From IOL online news:
‘Power cuts may damage insurance industry’
February 04 2008 at 04:35PM
Power cuts in South African mines will have a negative impact on the global insurance industry, risk assessment company Alexander Forbes warned on Monday.“If hundreds of South African mines were each to claim up to R250-million for business interruption caused by power outages, the impact on the local and international insurance markets would be profound,”Debbie Geraghty, Head of Risk Services at Alexander Forbes said in a statement.Given that South African mining and industrial debt was re-insured globally, the potential sums called upon to cover South African power-related loss could cause a global re-insurance shock, Geraghty said.
What makes those greedy minors think they can soak up all our huricane/earthquake relief money? Something just isn’t working right here.
Men working at 2,000′ below in South Africa’s Kimberley Diamond Mine. Taken a few years ago.
The Florida District Court of Appeals last week kept a temporary stay in place against the suspension of Allstate from Florida by the Florida Office of Insurance Regulation. The ruling is a double edged sword in that the expedited appeals process puts pressure on Allstate to produce records on its business practices; records it has been unwilling to produce in the past. According to Kevin McCarty, Commissioner of the Florida Office of Insurance Regulation Allstate has become more diligent in producing the subpoenaed records:
All the documents requested in our October subpoenas were due at the Jan. 15 hearing, but I am encouraged that as a result of my suspension order Allstate within a week produced about 25,000 pages of documents.
“I remain ever committed to Florida consumers to get to the bottom of this issue and to ensure that Allstate is held accountable to the law.”
The timetable for the expedited court appeal points to a resolution in early March, 2008. A copy of the court order that contains the milestones can be found here.