Insurance News

Posts Tagged ‘Casualty

Reserve releases boosted first-half 2010 results for the largest U.S. property/casualty insurers, but the soft market and weak economy continue to dampen results for the industry as a whole, observers say.

Prospects for the property/casualty industry are unlikely to improve until the economy does, observers say.

Ten major insurers that release their quarterly results reported $4.9 billion in net income for the first half. This compares Read the rest of this entry »


Commercial property/casualty insurance rates dropped an average 3% in July compared with a year earlier, MarketScout said Thursday.

The Dallas-based electronic insurance exchange said the service industry enjoyed the most competitive pricing among industries surveyed, with average prices down 4%. Among lines of coverage, general liability experienced the greatest pricing decline with average prices down 5%.

“Insurers received Read the rest of this entry »

Commercial property/casualty insurance rates dropped an average of 6.4% during the second quarter this year, according to the Council of Insurance Agents & Brokers? ?Commercial P/C Market Index Survey? released Monday.

Large accounts, which the survey defines as generating more than $100,000 annually in fees and commissions, experienced the steepest decline at 8.9%, while small accounts generating less than $25,000 in Read the rest of this entry »

The Deepwater Horizon oil rig disaster has not affected reinsurance rates across the energy and casualty lines yet, as July 1 renewals in the sector were flat or down, according to a report Thursday by Guy Carpenter & Co. L.L.C.

However, the full effect of the disaster remains to be seen, and upward pressure on pricing is a possibility, the report said.

According to New York-based Guy Carpenter, the disaster did not affect quotes Read the rest of this entry »

WASHINGTON?Five property/casualty insurance trade groups sent a letter Tuesday to House Financial Services Committee Chairman Barney Frank, D-Mass., reiterating their concerns about how their industry would be treated under the Financial Stability Improvement Act.

?We believe that any federal proposal to subject financial companies to heightened prudential supervision should start from the premise that property and casualty companies Read the rest of this entry »

OLDWICK, N.J.?Although the U.S. property/casualty insurance industry’s risk-adjusted capitalization declined 17 percentage points in 2008, the industry remains adequately capitalized to support its asset, credit and underwriting risks, according to a new A.M. Best report.

The Oldwick, N.J.-based ratings agency attributed the capital decline to the compound effects of the financial crisis, the fourth-highest year on record for U.S. catastrophe-related Read the rest of this entry »

Commercial property/casualty insurance rates declined an average of 6% in June compared with those of a year earlier, MarketScout said Tuesday.

The declines hit all lines of coverage, all industry classes and all sizes of accounts, with the largest accounts enjoying the greatest declines, according to the Dallas-based electronic insurance exchange.

?June renewals show rate declines that continue to moderate, with many insurers Read the rest of this entry »