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BUSINESS
June 26, 1987 | KENNETH REICH, Times Staff Writer
Insurance rating organizations such as Insurance Services Office Inc. will no longer be permitted to recommend actual rates to insurers doing business in California under a directive issued Thursday by state Insurance Commissioner Roxani Gillespie. "We have determined that advisory rates are simply not compatible with California's competitive rating system," Gillespie said in announcing the change, which becomes effective Jan. 1, 1988.
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NEWS
March 23, 1988 | KENNETH REICH, Times Staff Writer
The attorneys general of California and eight other states filed lawsuits Tuesday accusing major U.S. and British insurance companies of conspiring to restrict the availability of liability insurance for government and business and to eliminate coverage for damage from environmental pollution. As a result, the suits allege, rates skyrocketed in what became known as the liability crisis.
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NEWS
March 23, 1988 | KENNETH REICH, Times Staff Writer
The attorneys general of California and eight other states filed lawsuits Tuesday accusing major U.S. and British insurance companies of conspiring to restrict the availability of liability insurance for government and business and to eliminate coverage for damage from environmental pollution. As a result, the suits allege, rates skyrocketed in what became known as the liability crisis.
BUSINESS
June 26, 1987 | KENNETH REICH, Times Staff Writer
Insurance rating organizations such as Insurance Services Office Inc. will no longer be permitted to recommend actual rates to insurers doing business in California under a directive issued Thursday by state Insurance Commissioner Roxani Gillespie. "We have determined that advisory rates are simply not compatible with California's competitive rating system," Gillespie said in announcing the change, which becomes effective Jan. 1, 1988.
BUSINESS
August 26, 2004 | From Bloomberg News
Hurricane Charley may cost insurers $6.8 billion, according to the latest review of claims. The estimate of loss to homes, cars and businesses comes from Property Claim Services, a unit of Insurance Services Office Inc. in Jersey City, N.J., that surveys insurers after catastrophes. Last week the Insurance Information Institute estimated a cost of $7.4 billion. Either estimate would make Charley the second-most-costly storm in U.S.
CALIFORNIA | LOCAL
October 10, 1992
A national insurance advisory service has rated firefighting capabilities in Glendale among the finest in the nation, city officials have announced. Insurance Services Office Inc., which rates 40,000 cities with populations under 250,000, has upgraded Glendale's rating from Class 2 to Class 1, making it one of only 15 cities in the nation to achieve the highest ranking, Glendale Fire Chief Richard Hinz said.
BUSINESS
November 3, 2004 | From Associated Press
The property insurance industry sustained record third-quarter losses this year after a series of storms, including a string of hurricanes, according to a preliminary estimate from Jersey City, N.J.-based Insurance Services Office Inc. Eight catastrophes, including hurricanes Charley, Frances, Ivan and Jeanne, contributed to $21.3 billion in insured property loss claims. That figure contrasts with $3.7 billion from last year's third quarter, and $19.
BUSINESS
February 25, 2006 | From Bloomberg News
State Farm Mutual Automobile Insurance Co., the largest U.S. home and auto insurer, said Friday that its profit fell 39% in 2005 after it paid record hurricane claims. Net income declined to $3.24 billion from $5.31 billion in 2004, the company said. Storm claims were $6.3 billion, prompting a $779-million underwriting loss at State Farm's property and casualty units. The Bloomington, Ill.
BUSINESS
April 3, 1989 | From Times wire services
The insurance industry's biggest rate-making organization, facing demands from consumer groups and Congress, announced today that it will no longer provide advisory rates to its 1,400 participating companies. Fred R. Marcon, president of Insurance Services Office Inc., said that instead of rates, ISO will provide insurers with estimates of future loss payments, on which they can then calculate their own rates.
CALIFORNIA | LOCAL
April 13, 1988
Before you leap to wild conclusions about the McCarran-Ferguson Act, it would be realistic to get your facts straight ("The Insurance Mess," editorial, March 28). This act did not exempt the insurance industry from most antitrust laws. What it did was two things: It delegated control of the insurance industry to the states, and it permitted pooling of statistical information on losses, expenses, and other related matters for the purposes of providing a broad statistical base that all companies, large and small, could use as they saw fit. The fact is, all companies deviate their rates substantially from Insurance Services Office Inc. published rates--in California and in most other states.
BUSINESS
July 16, 1998
Centris Group Inc., an insurance holding company, said storms cut second-quarter earnings by $1.3 million before taxes, the company's worst quarter of catastrophe losses since the 1994 Northridge earthquake. Severe wind, hail and tornadoes in the Midwestern and Southeastern U.S. will cut the Costa Mesa-based company's earnings per share by about 7 cents. The losses were concentrated in the company's reinsurance business.
BUSINESS
April 10, 1998 | Bloomberg News
U.S. insurers' first-quarter catastrophe losses jumped to about $1 billion from $860 million a year ago, the industry estimated, citing a Northeastern ice storm and a slew of tornadoes in the Midwest. The estimate is from a survey of property and casualty insurers by the Property Claims Services division of Insurance Services Office Inc. The group tracks losses for storms and other catastrophes causing damage of at least $25 million.
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