Article Abstract:
A study of the problems related to the apportionment of layered property coverage expenses indicates that disagreements over the apportionment of claim-related costs entail huge amounts, that foreign insurers are frequently implicated in these disputes, that claim handling expenses are not always well comprehended and that resolution is made difficult by arguments between layers of coverage and among participants on the same layer. In this light, more practical guiding principles for communication and claim coordination between multiple parties are recommended.
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Article Abstract:
The possibility of the occurrence of a major earthquake between the years 1992 and 2122 in the US and estimated losses of about $52 billion have encouraged proposals for the establishment of a Federal Earthquake Insurance Program through appropriate legislation. The program aims to link the federal government and the insurance industry in a joint effort to address the insurance needs of victims. As of now, such losses would be uninsurable and most property owners are uninterested in buying earthquake insurance.
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Article Abstract:
Florida created the Florida Commission on Hurricane Loss Projection Methodology in 1995 to settle disputes between actuaries in assessing the losses in natural disasters. The move was prompted by recent disasters such as Hurricane Hugo in 1989 and Hurricane Andrew in 1992 which have revealed inadequacies in methods of evaluating catastrophe costs. The commission set its own standards in evaluating computer-aided catastrophe models used in estimating risks and losses.
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