insurance Information Institute News

I.I.I. Offers Advice to Business Owners on Preparing for Adjuster’s Visit

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 …

Controversy Over Hurricane Deductibles May Just Be Beginning

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 …

P/C Industry Should Not Expect Traditional Hard Market Soon: Hartwig

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 …

Rates for Good Drivers in Cities Too High, Too Variable, Says Consumer Group

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 …

Warm Weather, Dry Conditions Could Mean More Wildfires in Northeast

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 …

Mayer Brown Adds Woods As Partner And Global Co-Leader

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 …

Consumer Group Charges Auto Insurers with ‘Disparate Treatment’ of Low Income Families

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 …

P/C CEOs Look Back on the Financial Storm That Was 2011

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 …

P/C CEOs Say Low Interest Rates Push Need for Stringent Underwriting

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 …

I.I.I. Survey: P/C Executives Expect Improved Profitability in 2012

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 …