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    • The Insurance Council's flood insurance project

      Following on from the considerable research and work undertaken by the general insurance industry on the issue of flood mitigation and management, the Insurance Council Board endorsed an approach for the industry to pursue a framework which...

    • Florida Formalizes Seventh Consecutive Workers' Comp Cut

      Florida's seventh consecutive drop in workers' compensation rates will go into effect Jan. 1, 2010, after the state Office of Insurance Regulation formally approved the new levels. Insurance Commissioner Kevin McCarty issued a final order a...

    • SEC May Join NAIC in Mandating Climate Risk Disclosures

      For U.S. insurers, the climate change forecast for a public disclosure front could be met with a high-pressure system from Washington, D.C. As the National Association of Insurance Commissioners prepares to implement its new Climate Risk Di...

    • Florida Last-Resort Insurer to Investigate Validity of Wind-Mitigation Discounts

      Florida's state-run insurer said it has approved an emergency plan to inspect some personal and commercial residential policies in order to determine the accuracy of more than $700 million in wind mitigation credits provided to policyholder...

    • California's Workers' Comp Fund Names Interim Chief

      California's State Compensation Insurance Fund named Doug Stewart, its chief risk officer, as interim president and chief executive officer. Stewart joined SCIF in November 2007, becoming chief risk officer after the passage of governing re...

    • AIG Loans Another $2 Billion to Airplane-Leasing Unit

      American International Group's airplane-leasing company said it's borrowed an additional $2 billion from AIG, tapping into the credit facility that the Federal Reserve Bank of New York has loaned to AIG. The airplane-leasing company, Intern...

    • Colorado Committee Advances New Oversight for Workers' Comp Insurer

      Legislation to overhaul the operations of Pinnacol Assurance Co., the state-backed workers' compensation insurer, cleared a special legislative panel in a party-line vote. The Pinnacol Interim Committee concluded a week of hearings by recom...

    • Insurance Company Comebacks

      As an industry, insurers often see their fortunes rise and fall with trends over which they have no control. Since insurers make money by investing premiums the stocks are heavily influenced by performance of the over-all stock and bond mar...

    • New Max at Lloyd's CEO Eyes 'Gradual Growth'

      Max Capital Group Ltd.'s new head of its Lloyd's operation said the company is poised for gradual growth. Max Capital said it's promoted Adam Mullan to chief executive officer of Max at Lloyd's Ltd., the Lloyd's managing agent for Syndicate...

    • Tokio Marine Updates Estimated Losses From Typhoon Melor

      Tokio Marine Nichido Fire Insurance Co. Ltd. [85100], a subsidiary of Tokio Marine Holdings Inc. [50962], reported an updated estimate of incurred losses, now at 12.36 billion yen (US $137 million), caused by Typhoon Melor. A previous estim...

    • Canadian Small Business Owners Vulnerable to Everyday Risks

      The majority of Canadian small business owners are unprepared to deal with common disruptions that can impact their ability to do business, according to the latest American Express Small Business Monitor. Almost half of small business owner...

    • Marsh Seeks To Limit Its Liability Exposure With Clients

      In an effort to reduce its professional liability exposure, Marsh Inc. said in March that it would ask clients to sign off on service agreements that included a $10 million liability cap. The move, executives said, was about prudent risk ma...

    • Brokers Adjusting To Challenging Market Conditions

      Companies of all types adjust their operations during challenging times, and the insurance brokerage industry is no different. Prolonged soft insurance pricing coupled with the severe economic downturn have provided a difficult backdrop for...

    • ING to Transfer US Reinsurance Business to RGA

      ING has announced that it has reached an agreement to transfer its US group reinsurance business, ING Reinsurance US, to Reinsurance Group of America, Terms of the agreement were not disclosed. This transaction fits within ING's Back to Basi...

    • American Strategic CEO: Business Principles Lead to Strong Combined Ratio

      American Strategic Insurance Corp. President and Chief Executive Officer John Auer said several factors have led to its strong combined ratio. According to an AMB Credit Report, the property writer has had an average combined ratio in the m...

    • Liability Exposures in Providing Accounting Services to Contractors

      John F. Raspante, CPA, MST, is the director of compliance and risk management as well as the director of education with Graf Repetti Co., LLP. Material for this article comes from Camico Mutual Insurance Company (www.camico.com), where the...

    • Gulf Coast Congressman Calls Again for Wind Coverage in National Flood Program

      Rep. Gene Taylor, a Democratic congressman whose Mississippi home was wrecked by Hurricane Katrina in 2004, is again urging the Obama administration to insist on wind-damage coverage in an overhaul of the National Flood Insurance Program. T...

    • Insurance Companies to Fund Arson Investigators, Prosecutor in Michigan

      A group of insurance companies have decided to fund a two-year pilot program to fight home arson in Wayne County, Mich., because resources to prosecute offenders are diminished. Just before the Michigan Insurance Fraud Awareness Coalition h...

    • Perspectives: Are Contingent Commissions Wrong if They're Disclosed?

      Like Jason in the endless sequels of the Friday the 13th movies, the debate over contingent commissions just won't die. Five years ago this month, then-New York Attorney General Eliot Spitzer unleashed a firestorm of controversy by filing a...

    • P/C Industry's Net Income And Overall Profitability Tumbled In First-Half 2009

      Private U.S. property/casualty insurers net income after taxes fell 59.3 percent to $5.8 billion in first-half 2009 from $14.1 billion in first-half 2008. Insurers overall profitability as measured by their annualized rate of return on aver...
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