Article Abstract:
The property and casualty insurance industry experienced a tumultuous year in 1998. The year was marked by lobbying over financial services industry regulatory reform, which eventually was defeated. an increase in mergers and acquisitions, the continuation of the bull stock market, and huge catastrophic losses due to natural disasters. The biggest merger to affect the insurance industry was Travelers merger with the bank holding company Citicorp, which was worth approximately $36 billion. Hurricane Georges, which generated insured losses of $2.5 billion, ranked as the fourth most expensive insured catastrophe ever. Losses related to the Year 2000 computer problem looms as one of the big issues facing the industry in the next two years.
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Article Abstract:
An insurance agency can be sued for liability of an accident, based on the agency's inspection of a property where damage or injury has taken place. An insurance company could be held liable if it fails to report a safety hazard. Since insurance companies' inspections are a part of routine business, rather than being based on a contract, suits point to the company's duty in accordance with Section 324A of the Restatement (2d) of Torts. Legal points potentially raised by a plaintiff and means of defense by the insurance company are discussed.
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Article Abstract:
A number of court rulings in California on insurance coverage of potentially dangerous sports activities are contradictory to the common belief that those who engage in these activities have to assume responsibility for their actions. In a case filed against a ski area, the court ruled for the plaintiff even though enough warning signs were placed. The court reasoned that the design of the ski area was such that falling skiers are naturally propelled by gravity into the rock outcrop near the bottom.
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