Insurance News

Posts Tagged ‘2010

The first quarter of 2010 likely will be the worst-ever first quarter for natural catastrophe losses, but it’s still not enough to turn the market on its own, a global reinsurance renewals report concluded Wednesday.

The ?unprecedented? $16 billion in insured first-quarter catastrophe losses, including the earthquake in Chile and Windstorm Xynthia in Europe, do not bode well for reinsurers because their largest losses are in smaller Read the rest of this entry »

It will take guts for executives of excess and surplus lines carriers to get through 2010, especially those who head up publicly traded operations, experts said at an investment analysts? conference recently.

?If you tell it like it is, it?s not very good and your stock will go down?even lower than it is now,? said Stephen Way, the managing director of Houston-based Southwest Insurance Partners, speaking at a panel discussion Read the rest of this entry »

On Jan. 3, 2008, Russell Hurd waited for his daughter at Walt Disney World in Orlando. They were about to plan her dream theme-park wedding.

But Heather Hurd was killed on her way to the meeting. She was a passenger in her fiance’s car, which was stopped at a light when a trucker who was texting on his phone slammed into the vehicle and eight others. Heather and another woman were killed instantly, and six others were injured.

“We Read the rest of this entry »

Directors and officers liability coverage for financial institutions may soften next year as more capacity enters the market, but few decreases are expected at the looming Jan. 1, 2010, renewals, brokerage Willis Ltd. said in a report released Monday.

Financial institution D&O coverage is one of the few areas of the D&O market where rates are still increasing. Some financial institutions may see even higher premiums at the beginning of Read the rest of this entry »

Directors and officers liability coverage for financial institutions may soften next year as more capacity enters the market, but few decreases are expected at the looming Jan. 1, 2010, renewals, brokerage Willis Ltd. said in a report released Monday.

Financial institution D&O coverage is one of the few areas of the D&O market where rates are still increasing. Some financial institutions may see even higher premiums at the beginning of Read the rest of this entry »

Shaping health care and financial services regulatory reform legislation to the interests of their members, while keeping on top of a host of additional federal lawmaking efforts essential to the business, will keep property and casualty insurance lobbyists extremely busy throughout 2010.

The intense Senate debate over health care reform took up most of December, with a bill passed by a party-line vote on Christmas Eve after the controversial Read the rest of this entry »

Experts in fighting insurance fraud say scams that historically escalate in a poor economy will increase in 2010, with health-related activity at the top of the list and with smaller firms as favored targets

A recent survey of 37 fraud bureaus found the selling of bogus health insurance to small businesses is now the number one scam, according to Dennis Jay, executive director of the Coalition Against Insurance Fraud, based in Washington, D.C.

Read the rest of this entry »

LONDON?A fragile economic recovery in 2010 will bring gradual growth for insurers and reinsurers, Swiss Reinsurance Co. predicts.

Thomas Hess, the Zurich-based reinsurer?s chief economist, said during an economic forum sponsored Tuesday by Swiss Re in London that global economic growth will not be strong in 2010 but will accelerate modestly in 2011.

?Monetary policy will shift to tightening in late 2010 at the earliest,? Read the rest of this entry »

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 for the insurance market from proposed reforms in financial services Read the rest of this entry »

A study released Wednesday by an independent property-casualty insurance research group says the recession will likely trigger a sharp increase in uninsured motorists on U.S. roads by 2010.

The Malvern, Pa.-based Insurance Research Council released its latest uninsured motorists study with data showing New Mexico and Mississippi leading the nation in 2007. More than one in every four motorists in those two states hit the road without insurance.

Read the rest of this entry »