National Hurricane Center Report Highlights Issue of Whether “Hurricane” Warnings and Definitions Should Be Modified
On February 5, 2013, the New Jersey Department of Banking and Insurance (“DOBI”) issued Order No. A13-104 (the “Order”) requiring insurers to expedite their response to claims complaints resulting from Superstorm Sandy. Insurers must now respond to inquiries from DOBI within five business days of receipt of a DOBI claim inquiry, and may only request one extension for an additional five business days in which to respond. …
Read More New Jersey issues Order to Speed Up Processing of Superstorm Sandy Claims
According to industry press, insurance linked security and catastrophe funds are reporting varying performance results stemming from Super Storm Sandy (the “Storm” or “Sandy”), with some funds reporting greater mark-to-market losses than others. …
Read More Insurance Linked Securities Industry Reports Varied Effects of Sandy on Fund Performance in October
Seven years ago, Hurricane Katrina made landfall in New Orleans. In the days that followed Katrina, we and others who focus on questions of insurance coverage debated whether the devastation in Mississippi and Louisiana had been caused by water or by wind. We discussed slabs, anti-concurrent causation clauses, levees, efficient proximate cause, valued policy laws, and local and national political dynamics. …
Read More Sandy: Déjà Vu?
In response to the extensive damage suffered throughout the northeastern corridor during October, 2012 as a result of Superstorm Sandy, multiple state insurance agencies are intervening on behalf of homeowners by announcing that they will not be required to pay hurricane deductibles on their insurance policies. …
Read More “Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
The Marcellus Shale Coalition will be hosting SHALE GAS INSIGHT™ 2012 at the Pennsylvania Convention Center in Philadelphia from Wednesday, September 19, through Friday, September 21. Edwards Wildman attorneys Marc Voses, Tony Hopp, Len Kurfirst and Greg Hoffnagle will provide live updates throughout the conference at www.InsureReinsure.com and @EdwardsWildman on Twitter. …
Read More Edwards Wildman to Attend Premier Industry Fracking Conference in Philadelphia
The captain of the 114,137 gross ton, 952-foot long, 4,000+ person, six-year-old Costa Concordia cruise ship who ran it aground last month reportedly initially characterized the vessel as having suffered a “small technical failure.” …
Read More A “Small Technical Failure” – Liability and Coverage Aspects Related to the Wreck of the Costa Concordia
According to British risk assessors Maplecroft, the U.S. and Japan have the highest economic exposure to natural disasters, while Asia’s emerging countries– namely, China, India and Indonesia – pose the most risk to investors due to a lack of capacity to combat the impacts of a major disaster. …
Read More United States and Japan have Highest Economic Exposure to Natural Disasters
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