Insurers News

Competition Softens Rate Hikes for Architects, Engineers in 2014: Survey

Although most insurers providing professional liability insurance for architects and engineers sought to raise rates last year, the size of the increases generally failed to meet their expectations. Nevertheless, nearly all leading insurers offering this specialty coverage did see premium …

Report Released on Insurer Procurement Diversity in California

A survey of supplier diversity in the insurance industry for California’s largest 206 insurance companies was issued on Wednesday. The results, which are posted on the California Department of Insurance website, shows a majority of insurers are taking steps to increase …

University of Washington to Pay $15M After Medical Mistake

The University of Washington will pay $15.2 million in a medical malpractice judgment after a mistake caused a debilitating brain damage to a girl in 2008. The sum ordered a King County judge is one of the largest medical malpractice …

Court: California City May Proceed With Bankruptcy

A U.S. federal judge on Monday approved the city of Stockton’s petition for bankruptcy in a case that sets the stage for a lengthy battle between bondholders and the California pension system. In a case being studied by other cash-strapped …

Double-Digit Returns Absent From Year-End, 2013 Financial Forecasts

Although analysts following the property/casualty insurance industry expect underwriting results for 2012 to be better than 2011 when full-year numbers are tallied, double-digit overall returns-on-equity are still not visible on the near-term horizon, they say. Industry analysts who supplied combined …

Fitch Downgrades Argentine Insurers Ratings after Sovereign Downgrade

Fitch Ratings has downgraded the long-term National Scale ratings of 12 insurance companies in Argentina, and has also revised the companies’ rating outlooks to negative from stable. Fitch said it took the rating actions following its Nov. 27 downgrade of …

Insurer Says It Won’t Cover Armed Arizona Posse

An insurance pool that covers sheriff’s volunteers in 11 of Arizona’s 15 counties is changing its policies to exclude an armed volunteer posse that the state’s second most famous sheriff plans to deploy to scan the desert for smugglers. Following …

Verisk Insurance Solutions Enhances Foreclosure Alert Product

Verisk Insurance Solutions – Underwriting, a unit of Verisk Analytics has added an enhancement to its Foreclosure Alert that identifies  if a property has previously been in foreclosure at the point of sale. Foreclosure Alert provides actionable information to help …

Global Federation of Insurance Associations Launched

Thirty-one of the world’s most important insurance associations, who represent 87 per cent of worldwide insurance business, formally established the Global Federation of Insurance Associations (GFIA) on October 9. Members include the American Insurance Association (AIA), Property Casualty Insurers Association …

Brokers Report Keen Direct Line Interest; But Some Investors Wary

Stockbrokers involved in the planned stock market listing of British insurer Direct Line reported good interest from private investors in London’s first big retail share offering for six years, although some potential investors are unconvinced. “The appetite has been really …