Word: surplus
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Perhaps the most traumatized have been property-casualty insurers, which account for 33% of the industry's revenues of $700 billion. Even before Hurricane Andrew, trouble was brewing. It took Andrew, however, to expose the industry's shortcomings and unmask the weaker players. Such major insurers as State Farm (surplus capital: $18 billion) and Allstate ($8 billion) will have enough financial staying power, but some less capitalized firms are getting wiped out. Last week the Florida department of insurance seized two insolvent insurers, Florida Fire & Casualty in Fort Lauderdale and Great Republic in Miami, and placed about a dozen others...
...America to pick up the tab." Insurers deny the charge. Says Edward Young, a group vice president at Allstate: "Rates in Georgia aren't going up because Florida had a hurricane." Another question is whether regulators will allow insurers to charge more in order to replenish their surplus capital. Property-casualty insurers in the U.S. have a total of $160 billion in surplus capital. Analysts estimate that the firms will need to set aside an additional $40 billion in capital to replenish reserves after this year's stretch of disasters. While most firms will be able to fortify reserves without...
...first time ever, the council allocated part of its budget surplus to fund the house improvements. In the past, the surplus has been carried to the next year's budget, said Jennifer W. Grove '94, co-char of last year's residential committee...
...students are more conscientious about avoiding unnecessary food disposal, there is more usable surplus, which can be given to local homeless shelters, according to Quincy House Food Service Supervisor Ridwan Himawan...
...Japanese subtitles) appeared on British television earlier this year and was a resounding success. As a result, Go*USA decided to export the commercial to Japan. Last year, taking advantage of a weak dollar, 3.3 million Japanese visitors flocked to the States, creating a near $10 billion U.S. trade surplus in travel and tourism with Japan alone. The travel business and the Commerce Department hope the Bush ad will lure even greater numbers of big spenders to American shores...