As I was contemplating a post for this blog, my thoughts kept returning to the tragedy that the Japanese have suffered following the tsunami that swept over cities and towns, taking with it countless human lives. And while talk of death is not foreign to this blog, given the nature of the topic we cover, it seems that the only appropriate post is one that expresses heartfelt sorrow for all those who were unable to escape the waters consuming path. We send condolences to the people of Japan for their loss and offer our support.
If you would like to help, here is an immediate step you can take: text REDCROSS to 90999 to donate $10.
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Insurance company share prices have fallen sharply this week as estimates of the cost of Japan’s earthquake and ensuing nuclear emergency have risen. Shares in the global “full-line” insurance sector were down nearly 6 per cent in the five days following the earthquake, while the global reinsurance sector fell more than 4 per cent.
Although much of the cost will be carried by the Japanese government and local Japanese insurers, reinsurers including Swiss Re and Munich Re, and even UK insurers – such as Aviva and Prudential – have seen their shares hit as concerned investors sold out of their holdings.
Sh
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The natural disaster and subsequent radiation risks are having a significant impact on travel to the region. Cruises are adjusting itineraries to avoid some Japanese ports and airlines are being cautious about flying to certain Japanese airports. Those whose travel plans are being changed should check their travel insurance policy to see exactly how they are covered. A recent article from CNN provided more detail about the changes being made to flights because of safety concerns.
Air carriers are watching the situation at Japan’s Fukushima Daiichi nuclear power plant closely, making contingency plans and routing adjustments to keep operations running smoothly and protect passengers and crew from radiation risks.
German airline Lufthansa and Italian carrier Alitalia have rerouted flights to and from the Tokyo area to other Japanese airports.
Lufthansa’s flights to and from Frankfurt and Munich are going to Osaka and Nagoya instead of Tokyo/Narita “in an effort to ensure that [the airline's] operations to Japan remain as stable as possible and provide sufficient capacity for its passengers,” Lufthansa said in a statement.
The altered schedule is expected to last as least through the weekend. Since Sund
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Just a week after the last draft outline was posted, NY has posted another draft for comments. This time it is the Individual Whole Life and Endowment Product Outline and comments are due by April 10, 2011. Updating these outlines was one of the major topics of the Life section of the Modernization Initiative committee and it is great to see it happening. Of particular note is that this outline contains a section on nonforfeiture.
The lack of actuarial information and guidance in the earlier versions of the life outlines left insurers in the dark about department interpretations and positions. A preliminary review of this outline suggests that there are still gaps in that area.
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Oakland is one of California’s ten largest cities and one of California’s largest port cities. Oakland is located in the East Bay area that includes Berkley and Oakmore. It is famous for its MLB, NFL and NBA sports teams. It is also famous for its music industry, its thriving port, its annual street fairs and for its vibrant Chinatown. These things make Oakland a great place to live. Oakland also has a diversified economy. This economy includes a thriving shipping industry, many state government jobs, the United States Post Office and several local manufacturers. These employers have helped to create a stable economy that provides many jobs and the potential for career growth.
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