Mississippi Insurance

Assekuranz estimates for the total insured damage from Hurricane Katrina are being a little large and rapidly changing - above $ 25 billion to 60 billion dollars. But Standard & Poor’s, remains sceptical about the reliability of these figures. On this point, we can say with confidence that projected losses have increased dramatically with the initial estimate.

S & P has evaluated personal lines, lines of commerce and reinsurance companies, as well as loan and mortgage insurers insurer. On September 9, Standard & Poor’s Ratings Services Credit Watch with a negative impact on their rating of the evaluation 10 insurance and reinsurance with groups vis-à-vis the exposure and without the catastrophic losses of Hurricane Katrina (see list). The ratings on insurers with potential losses in the expectations have not been on Credit Watch in this period.

Compared to their credit ratings companies Watch sufficient risk management and risk reduction measures skills, capital and liquidity for the losses they are likely. It is however an abnormally high level of uncertainty is the assessment of the extent of rights they may face, and the standard models used in industry for predicting catastrophic losses from hurricane scenarios might be not all risks involved in the game now. Given that most companies, to a large extent on these models to price developments and their risk management policy, insurers and reinsurers with the greatest exposure in general are not yet capable of fully appreciate the magnitude of their potential losses.

Currently, we believe that most of these risks has the greatest impact on commercial lines insurers and reinsurance providers. Personnel of enterprises in significant losses of lines.

NO CERTANTIES. S & P and its comments on life insurance and health insurance. However, few make an assessment of life and health insurance have significant concentrations of risk to the markets concerned, especially because of their geographic diversity General or the home. Admittedly, there are some business interruption, reduced turnover, higher expenditures and perhaps even the insured loss in the context of overall income and financial resources in most companies evaluated, no votes will be probably affected.

The Credit Watch Highlight stages of persistent insecurity in the equipment sector precise quantification of assurance’s ultimate exposure. However, demotions are not inevitable. S & P reunion will soon be available with the management companies on Credit Watch and awaits a solution to the status of most cases today, within 90 days. The status of the ratings of several companies, but could also take longer to resolve.

In addition, the overall situation remains quite uncertain, another burden on the risks of developing contingencies may require more credits Watch places.

What are the companies. The list of insurers and reinsurers, with notations on the appropriations Watch with negative implications follows. Suppose that the additional capital will not be perceived as losses grow larger quantities ratings are reduced, and those who are concerned decreased by more points:

ACE (ACE): The rating (Counter Party credit rating BBB +) on Credit Watch has been negative, since the result perhaps expectations are not met, on the basis of insecurity and the amount of hurricane Katrina losses. If S & P decides to lower the rating of the ACE, it is unlikely that this note is reduced by more than one notch.

Allmerica Financial (AFC): The decision in the ratings Allmerica Financial (BB) and its claims of member organizations on Credit Watch is based on its significant exposure in Louisiana, particularly in homeowners and communication multi-risk . If the insured, the real damage Katrina are much higher than current estimates of industry, then Allmerica net loss could have a significant impact on its activation.

Allstate (ALL): The decision of all classifications Allstate (A +) on Credit Watch with negative effects was based on the high degree of uncertainty with regard to companies on the potential loss exposure Hurricane Katrina’s devastating impact on Louisiana, Mississippi and Alabama. In addition, Allstate does not have reinsurance protection in these countries.

Society of Lloyd’s: Credit Watch placement reflects the uncertainty about the magnitude of the consequences of Hurricane Katrina on Lloyd (A), whose specialties insurance and reinsurance of offshore energy installations, property damage and interruptions of operations. Since Lloyd’s is a market, it is in the process of collection, validation and aggregation of data from each of its unions and publish estimates, if the transaction is completed.

“Katrina” gives rise to questions, demand flow supply, reinsurance recovery and liquidity. Standard & Poor’s does not expect that the payment of market capacity affected, but. Standard & Poor’s will meet with management to resolve the Credit Watch placement. If, after the dissolution of the Credit Watch placement Standard & Poor’s decides to reduce the Ratings of Lloyd’s accounts is expected lowered in several points.

The devastation that Hurricane Katrina is added in Louisiana, Mississippi and Alabama has pushed the price of gasoline and natural gas. More Fallout on the way.

The inhabitants of coastal regions like Hampton Roads and North Carolina’s Outer Banks, see maybe insurance costs to escalate their owners, agents and scientists, the study of the insurance sector said.

“I believe that companies avoid reactions reflexes, but once they have a better standard for damage caused to the owners, they may, after a few increases,” said Waranch Seeman, president of the Virginia Beach Company Agency Insco Group Inc.

In the north-east of North Carolina, many homeowners have already seen increases of 15 percent of the cost of the scope of this year, and others should be increased, “said David R. Twiddy, President of Gateway Bank & Trust Co. Elizabeth City and director of the bank-insurance - Agency.

“I think you’ll see homeowners to strengthen the market” because the damage caused by Katrina, he said.

Large insurers, including State-owned enterprises and the United Services Automobile Association, emphasized that it is too early to determine what effects could have “Katrina” on insurance costs on owners home in Louisiana, Mississippi and Alabama. Like other insurers, USAA weighs a number of factors when setting rates for homeowners of their policy. “We do not raise our prices are based on one-time event,” said Karen King, a spokesman for the company in regional offices in Norfolk.

Look no further than the local courthouse to find the reason for misconduct skyrocketing insurance premiums, the insurer 60 percent of doctors in the nation.

The proof is, however, on assumptions and a laundry list of IFS, goals and maybes.

Physicians Insurance Association of America, which is composed of 40 companies doctor debt on lawyers, the complainant and states like Mississippi, it’s missing, beyond borders, as a lot of money doctor Juries may award the legal responsibility of victims of pain, suffering and mental fear.

“It is absolutely clear: there are many premiums lower in countries that have passed offence reform,” said Bruce Wilson, director of government relations with doctors Insurance Association.

The only thing that is clear is that prices have the wind in their sails - about 7 percent per annum during the last six years, said Wilson.

JACKSON, Miss - Mississippi ’s jury is costly fuel stops brüllender a debate between political, economic and medical interests and trial lawyers during the session of the legislative process begins, Jan 8

Even if the heart and soul of the law of damages debate is public safety and the prices paid for everything from housing to food, the audience is seated, as a general rule, complexity, rhetoric-filled arguments.

A lecture on the coast of the Gulf Business Expo in October was cancelled at the last minute, if nobody showed to hear.

But last week, legislators, lobbyists, doctors, lawyers and businessmen, filled chambers of the Supreme Court of the former State Capitol to discuss before a joint meeting of the House of Representatives and Senate insurance committees.

Mississippi companies want to limit procedures for actions or wrongdoing. Dire lawyers, the state civil justice is in order, as it is.

“This study are not lawyers Robin Hood,” said Ron Aldridge, director of the State National Federation of Independent Business. “You are pirates.”

Consumers ultimately pay insurance costs or higher prices higher prices for products and services, say, the economy and consumer associations.

Mississippi is one of only 11 remain, not the amount of money can be attributed Jurys claimants.

BIRMINGHAM, Ala. _ It is 38 years, James Meredith. “Bull” Connor was 37 years old. Selma, 35

This has been another type of Great American Drive. Not that we absolutely avoid FunStuff _, we’re just here _ but it was more as museums and restaurants. And he was.

This has been informed of the man.

It quickly became information on events, deserve more than this, but it is a story of the journey, not a manual or documentary. For those who lived during this time, or for those who have studied or stories, other references are replaced by the deeper meaning.

_ For the rest of you think that this second America’s Civil War. Make sure it would be today to drive or Gettysburg and Antietam visit with a soldier, fought there, or an eyewitness to this kind of history.

On these battlefields in Alabama and Mississippi, soldiers and eyewitnesses are waiting for you. Have a little homework.

They are good people there. And they are hungry, their stories …

DAY 1: BIRMINGHAM

1871 invented for steel for the industrial age and money for the barons, Birmingham itself called “Magic City”.

In the 1960’s nickname “Bombingham.”

Birmingham duck is not their role in the drama, was the Civil Rights Movement. People who work and live here recognize that history is going on here, and there is the whole place markers at your disposal.

A corner of 19th Street and North 4th Avenue North, now a parking lot, was the site of the urban bus terminal. “Freedom Riders”, was aboard Greyhound bus in Washington and was bound for the testing of New Orleans have been a decision of the Supreme Court desegregating intergovernmental and bus terminals.

The Klan was that they expect to Birmingham.

“Drivers have been strongly attacked, while the police observed …,” he said, that markers. The date was May 14, 1961. Mother’s Day.

A few blocks farther on is the Sixteenth Street Baptist Church, where four young girls died in 1963 in a bomb attack shattered, that America and the world _ a tragedy in the news. The images are at a lower level of the screen, you are welcome to visit.

Opposite the church Birmingham Civil Rights Institute, the museum is a party and a party Research Center. Presentations include the strength of the cell of Martin Luther King Jr. wrote “Letter from Birmingham Jail” and videos of 1963 “Children’s March” against segregation, where the police chief “Bull” Connor’s attack dogs and high-pressure pipes.

On another museum to present a detailed list of these efforts to integrate schools in Alabama, a 1963 news photo shows James Dwight Armstrong with son and Floyd, the cavalry soldier and a State, outside Birmingham’s Graymont Elementary School.

Near the photo standing so far: James Armstrong.

“We won,” said Armstrong, a professor from time to time to fund the museum. “We had seven years, if _ and two children.”

And Armstrong was 7 Selma May 1965, on what was known as “Bloody Sunday”. He was among the unbloodied. If the marchers gathered two weeks later, Armstrong was again.

“I spent the flag of Selma to Montgomery,” said Armstrong. “I have at home now to see.”

In all, he figures he has been detained “six or seven times” in the fight. A barber for 51 years, he withdrew King’s hair. It is 77

The current Birmingham?

“It is being developed that,” he said. “Now there is only one color to consider lunchtime counter _ and this is the green collar. There is no room, I can not continue in Birmingham.

Including Alabama Theatre. Before integration, James Armstrong was not allowed in Alabama, a movie palace in 1927 just around the corner of the new Eddie Kendrick Memorial Park, Alabama tribute Temptation-born. Armstrong (Kendrick and, for that matter) could go on the road to the opera who had booked an upper gallery for “color” or “color” Carver Theatre, today the home of Jazz Hall of Fame. This was not the Alabama.

This would be another terminal Birmingham today, if a civic group is not yet in the years 1980, in order to save _ and if black acquired a bank and insurance has not yet, who knows if institutions rejected.

Cecil Whitmire, a white man, he was chairman of the non-profit organization, is the scene, said it offered tickets for the Bank millionaire owner, Dr. Gaston AG, for theater, opening gala.

“He said:” No, I’m sorry, “said Whitmire.” “For most in my life, I was not in the scene _ and now, where I can, I will not.” ”

Gaston died 1996, two years before the spectacle of full restoration. He never saw the inside. It has 103 years.

Gaston Bureau of view Kelly Ingram Park, where police dogs attacked the children in 1963. Formerly skeptical that the shocks in the vision of the movement _ thereafter received his house bombed and a Motel. Today, statues of dogs, fletschte teeth are in the park

Biloxi, Miss _ The white sandy coast of this neon city is marked by two forces: the hurricane was scrapped, and that the exception of gambling dollars that since he did shine.

Thirty-one years after Hurricane Camille, persistent storm of books on the floor of the USA, this fishing port once destroyed shines with a dozen boats casino, a downtown colour and the lowest rate unemployment since 1974. On the same road pier, where a barge Camille on the size of a football field, casinos have created 15000 jobs in less than a decade and a psychedelic food tax revenue.

But someday_no doubt so far east come_nature unleash anger is equal to or even higher than Camille, left $ 1.4 billion in damage and 143 deaths on the coast.

“It would be devastating. Cringe we whenever we leave,” said Bernie Burkholder, president of the pirate ship Treasure Bay Casino style, almost no money freely on his bench of the accused in a hurricane two years ago. ” We all know it is a day when “The Storm” is with catastrophic economic losses and serious clashes.

CHICAGO - Fitch Ratings today announced its updates Quantitative Insurer Financial Strength (Q-IFS) 555 ratings for USA claims of insurance companies. Meanwhile, Fitch has the new Q-IFS-80 Ratings on the USA insurers.

Of the 555 updated ratings, there are 69 upgrades, 25 demotions and 381 claims. Fitch notes that the number of updates on Down degree reflects improvements in credit basis, with those companies evaluated during fiscal 2006.

Including 555-Q-IFS Ratings, Fitch currently maintains coverage of 958 U.S. property / Accident Insurance companies that share about 74% of total industry net premiums.

In addition, Fitch 23 revocation of the existing Q-IFS ratings, as these damage-insurance companies Fitch no longer meet the criteria entitled to a Q-IFS-Rating.

Q-IFS-Ratings are solely on a statistical model using the last five years, the financial information law. The model that “the logic of notation” that mirror many aspects of the quantitative analysis, which is used, assign ratings traditional IFS. In case of simultaneous recognition of borders within the strict framework of using a quantitative approach credit rating, Fitch is of the opinion that the notation IFS make adequate representation of the company stand-alone financial strength and costs of exploitation.

Hurricane Katrina made the case in countries Gulf of Mexico coast at high speed winds, floods, severe rains, flooding, coastal erosion, hail and tornadoes. The storm caused deaths, injuries, property damage and loss of economic infrastructure, human suffering and the coastal region of Louisiana, Mississippi and Alabama. Private insurers losses resulting from Hurricane Katrina for damaged, destroyed or flooded and private business and for customers of offshore oil and gas platforms that were either damaged, lost or missing, and it is engulfed in the Gulf of Mexico, probably in the area of $ 40 to $ 60 billion. This amount would be “Katrina” has provided the most costly damage from a single event in the history of USA, more than Hurricane Andrew (1992) and the terrorist attacks of 11 September 2001. Total economic losses, including insured and uninsured property and protection against flood damage is expected that over $ 200 billion.

In the post-Katrina, policy makers, experts from the disaster and insurance companies have expressed concerns about the financial costs and challenges for the restoration of Hurricane Katrina. Plus, they note that the potential vulnerability of the insurance industry to a future mega-catastrophic event, and raise questions about what role, if ever, the federal government should play in financing disaster risk.

Despite the seriousness of the injury, insurers are well equipped for the financial impact of a disaster of this magnitude. The USA private clients have benefited from the insurer during the latter and favourable market conditions have ensured a surplus for unforeseen events such as Katrina. AM Best, an insurance rating agency and information, reports, that almost all businesses can be evaluated in order to meet their obligations. Some individual companies’ ratings may be lowered.

Most analysts of the insurance market underline that there is no governance in the European Union, which is not a catastrophe exposure and the current state of affairs indicates that applications are by far larger than the insurance industry is now ready to use. Although insurance is likely to be largely intact from Hurricane Katrina and is now better than ever activated, simply do not have enough capital to finance a mega-disaster. This is not new. Insurers and financial market experts knew after Hurricane Andrew in 1992, borrowing to supplement the capacity of the industry. Since then, the new capital of the insurance market disaster.

As members of Congress, the possibilities of reaction to Hurricane Katrina, they may be invited to consider alternatives to the federal policy of setting up national capacities for disaster prevention. Among the measures that could be discussed are several legislative proposals before Fund, the costs of disaster insurance or instruments of the capital market (securitization of risks).

This report will be updated as soon as events warrant.

Contents Introduction of the U.S. economy and natural disasters insured damage caused by Hurricane Katrina, the assurance of the economy as a whole exposure to disasters greatest disasters Federal Insurance legislation conclusion List of Tables Table 1 Top 10 losses of properties insured USA American Table 2 Property / Casualty Insurance Industry Financial Results: 2000-2004 Appendix A. Summary of the Federal Republic of insurance Disasters Legislation: 1973-2005

Introduction

On 29 August 2005, met Hurricane Katrina several countries along the Gulf coast of Louisiana to the west of the Florida Panhandle (including Mississippi and Alabama), which resulted in deaths, wounded, buildings and infrastructure damage, economic losses and human suffering. (1) The hurricane caused flooding and wind damage, businesses and infrastructure of heavy rain, wind speed, and a record 30 feet of flooding. Hurricane “Katrina” was produced by hurricanes, floods, because the vast led to what the minutes of the storm and flooding of the violation of the protection that three New Orleans levees of Lake Pontchartrain and the Mississippi River. Katrina left a million people without electricity, communication and drinking water; victim is expected that the number of hundreds. (2)

In the aftermath of Hurricane Katrina, “the concerns expressed by government officials, insurance experts and participants of the disaster:

* The fortunes of damage unprecedented and enormous costs of recovery and challenges with which the region - Louisiana, Mississippi and Alabama - and the nation;

* The long-term effects on the federal budget after the takeover claim expenses considering that the American people is ultimately the responsibility for the costs of Hurricane Katrina, either through taxes, insurance premiums Either at the federal level after the disaster;

* The fragility of the industry damage to a case of mega-disaster of such magnitude that an important part of the industry could not support its various obligations, which could lead to a potential effect of ‘ripple insolvency Multi-State-insurers and

* Asked whether and how the federal government could improve the ability of our nation to the mitigation of losses and Finance acted damage to catastrophic events.

It seems more and more political support from politicians and experts of disasters on the need to check how the nation manages and finance disaster risk and to seek new and innovative ways for both. (3) Traditional disaster, the policy focuses on disaster management, with warnings against the strikes of the disaster, emergency assistance and risk insurance after a disaster occurs, and reduction measures risks, such as alluvial areas and levees management / land use regulations, to reduce damage caused by disasters. In this sense, economists point out that households and businesses have two options to reduce losses resulting from natural disasters, pre-civil protection, reduce physical and biological questions of financing and risk reduction of financial vulnerability . The first stage of the disaster as part of risk management is intended to mitigate the damage caused by disasters. The rest economic risk can be managed risk financing strategies. Funding is therefore an integral part of the management of the disaster are threatened, there would not be possible to quickly restore damaged property and infrastructure after Hurricane Katrina and the restoration of livelihoods of people involved Without sufficient financial agreements.

As members of Congress opportunities to react, the destruction by Hurricane Katrina, the long-term effects on the budget for disaster recovery after the Confederation of expenditures by the Confederation and the potential alternatives to building capacity for the financing of disaster reduction can be taken into account Prime will.

Three major disasters in the context of political issues or questions are likely to be discussed:

* Most disaster experts would agree that the losses borne by the insurance industry and the federal government to help policyholders and the public, or even disaster are considerable. This increase in catastrophe losses triggered the public policy debate on financing and risk management related to catastrophic natural disasters. What should be the role of government in financing and risk management catastrophic, given the gaps that the government recognized traditional approaches disaster management? (These traditional approaches are warnings against strikes by the disaster, emergency assistance and risk insurance after a disaster occurs, measures such as reducing risk levees to reduce the damage of a disaster come.)

* That disaster risk management should follow strategies of government, as some experts suggest that increasing the frequency and severity of catastrophic events have been increasingly difficult by population density, geographic concentration economic resources in the disaster areas and, as some claim, climate change?

* The government has increasingly important role as a bearer of risk was triggered by the insurance companies’ unwillingness or inability to finance disaster risk in the wake of major disasters since the early 1990. The financial market participants have developed capital markets to manage innovation and transfer of risk. What legislative alternatives available to de-Fonds, the costs of disaster insurance or market instruments capital (securitization of risk)? Then, thanks to capacity, please contact the financing of disaster risk through access to capital on financial markets?

NEW YORK - Fitch evaluates the following topics policyholders’ AAA ‘:

Administrators of the Tulane Educational Fund (LA) $ 103135000 (Tulane University of Louisiana), the repayment of revenue bonds, Series 2007c (insurance: MBIA Insurance Corp.)

Ankeny (IA), $ 13040000 general obligation bonds, series 2007b (insured: XL Capital Assurance Inc.)

Bissonnet Municipal Utility District (TX), $ 3720000 general obligation unlimited tax combination of water and sanitation system revenue bonds, series 2007 (insured: FSA)

Brookings School District No. 5-1 (SD), $ 2500000 general obligation ltd ctfs SER fiscal 2007 (insured: Financial Security Assurance Inc. (FSA))

Brownsville (TX), a combination of $ 12010000 and income tax ctfs obliged SER 2007 (insured by MBIA. Insurance Corp.)

Brownsville (TX), $ 8395000 general obligation of the improv & Repayment of loans or SER, 2007 (insured by MBIA. Insurance Corp.)

Brownsville Community Improvement Corporation, $ 7475000 of turnover tax revenues or borrowing SER, 2007 (insured: MBIA Insurance Corp.)

Buckeye Central Local School District (OH), $ 8440991 general obligation unltd the classroom tax facils & sch improv bonds series 2007 (insured Inc. Financial Security Assurance (FSA))

Centre School District (CA), $ 24998233 (election of 1991) general obligation bonds, SER 2007D (insured by MBIA. Insurance Corp.)

Chelan County Public Utility District No. 1 (WA), $ 20000000 consolidated Sub sys revenue bonds (AMT) SER 2007b (insurance: FSA)

Chelan County Public Utility District No. 1 (WA), $ 20000000 consolidated Sub sys revenue bonds, SER 2007c (provided Financial Security Assurance Inc. (FSA))

Clark County (NV), general obligation of $ 38200000 (LTD VAT) Las Vegas Convention & Visitors Authority repayment of loans, SER 2007 (insured by MBIA. Insurance Corp.)

Even if the passage of the law of damages reform legislation last autumn, some emergency relief to cover insurance companies Mississippi doctors, medical insurance crisis is found far from be over.

Unlike eligible, are not authorized surplus lines, in writing, the three companies medical malpractice insurance for doctors Mississippi - Medical Assurance Company of Mississippi (MACM), The Medical Protective Company, the College of Physicians and businesses - are a moratorium on the letter of new policies. The only exception is for physicians, clinics, it is already settled.

“Most companies have an attitude of wait and see whether the reform of an offence to challenge the courts,” said Insurance Commissioner George Mississippi Valley. “MACM has contacted us a few weeks ago and said they continue to lose a considerable amount of money, and they had to have a moratorium on writing new policies. We sent letters to others, they beg to write here. The only positive response has been Medical Protective Company, also known as Pro course, in Birmingham, Ala. They said they were pleased that Mississippi is trying to do certain things, be useful But did not say they would be more messages.