Catastrophic Losses Hit Even In The Hardest Times
United Fire Group, which is the parent of United Fire and Casualty and United Life Insurance, has reported a net income of $11,000 for the year of 2011. This is shocking because they are now down $47.5 million since 2010. They received about $80.8 million of catastrophic losses in 2011. These significant losses were incurred from natural disasters. The company posted a $4.2 million operating loss in 2011. Mr. Ramlo, the CEO of United Fire Group expressed that 2011 will be the most devastating year in the property and casualty insurance industry.
According to many reports, 2011 was the most costly catastrophe year that’s recorded in the insurance industry worldwide. This was due to natural disasters in Japan and New Zealand. Apparently United Fire Group is encouraged by rate increases across the board. They are taking this last year as an example to improve and tighten their underwriting guidelines.
Whether you own a home, automobile, or property, it is necessary to take the appropriate steps in order to still be financially stable when losses occur. Many insurance agencies and companies offer a broad range of policy options. You can can package most of your policies. What is more important, is getting life insurance. This can provide great financial relief if you or your loved ones perish in a terrible ordeal. It is bad enough, you can lose everything you own in a natural disaster, but to not have anything at all to fall back on is even worse. Many people are left without anything. It is absolutely vital to have a plan or some type of protection in force in these times.
This proves that you can never really be safe unless you take action and pay insurance costs on what you need covered. What uninsured people lost in 2011 is unimaginable. Many homes, jobs and families were destroyed. Sometimes even the biggest most successful insurance companies have a hard time controlling natural disasters and accidents. Catastrophes do happen and can wipe out pretty much anything, especially earnings. With an open market and so much competition in the insurance industry, rates are more affordable than ever. There are various of insurance companies you can research and see what kind of service as well as financials they have. With so many different possibilities, it’s easier than ever. Protect yourself and your family from unexpected events and tailor an insurance package policy for your specific and personal needs.