Allstate takes $3.68bn Katrina hit, may buy more reinsurance

Giant US primary personal lines insurer, Allstate has unveiled a pre-tax Hurricane Katrina claims of $3.68bn. The company said that based on historical recorded tropical storm activity, a catastrophe modeler had estimated that the likelihood of a hurricane surpassing this level of losses in Louisiana, Mississippi and Alabama will occur has an annual probability of 0.2%.

The firm revealed catastrophe claims and claims expense estimates from approximately 216,000 expected claims of which over 175,000 claims had been reported as of October 13th. The claims are broken

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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