Insurance Journal » insurance Information Institute http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 26 Nov 2014 18:04:31 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Climate Change Report Slams Insurers for ‘Profound Lack of Preparedness’ http://www.insurancejournal.com/news/national/2014/10/22/344497.htm Thu, 23 Oct 2014 00:06:16 +0000 http://www.insurancejournal.com/?p=344497 A report on the insurance industry released Wednesday shows “a profound lack of preparedness in addressing climate-related risks and opportunities.” Insurance industry representatives immediately criticized the report as a negative take on the industry’s ability to adapt and not reflective of …

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I.I.I.: 13 Years After 9/11, Threat of Terrorist Attack Remains Real http://www.insurancejournal.com/news/east/2014/09/11/340241.htm Thu, 11 Sep 2014 16:58:59 +0000 http://www.insurancejournal.com/?p=340241 The Insurance Information Institute said this week that the threat of terrorist attack remains real and that the 13-year anniversary of the Sept. 11 terror attack is a reminder of the urgent need for federal lawmakers to reauthorize the terrorism …

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Twenty Years Later Big Lesson From Northridge Quake Lost http://www.insurancejournal.com/news/west/2014/01/17/317586.htm Fri, 17 Jan 2014 17:44:06 +0000 http://www.insurancejournal.com/?p=317586 Twenty years ago today a big one hit the Los Angeles area, killing several people and injuring thousands, damaging tens of thousands of properties, shutting down businesses, putting out of operation some of the nation’s busiest freeways and radically changing …

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Ex-Treasury Official Wolin Urges Federal, State Collaboration to Improve Regulation http://www.insurancejournal.com/news/national/2014/01/17/317287.htm Fri, 17 Jan 2014 10:00:15 +0000 http://www.insurancejournal.com/?p=317287 To make continued improvements in the U.S. insurance regulatory system, it’s imperative for state and federal officials to work collaboratively and share information and perspectives, said former Deputy Treasury Secretary Neal S. Wolin, who delivered the keynote speech at the …

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P/C Insurance Executives Expect Flood Insurance Delay, TRIA Renewal, Industry Consolidation http://www.insurancejournal.com/news/national/2014/01/16/317335.htm Thu, 16 Jan 2014 14:16:32 +0000 http://www.insurancejournal.com/?p=317335 A survey conducted at the Insurance Information Institute’s Property/Casualty Insurance Joint Industry Forum in New York Tuesday asked industry leaders for their outlook on 12 topics — ranging from the Terrorism Risk Insurance Act and the Biggert-Waters Flood Insurance Reform …

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P/C Insurers Face Challenge to Match 2013 Results in 2014 http://www.insurancejournal.com/news/national/2014/01/15/317171.htm Wed, 15 Jan 2014 16:29:34 +0000 http://www.insurancejournal.com/?p=317171 The U.S. property/casualty insurance industry reported strong performance in 2013, but in 2014, the industry may find it difficult to match last year’s results as insurers begin to face more headwinds, according to executives who spoke at the Insurance Information …

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Big Brains at Big ‘I’, Insurance Information Institute Give Their Take on 2014 http://www.insurancejournal.com/news/national/2013/12/11/314108.htm Wed, 11 Dec 2013 21:36:54 +0000 http://www.insurancejournal.com/?p=314108 Most economists are upbeat about next year, but just what does that mean for insurance agents in 2014? For independent agents 2013 was a year in which one entity forecasted their eventual demise, and for the rest of the business …

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Hundreds of Homes Destroyed by Midwest Tornado Outbreak: AIR http://www.insurancejournal.com/news/midwest/2013/11/19/311750.htm Wed, 20 Nov 2013 00:55:42 +0000 http://www.insurancejournal.com/?p=311750 Hundreds of homes were flattened by the outbreak of intense late-season thunderstorms accompanied by high winds, quarter-to-baseball sized hail, and dozens of tornadoes that swept across the Midwest on Nov. 17, according to catastrophe modeling firm AIR Worldwide. Tornadoes were …

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I.I.I. on Business Insurance Lessons Learned From Sandy http://www.insurancejournal.com/news/east/2013/10/04/307285.htm Fri, 04 Oct 2013 16:51:49 +0000 http://www.insurancejournal.com/?p=307285 The difficulty many businesses had reopening after Superstorm Sandy is a reminder of the importance of having a disaster recovery plan and the right type and amount of insurance, according to the Insurance Information Institute (I.I.I.). The I.I.I. notes that …

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On a Leash: Dog Bite Insurance Claim Trends http://www.insurancejournal.com/news/national/2013/05/15/291947.htm Wed, 15 May 2013 15:03:31 +0000 http://www.insurancejournal.com/?p=291947 Dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2012, costing more than $489 million, according to the industry’s Insurance Information Institute (III) and insurer State Farm. While the number of claims …

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Utica National’s Robinson Elected Chairman of I.I.I. http://www.insurancejournal.com/news/national/2013/01/18/277944.htm Fri, 18 Jan 2013 16:37:23 +0000 http://www.insurancejournal.com/?p=277944 J. Douglas Robinson, chairman of the board and chief executive officer of the Utica National Insurance Group, has been elected 2013 chairman of the Insurance Information Institute (I.I.I.). He succeeds Gregory Ator, president, CEO and chairman, Bituminous Insurance Companies.The I.I.I. …

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Insurance Executives Say Ongoing Budget Battles Will Harm U.S. Economy http://www.insurancejournal.com/news/national/2013/01/17/277751.htm Thu, 17 Jan 2013 15:28:50 +0000 http://www.insurancejournal.com/?p=277751 Leaders of the property/casualty insurance industry believe Washington’s ongoing budget fracas will have a negative impact on the U.S. economy, according to a survey conducted by the Insurance Information Institute at its 17th annual Property/Casualty Insurance Joint Industry Forum, held …

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I.I.I. Offers Advice to Business Owners on Preparing for Adjuster’s Visit http://www.insurancejournal.com/news/east/2012/11/15/270721.htm Thu, 15 Nov 2012 17:53:58 +0000 http://www.insurancejournal.com/?p=270721 The Insurance Information Institute today issued a step-by-step guide to help business owners who are filing a claim in the wake of Sandy. The Institute said there are steps business owners can take now to make the most of the …

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Controversy Over Hurricane Deductibles May Just Be Beginning http://www.insurancejournal.com/news/national/2012/11/02/269033.htm Fri, 02 Nov 2012 12:30:01 +0000 http://www.insurancejournal.com/?p=269033 When the National Hurricane Center declared Sandy a “post-tropical storm” just before it made landfall, a lot of homeowners across New Jersey, New York, Connecticut and Maryland may have saved a lot of money. The governors of these states have …

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P/C Industry Should Not Expect Traditional Hard Market Soon: Hartwig http://www.insurancejournal.com/news/national/2012/06/26/252936.htm Tue, 26 Jun 2012 13:30:48 +0000 http://www.insurancejournal.com/?p=252936 Although insurance rates have been drifting upward in recent months, the property/casualty industry is unlikely to see a return to the traditional hard market this year or next, an insurance expert told reinsurance actuaries at the Casualty Actuarial Society’s Seminar …

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Rates for Good Drivers in Cities Too High, Too Variable, Says Consumer Group http://www.insurancejournal.com/news/national/2012/06/19/252110.htm Tue, 19 Jun 2012 13:26:13 +0000 http://www.insurancejournal.com/?p=252110 The Consumer Federation of America (CFA) says that most good drivers — those with no accidents or moving violations — who live in moderate-income areas in 15 cities are being quoted what the group maintains are high auto insurance rates …

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Warm Weather, Dry Conditions Could Mean More Wildfires in Northeast http://www.insurancejournal.com/news/east/2012/04/12/243155.htm Thu, 12 Apr 2012 16:57:28 +0000 http://www.insurancejournal.com/?p=243155 Northeastern states are not known for frequent wildfires and brushfires. But that could be changing this spring as the region faces record-high temperatures and unusually dry conditions. “With more than 15,000 temperature records broken in the U.S. in March 2012 …

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Mayer Brown Adds Woods As Partner And Global Co-Leader http://www.insurancejournal.com/news/west/2012/04/09/242523.htm Mon, 09 Apr 2012 12:00:38 +0000 http://www.insurancejournal.com/?p=242523 Global law firm Mayer Brown named veteran insurance regulatory advisor James R. Woods as a partner and a co-leader of the global Insurance Industry Group. Also a member of Mayer Brown’s corporate and securities practice, Woods will divide his time …

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Consumer Group Charges Auto Insurers with ‘Disparate Treatment’ of Low Income Families http://www.insurancejournal.com/news/national/2012/01/30/233278.htm Tue, 31 Jan 2012 00:04:19 +0000 http://www.insurancejournal.com/?p=233278 A consumer group on Monday issued a study that alleges “disparate treatment” of low-to moderate-income families by auto insurers nationwide. The group is asking state insurance commissioners to consider lowering minimum liability coverage requirements and creating low-income purchase programs. The …

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P/C CEOs Look Back on the Financial Storm That Was 2011 http://www.insurancejournal.com/news/east/2012/01/17/231307.htm Tue, 17 Jan 2012 14:58:36 +0000 http://www.insurancejournal.com/?p=231307 A panel of CEOs at a recent industry forum looked back and shared their thoughts on 2011, the year of record-high catastrophe loss for many carriers. Ohio Mutual Insurance Group CEO James Kennedy said that small- and mid-size mutual insurance …

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P/C CEOs Say Low Interest Rates Push Need for Stringent Underwriting http://www.insurancejournal.com/news/national/2012/01/17/231276.htm Tue, 17 Jan 2012 14:54:35 +0000 http://www.insurancejournal.com/?p=231276 The low interest-rate environment and poor investment income are pushing the need for more stringent underwriting for carriers, according to a panel of experts at a recent industry forum. Property/casualty insurers get part of their revenues from the interest generated …

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I.I.I. Survey: P/C Executives Expect Improved Profitability in 2012 http://www.insurancejournal.com/news/east/2012/01/11/230786.htm Wed, 11 Jan 2012 17:42:32 +0000 http://www.insurancejournal.com/?p=230786 Most property/casualty insurance executives believe the worst of the financial crisis is over and that the industry is now in the early stages of a hard market, according to a survey from the Insurance Information Institute. The I.I.I. conducted the …

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Insurers Boost California’s Economy by $34.7 Billion http://www.insurancejournal.com/news/west/2011/11/29/225495.htm Tue, 29 Nov 2011 17:44:33 +0000 http://www.insurancejournal.com/?p=225495 California’s a $1.9 trillion economy gets a multi-billion dollar boost from the property/casualty insurance industry, according to a report from the Insurance Information Institute issued Tuesday. In 2009, insurers contributed $34.7 billion to California’s gross state product, accounting for about …

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Is the World a Riskier Place? Insurance Industry’s Hartwig Answers http://www.insurancejournal.com/news/west/2011/11/02/222619.htm Thu, 03 Nov 2011 00:30:55 +0000 http://www.insurancejournal.com/?p=222619 “Is the world becoming a riskier place?” That was the question posed by Insurance Information Institute President and Chief Economist Robert Hartwig during his talk at the annual Professional Liability Underwriting Society Conference in San Diego on Wednesday, which drew …

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Insurer Group NAMIC Honors Hartwig http://www.insurancejournal.com/news/national/2011/09/21/216840.htm Wed, 21 Sep 2011 20:05:45 +0000 http://www.insurancejournal.com/?p=216840 The National Association of Mutual Insurance Companies (NAMIC) named Robert P. Hartwig, Ph.D., president/CEO of the Insurance Information Institute, New York, N.Y., as the association’s 2011 Chairman’s Award winner. Hartwig has been with III since 1998, initially as an economist …

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Allstate Files $5 Million Insurance Fraud Case in New York http://www.insurancejournal.com/news/east/2011/08/24/212139.htm Wed, 24 Aug 2011 12:55:08 +0000 http://www.insurancejournal.com/?p=212139 Allstate Insurance Company is seeking to recover $5 million against 10 New York area defendants in its fourth insurance fraud lawsuit of 2011. Since 2003, Allstate has filed 31 fraud lawsuits in New York State, seeking more than $170 million …

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