It extends from life cover policies to property policies and has significantly changed in the last five years since people want to ensure their personal properties, business properties and their lives too (Jelinek). Consequently, the performance of different insurance companies have changed widely depending on the applied techniques. Allstate Company has focused substantially on providing covers on life and homeowners, most of the people will continue insuring their lives and housesregardless of the economic depression status. On the other hand, State Farm focuses on providing cover to autos, motorbikes, and ships. Therefore, when the economic condition is poor, many people will opt to cover their lives and homes but not cars or even ship. The two insurance companies were equally affected by the stock market crash in 2008. However, they recovered very differently from the crash; by the end of 2009, roughly a year after the crash Allstate Company had recovered all it had lost. Contrastingly, State Farm had not recovered its loss until late…
Hurricane Elena was an unpredictable and damaging tropical cyclone that affected the United States Gulf Coast in late August and early September 1985. Threatening popular tourist destinations during Labor Day weekend, Elena repeatedly defied forecasts, triggering an unprecedented series of evacuations; many residents and tourists were forced to leave twice in a matter of days. Elena's slow movement off western Florida resulted in severe beach erosion and damage to coastal buildings, roads, and seawalls. The hurricane devastated the Apalachicola Bay shellfish industry, killing off vast oyster beds and leaving thousands of workers unemployed. Farther west, Dauphin Island in Alabama endured wind gusts as high as 130 mph (210 km/h) and a significant…
The effects of Hurricane Georges in Louisiana included $30.1 million in damage and three deaths. Forming from a tropical wave over the Atlantic Ocean, Georges attained a peak intensity of 155 mph (250 km/h) on September 20, 1998. Over the following several days, the storm tracked through the Greater Antilles and later entered the Gulf of Mexico on September 28, the Category 2 storm made landfall in Mississippi before dissipating on October 1. Before landfall, about 500,000 residents in Louisiana evacuated from low-lying areas. The mayor of New Orleans declared a state of emergency to allow federal assistance into the state. After nearly 1.5 million people were urged to evacuate coastal areas, officials described the evacuation as "probably the largest [...] we have ever achieved".[1]…
One day there was a hurricane this hurricane was known as Katrina. Izaac and Kamrin and Shane were playing football and we saw a deer and at that moment, a large gust of wind smacked the car in front of the deer. We went flying a few feet in the air when we gained our senses, and looked at the deer all we saw was deer guts and skin.…
On August 24, 1992 Hurricane Andrew slammed into the South Florida, devastating Homestead, Florida City and parts of Miami, then continued northwest across the Gulf of Mexico to strike Louisiana coastline.…
On August 23, 2005 a tropical depression formed over Bahamas, which later on became a category 5 hurricane that struck the Gulf of Mexico of the United State in the early morning of August 29, 2005. The hurricane caused some destruction along the coast due to the storm surge and levee failure. The day before the hurricane hit, the city had evacuated about 80 percent of the population; about 10,000 people had sought shelter in the Superdome, while other people choose to stay at home until the storm left. The government, especially the Federal government, seemed unprepared for this disaster. It took The Federal Emergency Management Agency (FEMA) days to establish the operation in New Orleans. However, officials did not know the situation in the…
Hurricane Irma left a quarter of destroyed homes in the Florida Keys along with millions without power.…
“At least 56 people in the U.S. were killed and another 67 in the Caribbean. Cost estimates have ranged as high as $60 billion so far. More than 4 million people remain without power, as crews from across the country converge on the Northeast to restore electricity.” (The Atlantic; In Focus with Alan Taylor.) Many people may be asking, what is this horrible thing that happened to the East coast? But unfortunately thousands of people are living this tragedy today. Hurricane Sandy struck on October 29, 2012 and destroyed most of the North East Shoreline, especially New Jersey. We need help from everyone, especially you, to rebuild the Jersey shore where millions of memories are lost.…
Whenever you hear that there is any kind of hurricane you should not wait to let the alert happen again you should immediately check on your local forecast. According to the national hurricane center you should not wait to evacuate because when you're driving out of town it puts you in risk because this is when everyone will be in there highest anxiety state. If you are planning on leaving plan ahead don't wait, one of the highest risk people are for is storm surge. Storm surge is when the ocean water rises up to 20 feet. The national hurricane center urges people who live in or near coast lines to evacuate storm surge is no joke and residents should leave their homes.…
Hurricane Katrina was one of the strongest storm systems to ever collide with the coastal United States in the last century. Strong winds sustained during landfall of over 140 mph combined with a very low central pressure (920 mb) to wreak havoc on many coastal communities in ways not seen before in the US (1). Despite monitoring the storms development, tracking its movement, and issuing early warnings, Hurricane Katrina has proved to be the most destructive and costliest natural disaster in the history of the United States.…
The levees and floodwalls protecting New Orleans from hurricane’s and floods were designed to withstand a category 3 hurricane. When making landfall on August 29, 2005 Hurricane Katrina was designated a category 4 hurricane; later it was downgraded to a severe category 3. Hurricane Katrina, the costliest natural disaster in US history, was also a warning shot. Located in one of the lowest spots in the US, the Big Easy is already as much as 17 feet below sea level in places, and it continues to sink, by up to an inch a year. Upstream dams and levees built to tame Mississippi River floods and ease shipping have starved the delta downstream of sediments and nutrients, causing wetlands that once buffered the city against storm-driven seas to sink beneath the waves. Louisiana has lost 1,900 square miles of coastal lands since the 1930s; Katrina and Hurricane Rita together took out 217 square miles, putting the city that much closer to the open Gulf. Most ominous of all, global warming is raising the Gulf faster than at any time since the last ice age thawed. Sea level could rise several feet over the next century. Even before then, hurricanes may draw ever more energy from warming seas and grow stronger and more frequent.…
It is a tool of risk management. Mutual support and supplement each other in providing risk mitigation to the individuals and organizations at micro level and to the country. Reinsurance is instrument of risk transfer and risk financing. Reinsurance can be described as contract made between an insurance company(insurer) and a third party (reinsurer) where in the later will protect the former by paying losses sustained by it under the original contract of insurance, unlike primary insurance, the reinsurance mainly deals with catastrophic risk which are not only highly unpredictable but have the potential capacity to cause huge devastation thereby threatening the solvency of the insurance company…
Despite the global financial crisis, the Vietnamese reinsurance segment recorded stable growth during the review period. This is attributable to the increasing cost of reinsurance protection, the nation's growing non-life and personal accident and health insurance segments, a greater understanding of the benefits of reinsurance and the removal of a government policy which forced insurance companies to cede at least 20% of their reinsurance premiums to the only domestic reinsurance company in the country. Consequently, the number of Vietnamese reinsurance companies increased from one to two in 2011.…
Topic 1. 2. 3. 4. About Insurance Sector Insurance sector in India About Birla Sun Life Products 4.1 Asset Allocation 4.2 Shares of Funds Scheme 5. Financial Performance 5.1 Income trends 5.2 Consolidated Net Revenue Mix 5.3 NET Profit after Tax Trends 5.4 New Business Growth 5.5 Total Policies Growth 6. Growth trends of Birla Sun Life Insurance 6.1 Growth in number of branches 6.2 Growth in Number of Agents 7. Strategy Followed 8. Competition 8.1 Market Share of all private cos. 9. SWOT Analysis 10. Awards…
In this report, our group will take a closer look at catastrophe insurance. We will begin with defining catastrophic risks in the general context and then proceed to disclosing the trends and pricing model of catastrophe insurance, and finally examine other related products in the catastrophe insurance market. To ensure that our report is more focused, we will limit our analysis to natural catastrophic risks and insurance in Asia, using 2011 Thai flood case as an illustration.…