Insurance News

Posts Tagged ‘Insurers

The shifting regulatory sands and the need for the industry to exert its influence to shape outcomes is a recurring theme at National Association of Mutual Insurance Companies (NAMIC) 115th Annual Convention in San Diego.

Kicking off the conference, NAMIC Chairman John Hill II, noted that in many ways the industry was at a crossroads. Despite the fact that the insurance industry was largely successful in avoiding new regulatory strictures birthed Read the rest of this entry »

Bed-bug infestations in the United States have multiplied at an alarming rate in recent years.

A recent survey of almost 1,000 pest exterminators found that 95% of the firms had dealt with a bed-bug infestation in the past year. That was up from 25% of firms in surveys conducted before 2000. The National Pest Management Association, which did the surveys with the University of Kentucky, described the trend as a pandemic.

Bed bugs are Read the rest of this entry »

State Farm Mutual Automobile Insurance Co. and Nationwide Mutual Insurance Co. are among insurers with the most at risk from Hurricane Earl, which threatens to graze North Carolina on Sept. 3.

The state had about $133 billion of coastal property covered by insurers according to 2007 data from AIR Worldwide, distributed by the Insurance Information Institute. Nationwide, Bloomington, Illinois-based State Farm and North Carolina Farm Bureau Insurance Read the rest of this entry »

Property-and-casualty insurance companies are seeing leaner profits because of recently high catastrophe losses, but they continue to have solid capital positions, Moody’s Investors Service said Monday.

Moody’s said second-quarter profits for publicly traded P&C insurers were generally lower than a year ago because of losses from hailstorms, tornadoes and flooding in the Midwest and South.

Profit margins from insurance underwriting Read the rest of this entry »

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 »

Faster turnaround and easy, efficient collaboration with agents is oft-said to be of paramount importance to insurers in regard to their underwriting operations. And, according to a new survey released by FirstBest Systems Inc., this is still very much the case.

The property/casualty insurance software solutions provider today released highlights from its recent insurer survey, conducted during the 2010 CGI Ratabase User Conference, held in Read the rest of this entry »

Given these continued hard times for Americans, insurers might want to be extra vigilant when scrutinizing customer’s claims. New data issued today from the National Insurance Crime Bureau (NICB) in its report on questionable claims (QC) during the first half 2010, found that QCs have skyrocketed in the past two years. The report examines six referral reason categories of claims?property, casualty, commercial, workers? compensation, vehicle and Read the rest of this entry »

The Dodd-Frank Wall Street Reform and Consumer Protection Act could help U.S. insurers and reinsurers ?maintain their competitive positions in the global marketplace,? according to an analysis released Thursday by Standard & Poor’s Corp.

S&P cites the creation of a Federal Insurance Office within the Treasury Department as an example. S&P notes that the office will represent the United States in the International Assn. of Insurance Supervisors Read the rest of this entry »

As last week came to a close, two long-simmering legislative issues of great import to the insurance industry came to a head as the Senate passed financial service reform legislation and the house passed a bill that would extend the National Flood Insurance Program (NFIP) for five more years.

After a couple of years of legislative tumult, Jimi Grande, SVP of federal and political affairs for the National Association of Mutual Insurance Cos., Read the rest of this entry »

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 the rule rather than the exception, at least until legislation as proposed Read the rest of this entry »