Insurance News

Posts Tagged ‘market

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 in its latest ?Energy Market Monitor? that insurance capacity has not constricted and price increases are likely to be modest despite 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 »

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 earn an underwriting profit.

The current cycle is Read the rest of this entry »

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 devising ways to expand their offerings, brokers and insurers Read the rest of this entry »

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 as reported by North American corporate risk managers.

Read the rest of this entry »

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 of the insurance industry-supported III, and Claire Read the rest of this entry »

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 amount of capacity in the marketplace, but the OIR Read the rest of this entry »

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 rate increases over the next 12-to-18 months as reinsurers sought to deliver Read the rest of this entry »

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 of asset losses and catastrophe insurance losses, property-casualty insurers 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 »