Insurance News

Posts Tagged ‘Still

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 economic malaise and mounting catastrophe losses will continue to depress the insurance industry, a new report from Standard & Poor’s Ratings Services says.

The report, “Fewer Downgrades Expected For North American Insurance Holding Companies, But Negative Outlook Remains,” notes that the company’s outlook on the sector has been negative since the onset of the financial crisis. As the economic downturn lingers and investment income falters, Read the rest of this entry »

Hurricane season might seem been pretty tame so far, particularly in light of the predictions for a highly active year.

Through the first seven weeks, a hurricane and two tropical storms have emerged, about average activity.

But the meanest stretch ” the seven weeks from mid-August through early October ” is here and “now the game starts,” said Stanley Goldenberg, a research meteorologist with the National Oceanic and Atmospheric Administration.
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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.

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With the Senate Finance Committee voting to approve its version of healthcare legislation last week, the time has come for congressional leaders in both chambers to begin the difficult task of reconciling it with the several other reform bills that have been passed out of committee. Much of this process will be done behind closed doors this week and the Senate has at least indicated that there could be something on the floor by the end of the Read the rest of this entry »

While specialty insurers writing coverage for risks ranging from oil platforms, to trucks, to construction projects have reported lower demand in 2009, those working with customers in the sports and entertainment industries still draw crowds.

Not every player in the market is packing them in, but most underwriters and brokers specializing in event liability insurance and cancellation coverage?a niche that extends from covering bake sales Read the rest of this entry »

WASHINGTON (AP) — The government could end up repeating mistakes seen after Hurricane Katrina without a better plan for housing people after a catastrophe, the Homeland Security Department’s internal watchdog told lawmakers Wednesday.

Richard Skinner, DHS’s inspector general, said at a House Homeland Security hearing that the agency still relies too heavily on temporary mobile homes, and it doesn’t have a coordinated plan for more quickly Read the rest of this entry »