National Section

Fraud Adds Up to 17% to Auto Insurance Injury Claims: IRC

A new study estimates that fraud and claim “build-up” add between $5.6 billion and $7.7 billion in excess payments to auto injury claims paid in the United States. The excess payments represented between 13 percent and 17 percent of total …

Commercial Lines Softening to Continue in U.S. in 2015: Marsh

Competition among property/casualty insurance carriers and the flow of capital into the industry are continuing to drive down rates in most U.S. commercial lines and conditions are particularly favorable for clients with attractive risks and good loss histories, says global …

Business Moves

Majesco, Agile Insurance technology firm Majesco has completed the acquisition of the insurance business of Agile Technologies, a technology consulting firm with revenues of more than $9 million. Terms of the deal were not disclosed. In December 2014, Majesco announced …

Agent-Broker Profitability Reaches Record 21% for 2014

Agent-broker profitability reached 21 percent for 2014, a new record for the Reagan Consulting Organic Growth and Profitability (OGP) survey that began tracking profitability for agencies in 2008. That median profitability for EBITDA (earnings before interest, taxes, depreciation and amortization) …

10 Things to Know About Boats & Marinas

Recreational boating in 2013 accounted for 4,062 accidents that involved 560 deaths; 2,620 injuries; and approximately $39 million dollars of property damage. —United States Coast Guard (USCG) Compared to 2012, the number of boating accidents decreased by 10 percent in …

Profile of a Great Account Manager

What ingredients make up a good account manager? What do you look for in terms of skills, knowledge, education and experience? Which responsibilities should management give them? The answers to these questions – which will vary by agency – determine …

5 Cornerstones for Advancing the Insurance Industry’s Digital Technology Strategy in 2015

It is a brand new year, and for many people that means the promise and potential of resolutions, goals and aspirations. This is the time to plan, to dream, to improve. This can be said for individuals looking to shed …

Growing Cyber Exposure

Like all businesses today, the nonprofit sector is struggling to understand how to handle the growing concern of cyber risk in their organizations. Cyber and privacy coverage is the new employment practices liability, says Steve Parkhurst, producer for Heffernan Insurance …

Declarations

Jumping the Uber Gun “We jumped the gun, and we shouldn’t have.” —Jean Shiomoto, director of the Department of Motor Vehicles in Sacramento, Calif., said in a Jan. 23 statement that the agency is rescinding a notice that said private …

Business Moves

AssuredPartners, Omni Risk AssuredPartners Inc. has acquired Omni Risk Management and Omni Benefits in Smithtown, N.Y. The firm specializes in coverage for commercial insurance with a specialty in construction coverage, surety bonding, personal insurance, as well as life and health …

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