RJ and Makay

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As social media usage continues to rise among all age groups, insurers are paying more attention to large amounts of information posted by individuals that reflect their preferences, lifestyles, habits and neuroses.  Insurers can utilize this growing social data to create real-time risk profiles and shape more effective claims and underwriting operations, according to a new Celent report, “Using Social Data in Claims and Underwriting.”

Record first-quarter 2011 catastrophe losses have shaken the property casualty industry. Winter storms, severe thunderstorms and tornadoes, including the largest tornadic event in the nation’s history, are pressuring operating results leading into the upcoming hurricane season.

At least 305 tornadoes struck the U.S. April 25-28, making it the largest outbreak in history, according to the National Oceanic and Atmospheric Administration.  Insured losses from the outbreak will be between $3.7 billion and $5.5 billion, according to Boston-based catastrophe risk modeling firm Air Worldwide.  The estimate is based on residential, commercial, industrial and automobile damage, as well as additional living expense and business interruption losses.