Wednesday, March 7, 2012

Early March Tornadoes Create Huge Insured Loss Risk

In this linked article, the author discusses the March tornadoes and their devastating affect on the insurance marketplace.  Equcat is stating that this storm season is already running 30% ahead of 2011.  On the insurance front, property rates are rising and excess capacity is being absorbed by the losses.  Carriers are reassessing their geographic diversity.  What all this means is that disaster preparedness is critical and disaster response must be organized and ready.  Was the Midwest and South prepared?  Are the local and regional governments responding well?  Is the federal government responding well?  What will happen when the next round of storms hit?

The latest storms and how local and regional governments prepare for and respond to those storms will be a topic discussed on May 17 at the ABA's Tort Trial & Insurance Practice Section's Spring Meeting in Charleston, SC.  For information on how to attend this program featuring national and local elected officials and disaster preparedness experts, please click here.

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