This Blog covers the ABA Tort Trial & Insurance Practice Section's series of podcasts, teleconferences, and live programs dedicated to Disaster Preparedness and Response. It addresses issues arising out of disasters caused by foreign and domestic acts of terrorism, by negligent acts, by natural events and by threats to our cyber-security and will confront the issues of preparedness, risk management, recovery and response, liability, insurance, claims and litigation.
The Insurance Information Institute has released a presentation on how the near-record breaking disasters in 2011 will impact the property/casualty insurance industry. Containing detailed, updated numbers for global and U.S. catastrophe losses and the most up-to-date economic information and underwriting and investment performance data, the presentation focuses on four key aspects of the property/casualty insurance market: underwriting; surplus/capital/capacity; reinsurance market conditions; and renewed pricing discipline. The report notes that there were a record $380 billion in global economic losses globally in 2011 and $105 billion in insured losses. The presentation is made, as usual, by Robert Hartwig, President of the Insurance Information Institute, and was presented recently to the Insurance Federation of New York. Dr. Hartwig will be one of the speakers at the American Bar Association's Section on Tort, Trial & Insurance Practice's Disaster Preparedness and Response program on Disasters Caused by Terrorist Acts, which will take place in Chicago, on August 3, 2012. For more information about this program and TIPS Disaster Initiative, please click here.