Insurance News

Posts Tagged ‘Risk

The Atlantic region can expect one more major hurricane this autumn and the northeast U.S. coast still faces double the average risk of getting hit, Weather Services International (WSI) said Tuesday.

The Massachusetts-based private forecaster predicted the six-month Atlantic-Caribbean storm season that ends Nov. 30 would see a total of six “major” hurricanes with winds of at least 111 miles per hour — one more than it envisaged in its August Read the rest of this entry »

The risks confronting insurers appear to become more complex every day.

Traditional risk, notably catastrophes, remains a core concern for underwriters. But newer risks, such as inflation and even advancing technology, must be taken into insurers’ risk management calculations as well, observers say.

Property catastrophe risk ?is and continues to be the largest risk,? said Joe Lebens, senior consultant at Towers Watson & Co. in Read the rest of this entry »

The state?s highest court yesterday upheld the Massachusetts Division of Insurance?s decision to temporarily exempt auto insurance companies that are new to the Bay State from having to cover high-risk motorists.

The Supreme Judicial Court?s ruling was the result of a lawsuit filed by Arbella Mutual Insurance, a Quincy carrier that claimed Nonnie S. Burnes ?exceeded her authority?? when she was insurance commissioner and favored Read the rest of this entry »

WASHINGTON?Political feuding over global warming reached the Securities and Exchange Commission Wednesday when commissioners, divided on party lines, voted to encourage companies to disclose the effects of climate change on their business.

SEC Chairman Mary Schapiro, an Obama administration appointee, said the agency wasn’t weighing in on the global-warming debate and wanted to ensure that investors get reliable information.

The Read the rest of this entry »

Risk Management Solutions said its newest catastrophe models for earthquake risks in the United States will likely cut insured loss estimates 10 to 25 percent.

RMS in Newark, Calif., said the changes would be most felt in California and the reduction applied to the average insurer across all lines of business, with more modest changes in loss estimates for commercial business lines and larger reductions for residential lines.

The Read the rest of this entry »

The problem with securing data and insuring its safety is that there is simply so much more stored electronically these days that opportunities for outside hackers or insiders to steal valuable, confidential information off a company?s computer systems are growing exponentially, according to those in the insurance industry who make it their business to cover this expanding exposure.

Indeed, ?you can take out more data in a thumb drive Read the rest of this entry »

The average total cost of risk, made up of insurance premiums retained losses and risk management administrative costs, fell 9.4 percent per $1,000 of revenue in 2008, according to a survey.

The findings in the annual benchmark survey of Risk and Insurance Management Society came from a poll of over 1,300 U.S and Canadian risk managers.

New York research firm Advisen and RIMS jointly announced the survey results yesterday, which Read the rest of this entry »

WASHINGTON — Drip, drip, drip come the studies one after another, reinforcing the threat to the Northeast from rising sea levels along the U.S. and Canadian east coast.

If Greenland’s ice melts at moderate to high rates, ocean circulation by 2100 could shift and cause sea levels off the Northeast coast of North America to rise by about 12 to 20 inches more than other coastal areas, researchers report Wednesday in Geophysical Research Read the rest of this entry »

Most property-casualty and life insurers find growing and keeping business their biggest challenge and are reacting to the recession by increasing cash allocation and strengthening risk management, a survey finds.

The research was reported by the Louisville, Ky.-based Insurance Asset Outsourcing Exchange, which analyzes and aggregates confidential insurers’ data for exchange participants.

Fifty-six percent of insurance companies Read the rest of this entry »

INDIANAPOLIS – A set of rules adopted by the National Association of Insurance Commissioners (NAIC) that requires insurance companies to disclose information related to climate change serves mainly to promote the ideological objectives of global warming activists, according to a briefing paper published by the Washington Legal Foundation. The paper, “Mandated ‘Climate Risk’ Disclosure: Turning Professional Activists into Insurance Inspectors,” Read the rest of this entry »