Insurance Journal » Research and Trends

Top 10 U.S. Insurers in Tornado-Stricken States: SNL Financial

Thu, 23 May 2013 14:57:44 +0000

The Moore, Oklahoma tornado, which killed 24 people, was the deadliest to touch down during a nearly weeklong outbreak across the U.S. Midwest. The states hardest hit have been Kansas, Missouri, Texas and Oklahoma, according to SNL Financial. The devastation …

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PIA: Agencies See Significant Underwriting Changes in Homeowners Market

Wed, 22 May 2013 17:00:03 +0000

The Professional Insurance Agents’ (PIA) recent survey of more than 400 independent agencies showed significant market changes in the Northeast — with the homeowners insurance and commercial property market appearing to be most affected by the shift. More than 400 …

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Wage and Hour Claims Among Top Threats to U.S. Employers

Tue, 21 May 2013 14:01:20 +0000

Federal wage and hour lawsuits have reached a surprise record high, according to a report by law firm Seyfarth Shaw LLP. Cases filed under the Fair Labor Standards Act (FLSA) in have continued to skyrocket in 2013, despite indications that …

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Karen Clark’s New Program Creates Realistic Hurricane Tracks, Loss Estimates

Mon, 20 May 2013 15:00:48 +0000

Just in time for the 2013 hurricane season, Karen Clark & Co. (KCC), a catastrophe risk and modeling firm, has released a scientific tool for creating hurricane tracks and wind speeds. Named WindfieldBuilder, the tool enables property/casualty insurance companies to …

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Developing Countries May Not Be Ready for Coming Increased Investment: World Bank

Fri, 17 May 2013 10:34:43 +0000

The percentage of global investment that goes to developing countries should triple in the next two decades as emerging economies catch up to richer nations and become more integrated into financial markets, the World Bank predicted in a report on …

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Workers’ Comp Sees Encouraging Signs in 2012 Results: NCCI

Andrea Wells — Thu, 16 May 2013 16:57:27 +0000

The workers’ compensation market is seeing encouraging signs. Premiums grew for the second consecutive year, the combined ratio declined and claim frequency continued to improve at a pace slightly greater than its long-term historic rate of decline. In 2012, the …

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Terrorism & Political Violence Map: Aon Risk Solutions

Wed, 15 May 2013 16:06:55 +0000

The continued threat of a terrorist attack or political violence worldwide persists and is not going away anytime soon. Despite 19 countries showing improved terrorism and political violence ratings, according to Aon’s 2013 Terrorism and Political Violence Map, 44 percent …

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On a Leash: Dog Bite Insurance Claim Trends

Wed, 15 May 2013 15:03:31 +0000

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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Alabama University Launches Cyber Threat Detection Company

Wed, 15 May 2013 13:16:28 +0000

In a private-public partnership, the University of Alabama at Birmingham (UAB) has launched Malcovery, an intelligence company specializing in cyber threat detection, to help businesses protect themselves from cyberattacks. Malcovery uses patented forensic technology to identify the source and nature …

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50 Top Apps for Independent Agents

Tue, 14 May 2013 14:53:24 +0000

Mobility technology is changing the way the insurance industry operates. But when it comes to working on the go, nothing is as important as mobile device applications. But what apps do independent agents use most? What apps are the most …

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Medical Liability Market Profitable But Deteriorating Results Expected: Fitch

Tue, 14 May 2013 14:27:46 +0000

The medical professional liability insurance (MPLI) market was one of the most profitable lines of business in the United States for the past five years, according to a new report. MPLI posted an average calendar year combined ratio of 87 …

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Homeowners Confused About Insurance Coverage: Survey

Tue, 14 May 2013 14:07:19 +0000

Many homeowners do not understand what exposures are covered under their home insurance policy, according to a new consumer survey. More than two in five Americans (41 percent) believe that a standard homeowner’s insurance policy protects against mold damage, according …

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Hospital Charges Vary Widely, Even Within Cities: U.S. Data

Thu, 09 May 2013 18:30:45 +0000

The Obama administration revealed what over 3,000 hospitals charge for common medical procedures in an early effort to challenge healthcare costs by showing consumers how prices for the same service can vary by tens of thousands of dollars. The most …

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London Is Venue of Choice for ‘Legal Tourists’ Wanting to Settle Disputes

Thu, 09 May 2013 12:48:31 +0000

Foreigners brought almost two-thirds of all lawsuits heard in London’s leading commercial court over the last five years, according to a new survey, cementing the city’s reputation as the venue of choice for “legal tourists.” London, with a justice system …

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April Brought Fewer Tornadoes But Severe Hail, Floods to U.S.: Aon

Wed, 08 May 2013 15:53:29 +0000

Parts of the U.S. suffered severe hail and flooding damage during April, although there were fewer tornadoes than expected. Impact Forecasting, the catastrophe model center at Aon Benfield, released its monthly Global Catastrophe Recap report, which reviews the natural disaster …

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Medical Malpractice Payouts Not Driving Up Health Costs: Study

Wed, 08 May 2013 14:06:43 +0000

Efforts to lower health care costs in the United States have focused at times on demands to reform the medical malpractice system, with some researchers asserting that large, headline-grabbing and “frivolous” payouts are among the heaviest drains on health care …

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Risk Retention Groups Continue to Display Financial Stability: Demotech

Tue, 07 May 2013 14:51:48 +0000

Risk retention groups continue to display strong and stable results, according to a recent analysis of year-end 2012 financial information. Demotech Inc., a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers, analyzed the reported …

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Fundamental Changes Spur Health Spending Dip: Study

Tue, 07 May 2013 10:33:46 +0000

Slower growth in the pace of U.S. healthcare spending reflects a fundamental change in the use of medical services that could save the country nearly $800 billion in the next decade, according to two new studies released on Monday. The …

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Patent Claims Causing Firms to Exit Business Lines: Study

Mon, 06 May 2013 13:47:08 +0000

Patent demands are taking a big toll on technology companies, with results that range from forcing companies to tweak their products to exiting their business altogether, according to a study from the Santa Clara University School of Law. The study …

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North Carolina Underreports Workplace Deaths: Study

Fri, 03 May 2013 09:00:51 +0000

A study by workplace safety advocates shows that more workers die on the job in North Carolina than the state reports. The Charlotte Observer reported that the state Labor Department recorded 35 workers killed on the job in 2012. The …

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Crop Insurance Subsidies Encourage Farmers to Buy Too Much Coverage: Economist

Thu, 02 May 2013 13:12:59 +0000

U.S. farmers have collected a record $17 billion in crop insurance payments on drought-hit 2012 crops but the system could have spent half as much and still saved growers from ruinous losses, an insurance specialist said on Wednesday as the …

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South Carolina Drivers Get a Cost Break

Wed, 01 May 2013 15:30:47 +0000

The cost of driving in South Carolina is down for the first time in four years. AAA Carolinas announced that it will cost the driver of an average sedan about $9,200 to operate their vehicle this year. That’s down from …

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Researchers Develop New Metric to Measure Destructive Potential of Hurricanes

Wed, 01 May 2013 06:00:19 +0000

Researchers at Florida State University have developed a new metric to measure seasonal Atlantic tropical cyclone activity that focuses on the size of storms in addition to the duration and intensity, a measure that may prove important when considering a …

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Most-Used Excuses for Getting Out of Traffic Tickets: Survey

Mon, 29 Apr 2013 16:11:17 +0000

Plead ignorance. That’s the most-used excuse when drivers are pulled over for a traffic violation, according to Insurance.com’s new “Ticketmasters” survey. Among people who said they have used excuses when pulled over by a police officer, here’s how explanations break …

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U.S. P/C Industry 2012 Income $33.5B in Spite of $32B in Cat Losses

Fri, 26 Apr 2013 14:23:46 +0000

U.S. property/casualty insurers absorbed net insured catastrophe losses of more than $32 billion last year, but still managed to post $33.5 billion in net income in the aggregate—in part because catastrophe losses were lower than in 2011. Analysts commenting on …

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Most Americans Say Flood Insurance is Important But Don’t Buy It: Survey

Thu, 25 Apr 2013 14:01:42 +0000

More than four in five Americans (81 percent) know that a standard homeowner’s insurance policy doesn’t cover flood damage, but even so the vast majority of homeowners do not purchase flood insurance. A 2012 poll by the Insurance Information Institute …

The article Most Americans Say Flood Insurance is Important But Don’t Buy It: Survey appeared first on Insurance Journal.

What Young Agents Say About Their Career Choice

Andrea Wells — Tue, 23 Apr 2013 15:31:17 +0000

The road to becoming a successful independent insurance agent is not always easy. The economy and often volatile property/casualty insurance market cycle are just two of the potholes agents must maneuver. Young agents in particular face the added burden — …

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Most Carriers Offer Agents Training Opportunities for Online Sales: Survey

Tue, 23 Apr 2013 15:10:21 +0000

A two-thirds majority of independent insurance agents say their carriers are providing them with training and consulting on how to use their agency websites to increase sales. This is one of the findings in a new survey of more than …

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Survey: Michigan Voters Support No-Fault Reform

Thu, 18 Apr 2013 16:37:21 +0000

According to a recent statewide poll commissioned by the Coalition for Auto Insurance Reform (CAIR), an overwhelming number of Michigan voters believe their auto insurance premiums are too high and support no-fault reform legislation that would lower their auto insurance …

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Securities Lawsuits Declined 10% in 2012; Future Trend Unclear: PwC

Tue, 16 Apr 2013 12:51:47 +0000

Federal securities class action filings in 2012 decreased by about 10 percent from 2011. There were 172 cases in 2012, compared to 191 cases in 2011, according to consultant PwC US in its annual securities litigation study. While the first …

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