ThisÃ‚ video compiledÃ‚ from images taken by the NASA GOES satellite starts on April 26 and runs through the morning of April 28, showing development of the storm system that spurred widespread tornadoes and left at least 300 dead.
It is being described as the deadliest tornado outbreak in United States history since 1974.
Cancellation insurance is a key coverage when it comes to royal weddings. The article cites one industry expert suggesting limits of 10 million to 20 million Euros ($15 million to $30 million) are not uncommon for such events.
That would include cancellation due to a major illness or death of the bride or groom or other named wedding party members, BestWire reports.
Meanwhile, for those hosting a street party — a British tradition that dates back almost a century — insurance is a must.
In an article on its website, LloydÃ¢â‚¬â„¢s explains that most councils and local authorities in the United Kingdom require you to have Ã‚ £5 million to Ã‚ £10 million ($8 million to $17 million) in public liability insurance to be able to hold a street party.
Due to increased interest ahead of the big day, specialist insurance productsÃ‚ have been developedÃ‚ to cover street party risks and enable people to go ahead withÃ‚ their festivities, according to LloydÃ¢â‚¬â„¢s.
Risk Management Solutions (RMS) cites National Weather Service reports of tornadoes across the states of Texas, Arkansas and Tennessee. A state of emergency has been declared in Arkansas based on tornado activity and flash flooding.
A tornado outside the Arkansas capital of Little Rock caused reported damage to around 10 homes, while the town of Vilonia in Faulkner County, Arkansas reported damage to between 50 and 80 properties, RMS notes.
It is now quite likely thatÃ‚ the U.S. property/casualty insurance industry will show two consecutive years of positive premium growth (2010 and 2011) Ã¢â‚¬“ for the first time since 2005 and 2006, according to I.I.I. president Dr. Robert Hartwig.
The industry reported an annualized rate of return on average surplus of 6.5 percent for 2010. The yearÃ¢â‚¬â„¢s result compares favorably with 2009Ã¢â‚¬â„¢s rate of return of 5.8 percent and the recession battered 0.6 percent rate of return in 2008, Dr. Hartwig noted.
Overall net income after taxes (profits) for the year increased by $6.0 billion to $34.7 billion from $28.7 billion in 2009.
Today both these terrorist attacks (9/11 and the Oklahoma City bombing) would be covered under the terrorism risk insurance program — a public-private risk sharing partnership that since 2002 has allowed the federal government and the insurance industry to share losses in the event of a major terrorist attack.
The 2007 extension to the terrorism risk insurance program expanded the definition of a certified act of terrorism to eliminate any distinction between domestic or foreign acts of terrorism.
The program is designed to ensure that adequate resources are available for businesses to recover and rebuild if they become the victims of a terrorist attack.
While the Obama Administration has proposed scaling back federal support of the program, the I.I.I. paper cites industry views that the program provides incentive to property/casualty insurers and reinsurers who might not otherwise provide terrorism insurance at current capacity levels or pricing.
A spring storm system that began Thursday night generated dozens of tornadoes and left a trail of damage, destruction and fatalities from Oklahoma to the Eastern Seaboard, culminating in SaturdayÃ¢â‚¬â„¢s event in North Carolina where some 92 twisters are reported to have hit.
The New York Times reports that the storms left at least 43 people dead and injured hundreds more. While itÃ¢â‚¬â„¢s too early to put an estimate on damages, the NYT indicates they will most certainly run into the tens of millions of dollars.
In the paper co-authors Dr. Robert Hartwig, president of the I.I.I. and an economist, and Dr. Steven Weisbart, senior vice president and chief economist for the I.I.I. remind us that not one property/casualty insurer failed as a result of the financial crisis or the ensuing Ã¢â‚¬Å“Great RecessionÃ¢â‚¬ .
As financial regulators consider criteria for determining which financial institutions might be systemically risky, the authors note that P/C insurance is fundamentally different from banking, and poses no systemic risk to the financial system.
Inappropriate inclusion of P/C insurers could cause harm not only to insurers, but to consumers and the efficacy of financial institution regulation in general, the paper concludes.
The National Weather Service (NWS) reports that the tornado outbreak that hit the Wisconsin area on Sunday and produced at least 10 tornadoes tied the April record set in 1984 for the biggest tornado outbreak in the state.
Ã‚ Although major metro areas like Madison, Milwaukee and Chicago were spared, at least 10 tornadoes, including a couple of strong twisters have already been documented in portions of mainly rural central and northern Wisconsin.
Bloomberg Businessweek has more on this story here.
Wisconsin was not the only state hit as tornadoes swept through both Iowa and Minnesota over the weekend.
An I.I.I. press release reminds us that given the threat that tornadoes pose to life and property, having the right insurance coverage is key.
Standard homeowners and business insurance policies cover wind damage, including that caused by tornadoes, to the structure of the building and its contents. However, itÃ¢â‚¬â„¢s important to make sure that your coverage limits reflect the cost of rebuilding the structure and fully replacing your personal belongings.
In the United States federal workers at nuclear plants may be covered under the Energy Employees Occupational Illness Compensation Program (EEOICP). The program, which started in 2001, provides compensation and health benefits to eligible department of energy nuclear weapons workers (including employees, former employees, contractors and subcontractors). There is also the state-based workersÃ¢â‚¬â„¢ compensation system.
The composite rate for U.S. property and casualty insurance was down four percent in March 2011, compared to minus 5 percent the previous four months, according to the latestÃ‚ analysis fromÃ‚ online insurance exchange MarketScout.