The Week in a Minute, Jan. 20, 2012

  • Estimates of insured losses from the wreck of the Costa Concordia run to $1 billion. PropertyCasualty360 gives a more sober roundup of insurance coverage. The New York Times describes how the ship’s ultimate parent, Carnival Cruise Lines, works to limit its liability, down to the contract you enter into when you buy a ticket, which “states that the line will pay no more in cases of death, personal injury and property loss than about $71,000 per passenger. It allows no recovery for mental anguish or psychological damages. It bars class-action suits.”
  • Coalition Against Insurance Fraud selected its 2011 Hall of Shame. Some web sites give this light treatment and put it into a slideshow, but I find nothing funny about stuff like this: “Dogged by debt, William Craig Miller burned down his fancy Scarsdale, Ariz. house for an insurance payday. Miller then executed two witnesses in their home. He also gunned down three kids in the home to keep them quiet. Some were shot at point plank, including a 10-year-old boy. Miller received the death penalty.”
  • Michel Lies replaces the retiring Stefan Lippe as Swiss Re Group’s CEO.
  • Reuters rounds up announced losses from the Thai floods.
  • CAS reports strong initial interest in the new CERA designation, which it just got authorized to issue.



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