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After Sandy, Underwriters, CAT Models View Northeast Like Southeast: NAPCO

Amy O' Connor — Mon, 06 May 2013 16:43:21 +0000

Superstorm Sandy may not have hardened the insurance market, but it has changed the way underwriters view the Northeast, a view that catastrophe models will reflect going forward. According to NAPCO’s Spring 2013 State of the Market Report, underwriters and …

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Best Analyzes Panama’s Competitive Insurance Environment; Solvency II

Tue, 15 Jan 2013 11:07:40 +0000

A.M. Best has reported that despite there being “32 insurance companies fighting for market share in the tiny country of Panama; Panamanian insurers are holding their own against their global competitors.” The report appears in this week’s issue of BestWeek …

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Insurance Fraud Allegations Up in Ohio

Tue, 11 Dec 2012 16:55:27 +0000

Officials say the record number of insurance-fraud allegations in Ohio this year can be partly attributed to better reporting of suspected incidents and difficult economic times that push some people into illegal activity. The Ohio Department of Insurance reports that …

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S&P Report: Reinsurers Discuss Industry Lessons Learned From Hurricane Sandy

Fri, 30 Nov 2012 11:21:14 +0000

A recent report, “Reinsurance Industry Leaders Discuss Lessons Learned From Hurricane Sandy,” published Nov. 29, 2012, on RatingsDirect, Standard & Poor’s Ratings Services, notes that “reinsurers had three very good quarters until Superstorm Sandy hit the U.S. East Coast on …

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Willis Provides Expertise to UK Government Report on Cat Models/Risk Reduction

Wed, 28 Nov 2012 11:46:18 +0000

A bulletin from Willis Group Holdings notes the international broker’s role in providing its expertise for a new UK Government Office of Science Foresight report entitled “Reducing the Risks of Future Disasters: Priorities for Decision Makers.” “Disaster risk reduction needs …

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UN Report: Melting Permafrost Seen as New Peril in Global Warming

Wed, 28 Nov 2012 11:39:44 +0000

Permafrost lands across Siberia and Alaska that contain vast stores of carbon are beginning to thaw, bringing with it the threat of a big increase in global warming by 2100, a U.N. report said on Tuesday. A thaw of the …

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Lloyd’s Report Focuses on ‘Gap’ in Disaster Costs and Insurance Coverage

Wed, 28 Nov 2012 11:18:57 +0000

A new report from Lloyd’s notes that the “the world has been battered by natural catastrophes in recent years, revealing a serious gap between the economic cost of natural catastrophes and the levels of insured risk.” Recently published research, Lloyd’s …

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Best’s Special Report on Columbia Cites Growth, Regulation

Tue, 20 Nov 2012 10:41:18 +0000

A special report from A.M. Best - “Regulation Tightens as Colombia’s Insurance Market Grows and Matures -”notes that “insurance companies operating in Colombia are benefiting from a vibrant, growing economy, the country’s commitment to building infrastructure and helping its industry …

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World Economic Climate Continues to Decline: ICC/Ifo Survey

Mon, 19 Nov 2012 13:37:48 +0000

The health of the world’s economy continues to deteriorate as insufficient demand, unemployment and the on-going debt crisis in Europe undermine recovery efforts, according to the latest findings from the ICC-Ifo World Economic Survey (WES). The ICC said that “based …

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Inspector General Report Critical of Louisiana State Fire Marshal

Thu, 15 Nov 2012 01:55:09 +0000

A state inspector general’s wide-ranging report on Louisiana Fire Marshal Butch Browning includes a finding that one of Browning’s inspectors failed to detect mechanical problems with a carnival ride in Greensburg hours before two teenagers were injured on the ride …

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Zurich/Advisen Poll Finds Cyber Risk Awareness Increasing

Tue, 06 Nov 2012 13:03:16 +0000

A note from Zurich Insurance indicates that the “vast majority of risk professionals say information security and other cyber risks are at least a moderate threat to their organizations,” according to a new survey sponsored by Zurich and administered by …

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Critics Want Ohio Watchdog’s Workers’ Comp ‘Coingate’ Report

Tue, 16 Oct 2012 16:41:50 +0000

Ohio’s state watchdog hasn’t yet released an investigative report on state’s workers’ compensation fund investment scandal that engulfed Ohio in 2005 — and critics want to know why. With the presidential election only weeks away, the nonprofit government watchdog group …

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Best Reports Italy’s Non-Life Insurance Sector Faces Shifting Landscape

Thu, 11 Oct 2012 10:46:36 +0000

The Italian non-life insurance market faces changes as the sector is subject to new legislation and industry consolidation, while the country’s ongoing economic challenges constrain demand for coverage, according to a new report from A.M. Best Co. Best explained that …

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French Non-Life Sector Resilient, Despite Economic Difficulties: Best Reports

Thu, 11 Oct 2012 10:29:46 +0000

A new report from A.M. Best notes that the “French insurance market has experienced significant volatility during the past few years, although the non-life sector continues to grow.” The report comments that while the life market contracted in 2011, gross …

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Best’s Report on Spanish Non-Life Sector Finds Profits, Future Challenges

Wed, 10 Oct 2012 10:17:33 +0000

“The Spanish non-life insurance sector remained profitable in 2011, but growth remains challenging, as it continues to face one of the bleakest economic environments since the 1930s,” according to a new report from A.M. Best Co. Best explained that non-life …

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Best Special Report Sees China as a Market in Transition

Tue, 09 Oct 2012 10:20:33 +0000

“The Chinese insurance market is in a state of transition: after a period of rapid expansion, the market must now adjust for sustainable and healthy growth,” concludes a special report from A.M. Best. “Since enhancing risk management and market discipline …

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Aon Report Finds Loss of Company Reputation Linked to Crisis Events

Thu, 04 Oct 2012 12:35:13 +0000

According to the Aon-sponsored Reputation Review 2012, a report recently issued by Oxford Metrica, an independent analytics and advisory firm, 7 out of 10 companies “measured in the report that were impacted by disasters in 2011.” They lost “more than …

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Best Reports on MENA Insurance Market; Regulatory Change Coming

Wed, 26 Sep 2012 11:29:43 +0000

A report from A.M. Best examines the current state of the insurance market in the Middle East and North Africa (MENA) region. It notes that “over the past decade, the insurance industry has experienced strong growth in terms of premiums. …

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Swiss Re Report Analyzes Rise in Flood Losses – $15 Billion and Counting

Thu, 06 Sep 2012 10:24:42 +0000

A new report from Swiss Re underscores the fact the “insured flood losses have increased from $1–2 billion in 1970 to $15 billion in 2011, which it describes as an “alarming rate” while posing “unique challenges for the industry” as …

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Guy Carpenter Report Finds Lloyd’s Seeking to Improve ‘Competitiveness’

Wed, 29 Aug 2012 10:16:57 +0000

A new report on the Lloyd’s insurance market by Guy Carpenter & Co. finds that “Lloyd’s is looking to improve its global competitiveness despite mounting challenges including low investment returns, record catastrophe losses, subdued economic growth in developed markets and …

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Swiss Re Reports Italian Insurance Market at ‘Crossroads’ of Change

Mon, 27 Aug 2012 10:05:13 +0000

According to Swiss Re’s latest study - The Italian insurance market: opportunities in the land of the Renaissance – “Italy stands at the crossroads of economic and social change, and therefore offers interesting opportunities for the insurance industry.” The report …

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Willis Warns Directors D&O Policies May Not Cover Some Cyber Risks

Mon, 06 Aug 2012 10:32:56 +0000

Willis Group Holdings latest Executive Risks Boardroom Guide warns that, as the online universe expands it has “introduced new financial risks that may not be covered under general and professional liability insurance, including standard directors’ and officers’ (D&O) policies. “As …

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Hiscox Post $197.5 Million 1st Half Profit; Childs to Become Chairman in 2013

Mon, 30 Jul 2012 10:16:49 +0000

Bermuda-domiciled Hiscox reported its interim results for the 1st half of 2012. The following are selected highlights from the report, as calculated in dollars; the original report gave the figures in pounds. 1st Half 2012 1st Half 2011 …

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Evidence for Climate Extremes, Costs, Gets More Local

Fri, 27 Jul 2012 14:23:22 +0000

Scientists are finding evidence that man-made climate change has raised the risks of individual weather events, such as floods or heat waves, marking a big step towards pinpointing local costs and ways to adapt to freak conditions. “We’re seeing a …

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Insurance-linked Securities Top $2 Billion in Q2: Aon Benfield

Thu, 26 Jul 2012 10:53:38 +0000

The latest report on the insurance-linked securities (ILS) market from Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, reveals that “catastrophe bond issuance for the period reached $2.1billion, as investors continued to …

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Earnings Report: ACE Limited

Wed, 25 Jul 2012 15:28:53 +0000

Selected earnings highlights from Swiss based ACE Limited for the second quarter and the first half of 2012 are as follows: Q2 2012 Q2 2011 Gross premiums written ———— $5.653 bn $5.423 bn Net premiums written ————— $4.130 bn $3.953 bn …

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Efforts to Tackle Somali Piracy Paying Off Says IMB

Tue, 17 Jul 2012 10:08:27 +0000

Tougher action by international navies and the use of private armed guards on ships have more than halved the number of Somali pirate attacks, the International Maritime Bureau (IMB) said on Monday. Last year, Somali piracy in the busy shipping …

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6 Month Insured Losses at $12 Billion; Nat Cats Less Costly: Munich Re

Fri, 13 Jul 2012 10:32:25 +0000

Natural catastrophe losses were “relatively moderate” in the first six months of 2012, concludes Munich Re’s assessment for the first six months of the year. Overall global losses up to the end of June were in the order of $26 …

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Growing Amount of Space Debris Threatens Satellites: Allianz Report

Wed, 11 Jul 2012 10:36:07 +0000

A study from Allianz Global Corporate & Specialty (AGCS) warns that “man-made space junk poses a serious threat to all space vehicles including those with humans on board.” The report goes on to explore possible ways to clean up space. …

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June’s Severe Weather Losses Near $2 Billion in U.S.: Aon Benfield

Tue, 10 Jul 2012 10:23:57 +0000

U.S. severe weather insurance losses were close to $2 billion in June, according to Aon Benfield’s Global Catastrophe Report. Published by Aon’s Impact Forecasting, the report analyzes the natural disaster events that occurred across the United States and worldwide during …

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