Texas Hurricane Insurance Claims Create 2008 Loss for Insurers

For half a decade, Texas insurance companies showed strong profitability with loss ratios of only < 60%. That was before 2008. Then, in 2008, Taxes insurers were force to pay out on one of the most destructive hurricanes in state history, i.e. hurricane Ike hitting Galveston and Houston, the Texas Department of Insurance reported. The [...]

Fed: World Largest Insurance Company AIG Irresponsible

“Fed Chief Says Insurance Giant Acted Irresponsibly” report Stout, Knowlton, and Zeleny in the New York Times yesterday. The talk is about AIG, the largest insurance company in the world. Presenting to the U.S. Senate Budget Committee, U.S. Federal Reserve Chair Ben Bernanke concluded the country was facing “a prolonged episode of economic stagnation” if [...]