Property Insurance
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...
NAIC Adopts Often-Drafted Paper on Natural Catastrophes
The full membership of the National Association of Insurance Commissioners approved a white paper on natural catastrophe risks after more than four years and 15 drafts at its fall national meeting. The NAIC Executive Committee and Plenary a...
Heavy rain, a memory - Floods have Strike Anywhere
Flooding impacting Georgia, North Carolina, and Tennessee is a reminder, flooding and flash floods can happen almost everywhere, and at any time. According to the Federal Emergency Management Administration, on average between 20 and 25 perc...
NAMIC Names David Scott as Legislator of the Year
The National Association of Mutual Insurance Companies on Monday presented the Federal Legislator of the Year Award to United States Rep. David Scott, D-Georgia, at its Annual Convention in Atlanta. A respected member of the House Financial...
Navigators Names New CEO of Underwriting Agency
NEW YORK_Insurance company Navigators Group Inc. on Friday said it named a new CEO of its principal U.S. underwriting agency, Navigators Management Co., also known as NMC. Christopher Duca, who joined the company in 2001 and has led NMC's ma...
Ex-Convicts in Work Force Pose Liability Problems
California employers would be wise to take another look at their criminal background check policies in light of the possibility the state may be forced to release many prisoners early because of jail overcrowding, say some observers. Many e...
Now’s the Right Time to Pass Surplus Lines Bill
REP. DENNIS MOORE, D-Kan., said last week that he hoped the third time would indeed be the charm for the Nonadmitted and Reinsurance Reform Act. We couldnt agree more. For the third time, the House of Representatives has approved a measure t...
Settlement Returns Fans to Middle-earth
The Hobbit Bilbo Baggins will go there and back again after all. Following the settlement last week of a dispute between Warner Bros. unit New Line Cinema and trustees for J.R.R. Tolkiens estate over profits from the Lord of the Rings films...
Lloyds Bank in Talks with UK Gov't on Toxic Assets
LONDON_Britain's Lloyds Banking Group PLC said Friday it is negotiating with regulators about possibly reducing the amount of toxic assets to be covered by the Government Asset Protection Scheme, an insurance plan for securities that have b...
Insurers Oppose New California Workers' Comp Mandate
A California bill to prohibit a workers' compensation insurer from rescinding or modifying an authorization for medical services after the services are rendered is before Gov. Arnold Schwarzenegger. Sponsored by Assemblywoman Bonnie Lowenth...
Montpelier Re Holdings Sets 3Q Results Release Date
Montpelier Re Holdings expects to release its third quarter results after the market close on November 3. The company will host a conference call to discuss the results on November 4, at 8 a.m. Eastern Time. The conference call will be avai...
Many Classic Car Owners Are Paying Too Much for Insurance
Despite a slowed economy, many car collectors are still paying top dollar for their dream machines -- and to protect them. At the Monterey Auto Auction recently, a 1965 Shelby Daytona Cobra Coupe CSX2601 sold for $7.3 million, setting the re...
Q3 Forecasts Hint At P/C Gain
The earnings season starting in a few weeks will be a critical one for the economic recovery. It is likely to provide evidence supporting or rebuff the army of analysts and economists who forecast a recovery to begin in earnest during the s...
Claims Relating To Suicide In The Workplace Governed By Workers Comp, Experts Say
Suicide generally is not a liability issue for employers, even if it is committed in the workplace, observers say. Lawsuits in this area tend to be funneled into the workers compensation system, they say. Workers comp exclusivity provisions...
Nationwide Cautions Public About 10-State Scam
Nationwide Insurance is cautioning people in at least 10 states that a series of counterfeit checks have been mailed to people, claiming to be advanced fees for a larger contest prize administered by the company. But according to Nationwide...
Markel Appoints Executive Underwriting Officer
Markel Corp. said it has appointed Nathan J. Warde as executive underwriting officer. Warde will oversee Markel's property lines operations in the United States. Warde, who has almost 30 years experience in underwriting and insurance operat...
Hawaii Hurricane Insurance Company Being Sold
HONOLULU_Hawaii's largest hurricane insurance company is being sold for $31 million. Kingsway Financial Services Inc. of Canada announced Wednesday that it is selling Zephyr Insurance Co. to Florida-based Ocean Harbor Holding Inc. and the Ha...
Aon Finds Increased Volatility In Insurance Risk
Insurers are experiencing increased volatility in insurance risks along with greater demands for detailed assessment of risk tolerance and capital adequacy, according to a study by broker Aon Benfield. Insurance volatility was far greater t...
Georgia Tech: Hurricane Size Related to Increased Threat of Tornadoes
An increase in the size and frequency of Gulf Coast hurricanes appears to correlate to an increased threat of tornadoes that typically occur once hurricanes move inland, according to researchers at the Georgia Institute of Technology. As th...
Are You Using Good Risk Models?
The current recession has forced a re-evaluation of modeling in the financial services arena. Leaders in the modeling profession have jointly issued, and are actively promoting, a manifesto for responsible modeling. This is good news for ba...
BestWeek: Branding Experts Explore AIG’s Possible Rebranding Strategies
OLDWICK, NJ - (BUSINESS WIRE) - Experts agree that something must be done with the American International Group Inc. brand, according to a story in BestWeek US / Canada. Some believe that the insurer bailed out last year by the U.S. governm...
Recession, Piracy Top the Agenda at Bruges Marine Insurance Conference
Marine insurers will wrestle with the devastating effects of the global recession and piracy when they gather in the picturesque Belgian city of Bruges through Sept. 16 for the 2009 annual conference of the International Union of Marine Ins...
Regulatory Change Accelerates After the Financial Crisis
The financial crisis made risk management a top priority for reinsurers, insurers and regulators, all keen to rebuild credibility in markets as the financial services industry lost about half its value worldwide. The crisis revealed importa...
Perspectives: You're in Good Hands With ... Who? For State Commissioners, the Names They Are a-Changin'
Ed Reimers, the voice that told a generation of Americans you're in good hands with Allstate in iconic television commercials, died last month at the age of 96. It seems fitting then that this summer, it is hard for insurers and consumers -...
Wildfires and insurance(insurance news net)
Natural disaster damage losses paid by insurance companies have been doubling every five to ten years since at least the 1960s (Kovacs, 1999). The largest losses have been due to hurricanes, earthquakes, tornadoes, hail, winter storms and w...
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AIG Puts Industry Backlash 'Back to Square One ",
WASHINGTON, March 30, 2009 (AM Best via COMTEX) - AIG | Quote | Chart | News |
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Conn. lawmakers Hold Hearing On AIG Bonuses
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News Focus - Lloyd's CFO Goomy about investment.
Copyright 2009 Timothy Benn Publishing LimitedAll Rights Reserved Reinsurance
Innovation Group Teams With IBM To Help Reduce
WHITELEY, UK--(BUSINESS WIRE)-- Innovation Group plc (LSE:TIG.L) (Innovation or
P/C Execs Look Ahead to Mitigation, Retention, Rates
Chad Hemenway OLDWICK, N.J., Mar 30, 2009 (A. M. Best via COMTEX) -- Several
Wildfires and insurance(insurance news net)
Natural disaster damage losses paid by insurance companies have been doubling
Texas Insurance Association Center wind storm for
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Allstate Applauds Introduction of STANDUP Act
NORTHBROOK, Ill.--(BUSINESS WIRE)-- Allstate Protection President George
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