DOCSLIB.ORG

Annual Report Consolidated Annual Accounts and Management Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report Consolidated Annual Accounts and Management Report ANNUAL REPORT CONSOLIDATED ANNUAL ACCOUNTS AND MANAGEMENT REPORT 2019 WorldReginfo - 202b5200-3d12-4285-a0f1-a8bbadfb7bfe CONSOLIDATED ANNUAL ACCOUNTS AND CONSOLIDATED MANAGEMENT REPORT 2019 2 3 128 1 2 CONSOLIDATED 1.5 Significant events after CONSOLIDATED ANNUAL Contents MANAGEMENT REPORT the fiscal year-end 46 ACCOUNTS 2019 FISCAL YEAR 2019 1.6 Information on expected performance 47 2.1 Consolidated annual 1.1 Organization Overview 4 1.7 R&D+i acativities 49 accounts 129 1.2 Business performance 1.8 Acquisition and disposal 2.2 Appendices 245 and results 10 of treasury stock 51 1.3 Liquidity and capital 1.9 Other relevant resources 36 information 52 1.4 Main risks and 1.10 Corporate governance uncertainties 45 report 63 265 3 AUDIT REPORT OF THE CONSOLIDATED ANNUAL ACCOUNTS 2019 WorldReginfo - 202b5200-3d12-4285-a0f1-a8bbadfb7bfe 1. Consolidated management report CONSOLIDATED ANNUAL ACCOUNTS AND CONSOLIDATED 3 MANAGEMENT REPORT 2019 1 Consolidated management report 2019 WorldReginfo - 202b5200-3d12-4285-a0f1-a8bbadfb7bfe 1. Consolidated management report CONSOLIDATED ANNUAL ACCOUNTS AND CONSOLIDATED MANAGEMENT REPORT 2019 4 The content of this Consolidated Management Report (hereinafter “the Report”) was prepared in accordance with the 1.1. recommendations set out in the “Guide for the preparation of management reports by listed companies” published by the Spanish National Securities and Exchange Commission (the Organization CNMV). Overview The Alternative Performance Measures (APMs) used in the report, which refer to financial measures not defined or specified in the applicable financial reporting framework, along with their BUSINESS MODEL definition and method of calculation, can be found on our website at the following address: https://www.mapfre.com/ The vision of MAPFRE is to be THE MOST TRUSTED GLOBAL corporate/institutional-investors/financial-information/ INSURANCE COMPANY, a concept that refers not only to its Profitable Geographic Some of the figures included in this Report have been rounded. geographic presence but also to the wide range of insurance and growth diversification reinsurance products and services that it promotes worldwide. Therefore, discrepancies may occur in the tables between the It aims to become a leader in the markets in which it operates, totals and the amounts listed due to this rounding. through its proprietary and differentiated business model, based on transformation and innovation, designed to achieve profitable growth with a clear and decisive focus on the client, both private and corporate, a multi-channel approach and a firm vocation for The most trusted service. Client global insurance Multiline company The influx of new insurance business models - insurtech - based orientation and vocation on digital tools is causing a veritable revolution in the sector, and for service MAPFRE is ready to act swiftly in order to offer all its stakeholders value experiences. The business model that MAPFRE has adopted Multichannel is not focused solely on financial results, but also on the social sphere. MAPFRE aspires to lead the markets in which it operates, using a proprietary management model founded on innovation WorldReginfo - 202b5200-3d12-4285-a0f1-a8bbadfb7bfe 1. Consolidated management report CONSOLIDATED ANNUAL ACCOUNTS AND CONSOLIDATED MANAGEMENT REPORT 2019 5 Accordingly, MAPFRE: This commitment to continuous improvement is underpinned by • Is firmly committed to growth, both in terms of business volume the following values, which assist in executing the mission and and geographic development, generating adequate and sufficient achieving the company’s vision: profitability from its activities. • Manages its business in an efficient manner and constantly improves productivity, reducing structural costs on a continuing basis in order to enhance its competitiveness. Financial strength with sustainable results and full capacity to meet all • SOLVENCY • Professionally manages the risks it assumes, ensuring sustainable obligations to stakeholders. growth and results. • Steers its development by diversifying its portfolio of insurance, Ethical conduct as a core element in how everyone (senior executives, employees, reinsurance and service businesses as a means of boosting • INTEGRITY agents and collaborators) behaves, with a socially responsible focus on all long- growth and minimizing risks. term activities and commitments. • Deploys a global management model with ample capacity for The constant quest for excellence in the pursuit of its activities and a continuous local implementation, ensuring an appropriate balance between • V OCATION FOR SERVICE corporate involvement and business development in each focus on building strong relationships with clients country. • Makes its resources available to the entire organization, thus • INNOVATION FOR Differentiation as a key aspect of continuous growth and improvement, using harnessing the synergies derived from sharing talent, processes LEADERSHIP technology to service the different businesses and their objectives. and tools. Full engagement of employees, senior executives, agents and other collaborators • Promotes specialized management as a means of continuously • COMMITTED TEAM with the MAPFRE project and continuous development of the team’s skills and optimizing results and enhancing service quality. abilities. MAPFRE’s stated mission is to be a multinational team that strives to constantly improve services and develop the best possible relationships with clients, distributors, providers, shareholders and society in general. WorldReginfo - 202b5200-3d12-4285-a0f1-a8bbadfb7bfe 1. Consolidated management report CONSOLIDATED ANNUAL ACCOUNTS AND CONSOLIDATED MANAGEMENT REPORT 2019 6 ORGANIZATIONAL STRUCTURE AND GOOD GOVERNANCE A) ORGANIZATIONAL STRUCTURE MAPFRE is a multinational company chiefly devoted to The activities of the different Business Units are supplemented The Global Business Committee is also responsible for analyzing insurance and reinsurance activities, and operates in 44 countries by those of the Corporate Areas (Internal Audit, Strategy and the development of MAPFRE’s insurance business and services worldwide. M&A, Finance and Resources, Investments, Business and Clients, throughout the world, its compliance with approved plans, and Operations, People and Organization, External Relations and for proposing measures to correct or improve them. The Group’s parent company is MAPFRE S.A., whose shares are Communication, General Counsel and Legal Affairs, Business listed on the Madrid and Barcelona Stock Exchanges. MAPFRE Support, and IT and Processes), which have jurisdiction over The management, coordination and supervision of the activities S.A. is also a component of the IBEX 35, IBEX Top Dividend, Stoxx all MAPFRE companies worldwide in terms of the definition, of the different Units and Areas are carried out, according to Europe 600 Insurance, Euro Stoxx Insurance, MSCI Spain, FTSE development, implementation and monitoring of global, regional their respective remit, by the local, regional and business unit All-World, FTSE Developed Europe, FTSE4Good, FTSE4Good IBEX, and local corporate policies. management committees as well as the Executive Committee. Dow Jones Sustainability World and Ethibel Sustainability Index- Excellence Europe indices. The fact that the different MAPFRE companies belong to a Each of the subsidiary companies has its own governing bodies, business group implies, without prejudice to their legal autonomy, in which the structure and complexity depend on the importance MAPFRE S.A. is a subsidiary of CARTERA MAPFRE, S.L. a single- that they form an integral part of an organic structure that of their activities and any legal provisions that may be applicable. member company that is wholly controlled by Fundación regulates their interrelations, the coordination of their activities, They usually feature a Board of Directors and, depending on the MAPFRE. and the oversight of the controlled companies by the controlling importance of their activities, a Management Committee as well. companies and, in the final instance, by the parent company. In the case of shell or very small companies, these bodies are The Group pursues its business activities through an replaced by two administrators. organizational structure made up of four Business Units The MAPFRE S.A. Board of Directors is the senior management (Insurance, Assistance, Global Risks and Reinsurance); three and supervisory body for the entire Group. It features a Steering Territorial Areas (IBERIA, LATAM and INTERNATIONAL); and six Committee that acts within all of its powers, except those which Regional Areas (Iberia (Spain and Portugal), Brazil, LATAM North cannot be ceded by law, bylaws or the regulations of the Board of (Mexico and the subregion comprising Central America and the Directors, and three delegate committees (Audit and Compliance, Dominican Republic), LATAM South, North America and EURASIA Appointments and Remuneration, and Risks). (Europe, Middle East, Africa and Asia-Pacific). The Executive Committee is the body that exercises direct The Insurance Business Unit is organized in line with the MAPFRE supervision over management of the Business Units and Regional Areas, which are the geographic units that plan, support coordinates the various Areas and Units in the Group. The and oversee the region. Transformation and Innovation Committee reports to the Executive Committee and has decision-making powers in relation The Reinsurance and Global
Load more

Recommended publications
  • Welcome to Metlife Auto & Home®
    Welcome to MetLife Auto & Home® MetLife Auto & Home is happy to service Massachusetts Assigned Risk Plan policies. Included in this packet is information that will assist you when answering questions for your clients, submitting payments, and providing supporting documentation to us as needed. In addition, we have set up a website for your convenience where this information is also included. It may be helpful to add this to your list of favorites for future reference. www.metlife.com/individual/insurance/auto-insurance/MA-assigned-risk.html Contacts MAIP New Business Processing and Status: 1-800-255-0332 Agency Response Center: 1-800-255-0332 For Agents Only. Please contact the Agency Response Center for all policy changes or endorsements, billing inquiries and changes, and coverage verification. Voluntary Rate Quote: 1-800-545-4282 For Agents Only: The CAR application, in addition to our Supplemental Underwriting Questionnaire, must be completed to receive the most accurate voluntary rate quote. Please feel free to contact us to request a voluntary rate quote for specific risks, once you have obtained all of the necessary information. Correspondence Address: MetLife Auto & Home PO Box 6060 Scranton, PA. 18505-6060 Correspondence Fax: 1-866-743-4890 Claim Department: 1-800-854-6011 Special Investigative Unit (SIU): 1-800-922-FRAUD or 1-800-922-3728 MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates, Warwick RI L0218502626[exp0121][MA] Page | 1 MAIP Forms and Required Documents Assigned Risk Producer's (ARP) have two business days to mail the signed application, premium deposit, and any other required documents to the Company.
    [Show full text]
  • PLEDGING BROTHERHOOD: an INTRODUCTION to FRATERNAL, Jen Baldwin BENEVOLENT and SECRET SOCIETIES [email protected]
    PLEDGING BROTHERHOOD: AN INTRODUCTION TO FRATERNAL, Jen Baldwin BENEVOLENT AND SECRET SOCIETIES [email protected] @ancestryjourney During the 1800’s, one in every seven people in the US was a member of a fraternal society. There is a good chance your ancestor was one of them! If the first thing you piCture when you think of fraternal soCieties is a scene from The Da Vinci Code or National Treasure, you may want to reConsider. Understanding the fraternal part of our anCestors’ life Could lead to inCredible genealogiCal disCoveries. HistoriCally, these organizations are the keepers of history – they did more than just take meeting minutes. LoCal Chapters often reCorded important events in the Community and those of their membership. These inClude marriages, “Nothing in life is to be births, and certainly deaths, especially in relation to benefit societies that provided financial support. Many organizations maintained their own feared. It is only to be cemeteries, or sections within cemeteries. understood.” There is also an endless list of possibility for the researCher – thousands of these organizations pop up through United States history, and thousands more ~ Marie Curie when you Consider the global impaCt. They existed in urban and rural areas, had various objectives and goals, and an individual could Certainly be a member of more than one. The first known organization was in the 14th century (perhaps earlier) with the establishment of the “operative” (stone working) masons. “ACCepted” Masonry began in about 1600, and really became important to society a Century later. What is a fraternal soCiety? There are many definitions of these groups, however there is a legal view on the definition of a fraternal soCiety, originally produCed as the Court’s opinion in National Union v.
    [Show full text]
  • Commonwealth of Massachusetts Department of Board No
    COMMONWEALTH OF MASSACHUSETTS DEPARTMENT OF BOARD NO. 000524-96 INDUSTRIAL ACCIDENTS Adelard Fontaine Employee Evergreen Construction Co. Employer Workers’ Compensation Trust Fund Insurer Eastern Casualty Insurance Co. Insurer REVIEWING BOARD DECISION (Judges Wilson, McCarthy and Smith) APPEARANCES Warren Tolman, Esq., for the employee Paul R. Ingraham, Esq., for the Worker’s Compensation Trust Fund Peter M. Bancroft, Esq., for Eastern Casualty Insurance Co. Tracey E. Palmer, Esq., for the employer WILSON, J. The Workers’ Compensation Trust Fund appeals from a decision in which an administrative judge found it liable for the payment of compensation benefits to an employee who was injured while working for an uninsured employer. The Trust Fund contends that the decision is contrary to law. It argues 1) that Eastern Casualty Insurance Co., which was on the risk prior to the injury, failed to properly “terminate” the policy in accordance with the provisions of G.L. c. 152, § 65B, and 2) that Eastern Casualty is estopped from denying coverage because it accepted the employer’s premium payment. Because the judge’s subsidiary findings of fact sufficiently support his conclusion that Eastern Casualty properly did not renew its policy of insurance with the employer for non-payment of the renewal premium, and adequately notified the employer of such action, we affirm the decision. The employee suffered an industrial injury on February 20, 1996. Upon being informed by the Department of Industrial Accidents that the employer was not insured for Adelard Fontaine Board No. 000524-96 workers’ compensation claims on the date of injury, the employee instituted a claim against the Trust Fund for payment of compensation benefits.
    [Show full text]
  • Homeowners Endorsements
    HOMEOWNERS ENDORSEMENTS POLICY FORMS AND ENDORSEMENTS FOR FLORIDA Name Description Credit Disclosure Credit Disclosure Notice HO 00 03 04 91 Homeowners 3 Special Form HO 00 04 04 91 Homeowners 4 Contents Broad Form HO 00 06 04 91 Homeowners 6 Unit Owners Form HO 00 08 04 91 Homeowners 8 Modified Coverage Form HO 04 10 04 91 Additional Interests - Residence Premises HO 04 16 04 91 Premises Alarm or Fire Protection System HO 04 30 04 91 Theft Coverage Increase HO 04 40 04 91 Structures Rented To Others - Residence Premises HO 04 41 04 91 Additional Insured - Residence Premises HO 04 42 04 91 Permitted Incidental Occupancies HO 04 48 04 91 Other Structures HO 04 81 12 13 Actual Cash Value Loss Settlement HO 04 94 06 97 (06-07) Exclusion for Windstorm Coverage HO 04 96 04 91 No Coverage for Home Day Care Business HO 17 32 04 91R (06-07) Unit Owners Coverage A - Special Coverage HO 17 33 04 91 Unit Owners Rental to Others HO 23 70 06 97 Windstorm Exterior Paint or Waterproofing Endorsement HO 23 74 12 13 Replacement Cost Loss Settlement Endorsement UPCIC 00 07 (02-12) Sinkhole Loss Coverage - Florida UPCIC 01 03 06 07 Law and Ordinance Increase to 50% UPCIC 03 33 07 08 Limited Fungi, Wet or Dry Rot, or Bacteria UPCIC 04 33 07 08 Limited Fungi, Wet or Dry Rot, or Bacteria UPCIC 04 90 04 91 (06-07) Personal Property Replacement Cost UPCIC 06 03 32 08 Limited Fungi, Wet or Dry Rot, or Bacteria UPCIC 06 33 07 08 (1) Limited Fungi, Wet or Dry Rot, or Bacteria UPCIC 08 33 07 08 Limited Fungi, Wet or Dry Rot, or Bacteria UPCIC 10 01 98 (06-07) Existing Damage Exclusion UPCIC 14 01 98 Amendment of Loss Settlement Condition - Florida UPCIC 16 01 98 Loss Assessment Coverage UPCIC 19 01 98 Windstorm Protective Devices UPCIC 23 12 13 Special Provisions - Florida UPCIC 23 01 16 Special Provisions - Florida UPCIC 25 01 98 (06-07) Hurricane Deductible UPCIC 3 01 98 Outline of Your Homeowner Policy UPCIC Privacy UPCIC Privacy Statement UPCIC SPL (05-08) Swimming Pool Liability Exclusion Universal Property & Casualty Insurance Company 1110 W.
    [Show full text]
  • The Tax Exemption Under Section 501(C)(4)
    The Tax Exemption under Section 501(c)(4) DANIEL HALPERIN A TAX POLICY AND CHARITIES WORKING PAPER MAY 2014 Copyright © May 2014. The Urban Institute. Permission is granted for reproduction of this file, with attribution to the Urban Institute. This publication is part of the Urban Institute’s Tax Policy and Charities project. The purpose of this project is to analyze the many interactions between the tax system and the charitable sector, with special emphasis on the ongoing fiscal debates at both the federal and state levels. For further information and related publications, see our web page, http://www.urban.org/taxandcharities. The Tax Policy and Charities project is funded by the Bill and Melinda Gates Foundation, the Charles Stewart Mott Foundation, the Wasie Foundation, the Rasmuson Foundation, and other donors through June 2014. The Urban Institute is a nonprofit, nonpartisan policy research and educational organization that examines the social, economic, and governance problems facing the nation. The views expressed are those of the author and should not be attributed to the Urban Institute, its trustees, or its funders. Contents Section 501(c)(4) 2 Special Treatment Is Appropriate for Charities 3 Subsidy for Section 501(c)(4) Organizations 4 Action Organizations–Lobbying 5 Action Organizations–Political Activities 7 Insufficient Community Benefit 9 Conclusion 11 Notes 12 The Tax Exemption under Section 501(c)(4) Note to Readers: Organizations exempt from tax under section 501(c)(4) of the Internal Revenue Code have achieved a great deal of notoriety lately as the go-to entity for political campaign expenditures for those seeking to avoid disclosure of contributors and possibly other non-tax rules applicable to PACs or political parties.
    [Show full text]
  • AFA30: Allstate Fire and Casualty Insurance Company Auto Policy
    Allstate Fire and S Casualty Insurance CompanyA Auto Policy NEVADA Policy: M Effective: Issued to: P L E D O C U M E AFA30 N T Allstate Fire and Casualty Insurance Company TABLE OF CONTENTS Insured Persons ..............................................11 Definitions ......................................................11 GENERAL ...........................................................2 Exclusions What Is Not Covered ...................11 WhenSAnd Where The Policy Applies ...............2 Payment of Benefits; Autopsy ........................11 Limited Mexico Coverage ................................2 Consent of Beneficiary .................................... 12 Changes ..........................................................2 Proof of Claim; Medical Reports......................12 Duty To Report Policy Changes .......................3 Combining LimAits Of Two Or More Autos Part 4 Automobile Disability Income Protection Prohibited ....................................................3 Coverage CW........................................12 Transfer ..........................................................3 Insuring Agreement.........................................12 Cancellation ................................M ....................3 Insured Persons...............................................12 Termination .....................................................4 Definitions ......................................................12 Payment ..........................................................4 Exclusions What Is Not Covered ...................12
    [Show full text]
  • Special Report: Mutual P/C Insurers Managing Market Challenges
    U.S. Property/Casualty BEST’S SPECIALOur R Insight,EPORT Your Advantage. Trend Review September 22, 2016 Mutual P/C Insurers Managing Market Challenges All mutual companies operate with a common goal to serve their policyholders, which Mutual allows management to focus on the long-term goal of financial stability. In the mutual company organization structure, policyholders maintain a defined set of rights with carriers are ownership interests. While it’s true that mutuals are customer-focused, there is also heavy expanding emphasis on preserving and steadily increasing surplus levels, which is evidenced by strong pretax return measures. Despite some limited financial flexibility, mutuals benefit from into more surplus notes, Federal Home Loan Banks, and other sources to aid liquidity. In addition, of the small mutuals have been actively participating in affiliations over the years, expanding product and geographic diversification efforts. A.M. Best understands the mutual organization and commercial is cognizant of the operating philosophy that drives performance metrics. Regardless of the market to stay structure, all insurers must have a clearly defined strategic position and solid enterprise risk management capabilities in order to be successful in today’s highly competitive and dynamic competitive. operating environment. Balance sheet strength, operating performance, business profile and enterprise risk management influence the success of all companies. When evaluating a company’s balance sheet strength and long-term financial credit- worthiness, business profile plays an important role. It is A.M. Best’s opinion that a strong business profile drives favorable and sustained operating performance. This can be influenced by a rating unit’s mix of business, both geographically as well as business line concentration.
    [Show full text]
  • Insurance Regulation: Legislation in the 115Th Congress
    Insurance Regulation: Legislation in the 115th Congress Baird Webel Specialist in Financial Economics Updated October 19, 2018 Congressional Research Service 7-5700 www.crs.gov R44958 Insurance Regulation: Legislation in the 115th Congress Summary Insurance companies constitute a major segment of the U.S. financial services industry. The insurance industry is often separated into two parts: (1) life and health insurance companies, which also often offer annuity products, and (2) property and casualty insurance companies, which include most other lines of insurance, such as homeowners insurance, automobile insurance, and various commercial lines of insurance purchased by businesses. Different lines of insurance present different characteristics and risks. Life insurance typically is a longer-term proposition with contracts stretching over decades and insurance risks that are relatively well defined in actuarial tables. Property and casualty insurances typically are shorter-term propositions with six-month or one-year contracts and have greater exposure to catastrophic risks. Since 1868, the individual states have been the primary regulators of insurance with the National Association of Insurance Commissioners (NAIC) acting to coordinate state actions and collect national data. In accordance with the 1945 McCarran-Ferguson Act, the states have operated as the primary insurance regulators with congressional blessing, but they have also been subject to periodic congressional scrutiny. Immediately prior to the 2007-2009 financial crisis, congressional attention on insurance regulation focused on the inefficiencies in the state regulatory system. A major catalyst was the aftermath of the Gramm-Leach-Bliley Act of 1999 (GLBA; P.L. 106-102), which overhauled the regulatory structure for banks and securities firms, but left the insurance sector largely untouched.
    [Show full text]
  • Writeinsure Program Frequently Asked Questions
    WriteInsure Program Frequently Asked Questions Who developed the WriteInsure program and who underwrites this coverage? The WriteInsure program was developed by AXIS PRO® in conjunction with the Authors Guild. AXIS PRO, formerly known as Media/Professional Insurance or Media Pro, is a business unit within the Professional Lines division of AXIS Insurance, a publicly traded specialty property and casualty insurance holding company and subsidiary of AXIS Capital Holdings Limited. AXIS PRO has been a leading underwriter of specialty professional liability insurance for media organizations for over 35 years. In addition to the Authors Guild, AXIS PRO provides coverage for other leading media associations, such as the National Association of Broadcasters and the American Association of Advertising Agencies. More information about AXIS PRO can be found at www.axisproinsurance.com. More information about AXIS Insurance Company can be found at www.axiscapital.com. Do I have to be a member of the Authors Guild in order to apply for this coverage? You must be a member of the Authors Guild in order to be eligible for this coverage under this program. AXIS PRO’s partnership with the Authors Guild provides a means for identifying those writers who have taken the time and shown the seriousness of purpose to meet membership criteria and join a professional trade association. The goal of the WriteInsure program is to provide writers with affordable, quality insurance for their writing activities. Each member is individually underwritten by AXIS. Authors Guild membership does not guarantee an offer of insurance by AXIS. Who is insured under this program? The insured can be either an individual person, i.e.
    [Show full text]
  • Toward an Organizationally Diverse American Capitalism? Cooperative, Mutual, and Local, State-Owned Enterprise
    Toward an Organizationally Diverse American Capitalism? Cooperative, Mutual, and Local, State-Owned Enterprise Marc Schneiberg† ABSTRACT Discussions of economic reform focus on two strategies for tempering corporate excess and mobilizing corporations for growth and prosperi- ty: restructuring markets via competition policies and various forms of countervailing power. Populists, Progressives, and New Dealers looked to anti-trust, regulatory states, and unions as counterweights to corpora- tions. Contemporary efforts look to not-for-profit watchdogs, NGO cer- tification and standard setting, privatization, and corporate governance reform to upgrade markets and deflect corporations from low road paths. This essay recovers a third strategy for regulating and reforming corporate capitalism: promoting organizational diversity via the forma- tion of parallel systems of cooperative, mutual and local, state-owned enterprises. During the “era of corporate consolidation,” producer and consumer groups in the US formed tens of thousands of such enterpris- es in just in agriculture, but also in banking, insurance, and technologi- cally advanced industries like electricity and telephones. These efforts produced enduring systems of cooperatives and kindred enterprise in the American economy, creating alternatives to corporations and orga- nizational legacies for present day problem solving. They provided regulators and policy makers with new options and capacities for state intervention. And they demonstrated possibilities for using mixed or- † John C. Pock Professor of Sociology, Reed College. B.A., Haverford College, 1980; Ph.D., Soci- ology, University of Wisconsin-Madison, 1994. Research for this Article was funded in part by the National Science Foundation grant #0318466, and the Levine and Corbett-Goldhammer Funds at Reed College. I thank Charles O’Kelley, the participants at the Berle II Symposium at Seattle Uni- versity School of Law, Jerry Davis, and the participants at the ICOS seminar at the University of Michigan for helpful feedback on this research.
    [Show full text]
  • Property & Casualty Coverage
    Property & Casualty Coverage 101 Small Business Guidebook ADP SMALL BUSINESS GUIDEBOOK Automatic Data Processing Insurance Agency, Inc. The Basics & Key Things You Need to Know Create a smart strategy to help you protect and grow your business. Consider Property & Casualty insurance coverage. Question 1 Question 6 What is Property & Casualty (P&C) coverage? How does a business normally purchase P&C coverage? Question 2 Question 7 What are the different types of P&C coverage? What information will you need to supply to Question 3 obtain coverage? Why do businesses need P&C coverage? Question 8 Question 4 How can you manage your P&C coverage after purchase? When do businesses need this coverage? Take Home Thoughts Question 5 How do you determine what your needs are? Useful Links 1 ADPIA Small Business Guidebook | Property & Casualty Coverage 101 Question 1 What is Property & Casualty (P&C) coverage? Insurance that provides a business with financial protection against a covered loss or damage to its physical location and property, as well as from liability claims against the business for bodily injury or property damage caused by the operations or products of the business. 2 ADPIA Small Business Guidebook | Property & Casualty Coverage 101 Question 2 What are the different types of P&C coverage? • Workers’ Compensation • Business Owner’s Policy (BOP) • Commercial Auto • Excess Insurance • Umbrella Policy • State Disability 3 ADPIA Small Business Guidebook | Property & Casualty Coverage 101 Different types of P&C coverage Workers’ Compensation Insurance covering the cost of medical care and compensation for lost income to Some additional employees who suffer an occupational disease or injury while at work.
    [Show full text]
  • Property and Casualty Insurance (C) Committee Public Hearing on Catastrophe Issues
    Property and Casualty Insurance (C) Committee Public Hearing on Catastrophe Issues Washington, D.C. Sunday, December 2, 2012 Agenda 2012 Fall National Meeting Washington, DC PROPERTY AND CASUALTY INSURANCE (C) COMMITTEE Public Hearing on Catastrophe Issues Sunday, December 2, 2012 8:00 – 10:00 a.m. ROLL CALL Property and Casualty Insurance (C) Committee Mike Chaney, Chair Mississippi Merle D. Scheiber, Vice Chair South Dakota James J. Donelon Louisiana Jim L. Ridling Alabama Eric A. Cioppa Maine Jay Bradford Arkansas Joseph G. Murphy Massachusetts Kevin M. McCarty Florida John G. Franchini New Mexico Gordon I. Ito Hawaii Eleanor Kitzman Texas William W. Deal Idaho Mike Kreidler Washington AGENDA 1. Opening Remarks and Welcome— Commissioner Mike Chaney (MS) 5 Minutes 2. Consumer Perspectives—Amy Bach (United Policyholders), Birny Birnbaum (Center for Economic 30 Minutes Justice) and J. Robert Hunter (Consumer Federation of America) 3. California Earthquake Authority Perspectives—Bruce Patton (California Earthquake Authority) and 20 Minutes Glen Pomeroy (California Earthquake Authority) 4. Public Adjuster Perspectives—Ronald Papa (National Association of Public Insurance Adjusters) 10 Minutes 5. Consumer Perspectives— Robin Smith Westcott (Florida Insurance Consumer Advocate) 10 Minutes 6. Regulatory Perspectives—Joel Laucher (California Department of Insurance) and Dana Stein (Maryland 20 Minutes House of Delegates) 7. Insurer Perspectives— Jim Whittle (American Insurance Association) and Paul Tetrault (National 20 Minutes Association of Mutual Insurance Companies) 8. Concluding Remarks— Commissioner Mike Chaney (MS) 5 Minutes Written testimony submitted by presenters and other interested parties will be posted to the NAIC website Monday, Dec. 3, 2012. © 2012 National Association of Insurance Commissioners Consumer Perspectives Testimony of Amy Bach, Executive Director, United Policyholders, NAIC Consumer Representative Public Hearing on Catastrophe Claims, NAIC Fall National Meeting, Washington D.C.
    [Show full text]