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National Underwriter Property And Casualty Insurance News.

November 15, 2010

Cover Story

Insurance brokers placing commercial lines business say they see no sign of a market turnaround anytime soon....



News

Three insurance trade groups are telling federal regulators that insurance investment activities are far less risky than those of banks and should be left to state regulators to oversee....

California’s outgoing insurance commissioner has filed a lawsuit challenging an administrative ruling dealing with Iranian investments by insurers....

Ambac Financial Group Inc., which filed for bankruptcy protection last week, said its third-quarter earnings plunged....

A vibrant farm industry is currently helping the crop insurance industry cope with the Agriculture Department’s decision to substantively cut back its subsidy program....

Chubb & Son said it has appealed an order from Washington State Insurance Commissioner Mike Kreidler, who is looking to stop six Chubb subsidiaries from writing new commercial insurance in the state for nine months......

With U.S. property and casualty insurance rates falling 4 percent in October 2010, the industry may be experiencing a “new normal” in terms of market conditions, according to an executive....

Robert H. Benmosche, president and CEO of American International Group, predicted that AIG’s repayment of a line of credit it has with the Federal Reserve Bank of New York could be complete before the end of this year....

The international markets present a number of opportunities for an industry that is rich in capital and looking for growth, a Guy Carpenter executive said here. ...

Market Report

Duplicating the Lloyd’s market in the United States would be impossible, given state regulation and other factors, but some aspects of Lloyd’s could be adopted and benefit the U.S. insurance market....

Lloyd’s announced it will open a representative office in Russia next year....

Lloyd's Market Franchise Board gave its “in principle” approval for the creation of Syndicate 2015, SCOR announced....

Buyers Report

Although the ongoing soft market hasn’t been a big hit with carriers, who are doing their best to stay competitive while maintaining underwriting discipline, corporate insurance buyers are giving glowing reports. ...

Corporate insurance buyers need to enhance coverage as much as possible while the market is still soft, according to a report by Willis Group Holdings....

rporate risk managers are generally dissatisfied with the level of service they get from both brokers and insurers, and very few of these insurance providers distinguish themselves in the marketplace....

When it comes to controlling their total cost of risk, 64 percent of corporate risk and finance managers surveyed said their top concern was their retained cost of claims, including from captives....

Sarbanes-Oxley turned eight this summer, and time has proved to be a friend to the once controversial legislation....

In the wake of the financial crisis, the captive industry is running into new stumbling blocks that can triple the time it takes to set up a captive, according to a captive manager here....

Corporations and individuals often underestimate their exposure to risk and are unprepared for disaster when it strikes, say experts who study risk....

Behind virtually every successful workers’ compensation program, you will find an effective communications initiative....

Every industry has been affected by today’s economic trends, but the workers’ compensation industry has been hit from all directions....

Technology Trends

Insurers continue to invest in packaged insurance software solutions despite the poor economy, with deal flow actually improving as carriers look to cut expenses and keep up with the competition, a new study reveals. ...

The growth of social media over the Internet is something insurance agents can embrace and learn to use as another tool to help grow their business, experts in its use said earlier this year....

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