For the first time in six years, an interim pure premium rate advisory will not be issued by the California Insurance Commissioner’s office because of market strength. In the past, the commissioner issued the advisory after receiving a recommendation by …
U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.35 billion for first-quarter property losses resulting from nine catastrophes. The nine events identified as catastrophes by the Property Claim Services (PCS) unit of Insurance Services Office include …
Insurance equity analysts expect a significant increase in property/casualty mergers and acquisitions this year, according to findings of a global survey by Accenture. More than two-thirds (71 percent) of all P/C analysts surveyed said they anticipate a “significant increase” in …
Liberty Mutual Group has agreed to acquire all outstanding shares of common stock of Safeco Corp. for $68.25 per share in cash in a deal that will make Liberty Mutual the fifth largest U.S. property/casualty insurer and second largest surety …
Steep declines in underwriting profits hurt bottom lines for property casualty insurers, which saw their 2007 profits slip slightly from a year earlier, a new report from three industry groups says. The industry’s net income after taxes fell 5.8 percent …
The P/C industry’s chief economist on how agents are affected when a recession coincides with a soft market The following interview with Robert Hartwig, president of the Insurance Information Institute, took place with Insurance Journal‘s Andy Simpson in mid-February. How …
Insurance industry groups lined up quickly with responses to the Bush administration’s proposed overhaul of the way the government regulates the nation’s financial services industries, including insurance. The sweeping regulatory reform proposal announced by Treasury Secretary Henry M. Paulson calls …
Former California Insurance Commissioner Chuck Quackenbush, who resigned in scandal in 2000, has resurfaced as a sheriff’s deputy in Fort Myers in southwest Florida. Lee County Deputy Quackenbush, 54, was placed on administrative leave recently pending a required internal investigation …
A new study by the Insurance Research Council (IRC) has found that medical expenses reported by auto injury claimants continue to rise faster than the rate of inflation. Average claimed economic losses (which include expenses for medical care, lost wages …
When Michigan officials recently reinterpreted state law to stop nonresidents from getting driver’s licenses, critics said it had an unintended consequence. The crackdown, intended to target illegal immigrants, also affected legal immigrants who are not permanent residents, including employees from …
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