RJ and Makay

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The U.S. property casualty (PC) insurance industry in 2011 reported its largest underwriting loss since 2006, according to insurance ratings agency A.M. Best.  The industry’s operating performance sharply deteriorated during last year as catastrophe-related losses mounted throughout the year.  Catastrophe events both here and abroad more than doubled the loss amount reported for 2010, A.M. Best said.

California led the nation in 2010 dog bite claims, at 369, representing a total payout of $11.3 million, according to a State Farm Insurance Co. report that lists the top ten states for dog bite claims.  Illinois ranked second with 317 claims for a total cost of $9.7 million.  Florida, though seventh on the list, registered the highest average cost per claim at $38,356. California and Illinois’ average cost per claim was around $30,000.

State Farm, for the most part, does not refuse insurance based on dog breeds, though does require homeowners to answer questions about their dog’s history on the insurance application.  The lone exception is Ohio, which has determined that Bit Bulls meet the definition of “vicious dog.”  State Farm excludes them from Ohio resident’s homeowners insurance.  Despite the exclusion, Ohio still came in third at 215 claims for a total payout of $5.7 million.

$309 billion. That's the latest estimate by the government of Japan on the cost of the March 11 earthquake and tsunami that devastated the northeastern part of the country.

If the estimate proves correct, the incident in Japan will be by far the most expensive natural disaster in history. Hurricane Katrina, by comparison, which ravaged the New Orleans area in 2005, cost $125 billion, according to the Insurance Information Institute.