Posts Tagged ‘market’
Deepwater rig loss ‘not a market changer’
Posted by: incur on: July 30, 2010
The explosion and fire that destroyed the Deepwater Horizon oil rig and caused a huge oil spill in the Gulf of Mexico will not have as major an effect on the energy insurance market as Hurricane Katrina, according to a Wednesday analysis by Marsh Inc. The brokerage arm of Marsh & McLennan Cos. Inc. said [...]
Insurers Criticize FEMA’s Delay Of Market Rates On Remapped Policies
Posted by: incur on: May 26, 2010
Decisions such as the Federal Emergency Management Agency?s to delay charging market rates for policies sold in certain areas under the deficit-ridden National Flood Insurance Program, could become more common, an insurer group said. An official of the Property Casualty Insurers Association of America warned that extensions like the two-year delay are likely to be [...]
Insurers bear responsibility for market swings: Exec
Posted by: incur on: March 10, 2010
WASHINGTON?Insurers have themselves to blame for market swings, an insurer CEO told an agents? meeting Friday in Washington. Insurers ?have to be honest? and admit that, said Michael LaRocco, president and CEO of Allianz of America?s Novato, Calif.-based Fireman?s Fund Insurance Co. ?It?s bad behavior,? he said, adding that insurers should price their products to [...]
Corporate-travel insurance market continues to be competitive
Posted by: incur on: February 16, 2010
While many companies have cut back on business travel, competition remains strong in the U.S. corporate travel insurance market, experts say. The products and services available to buyers of business travel coverage are innovative and, most importantly, help safeguard the employee, insurers and brokers say. Nine principal insurers provide business travel coverage and many are [...]
It’s Still A Buyers’ Market
Posted by: incur on: November 18, 2009
With layoffs and lower sales volume decreasing demand for insurance coverage, the recession continues to deeply depress renewal rates for property and casualty insurance programs, according to the most recent RIMS Benchmark Survey. The survey, administered by Advisen Ltd. on behalf of the Risk and Insurance Management Society, tracks changes in insurance policy renewal prices [...]
Residual market insurers under financial stress
Posted by: incur on: September 8, 2009
Some state-run residual market property insurance plans are under financial duress, according to white paper released by the New York-based Insurance Information Institute on Thursday. The current economic downturn has made the situation worse, according to ?Residual Market Property Plans: From Markets of Last Resort to Markets of First Choice,? written by Robert Hartwig, president [...]
Regulators Tangle With Think Tank Over Fla. Market Picture
Posted by: incur on: August 23, 2009
A conservative think tank report challenging regulators? picture of the Florida home insurance market is out of focus, according to the Florida Office of Insurance Regulation. OIR was responding to the Washington-based Competitive Enterprise Institute, which challenged the import of numbers reported by the OIR. The CEI had stated that the agency?s report mischaracterizes the [...]
Global Reinsurance Market Disappointing Overall, Brokers Say
Posted by: incur on: July 8, 2009
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While hopes were high for the 2009 reinsurance market after the troubles of 2008, many rate expectations were not met, although capacity has remained steady, reinsurance brokerages reported. In a study released today by Willis Re, Chief Executive Officer Peter C. Hearn commented that previous speculation was that global reinsurers would see “an acceleration in [...]
No Hard Market On The Horizon, Analyst Says
Posted by: incur on: June 8, 2009
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BROOKLYN , N.Y. — A hard-pricing insurance market may not be arriving anytime soon, an analyst said at a conference earlier this week. Jay Cohen, a managing director in the equity research division of Bank of America-Merrill Lynch, gave his assessment during a session of the Standard & Poor’s Insurance 2009 in Brooklyn. In spite [...]
Economist predicts rapidly hardening market in 2010
Posted by: incur on: May 22, 2009
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Insurance prices are not likely to begin rising until early 2010, but federal government actions before then could mean abrupt price spikes rather than gradual shifts, an economist suggested yesterday. Steven Weisbart, chief economist for the Insurance Information Institute, speaking on a webinar hosted by Advisen, a New York-based research firm, likened the potential impact [...]
