Declarations – East

Penn State Taps Feinberg

“We have been retained by Penn State to help both the University and individuals alleging sexual abuse reach a voluntary settlement in those individual cases where terms and conditions can be agreed upon.”

—Kenneth Feinberg, a victim fund veteran who ran the Sept. 11 victim fund and other compensation programs, on Penn State’s hiring of his law firm to help settle claims by Jerry Sandusky’s child molestation victims.

Losses From Storm Isaac

“The width of the range reflects some remaining uncertainties, including the variability and uncertainty around loss at very low wind speeds—mostly tropical storm strength—and, in particular, the uncertainty around coverage leakage of surge-related losses into wind-only loss payments.”

—Christine Ziehmann, director of model product management at RMS, on estimating losses from Hurricane Isaac that landed on the U.S. Gulf Coast in August. She estimates U.S. insured losses from Isaac’s wind and surge impacts would fall between $1−2 billion.

Savings for Consumers

“Auto insurers have made great advances in their ability to assess risk, and this trend, along with innovative new products, such as pay-as-you-drive policies, has resulted in highly competitive auto insurance markets in every state.”

—Robert Hartwig, president of the Insurance Information Institute, on the state of auto insurance markets. Insurers nowadays can determine more precisely the risk of auto accidents. And that has fostered competition and helped cut insurance expenditures for many Americans, Hartwig noted in a new I.I.I. report.