Insurance Journal » Research and Trends http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 27 Feb 2015 14:09:08 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 A.M. Best: New UAE Regulations Should Improve Risk Profile of Insurers http://www.insurancejournal.com/news/international/2015/02/27/358799.htm Fri, 27 Feb 2015 10:27:36 +0000 http://www.insurancejournal.com/?p=358799 The Insurance Authority (IA) of the United Arab Emirates recently issued new financial regulations, which are well placed to improve the risk profile and policyholder security of UAE insurers, according to A.M. Best in a special report titled “A.M. Best …

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Report: Wildfire Reconstruction of West’s Riskiest Homes is $237B http://www.insurancejournal.com/news/west/2015/02/26/358657.htm Thu, 26 Feb 2015 13:00:52 +0000 http://www.insurancejournal.com/?p=358657 In the Western U.S. there are nearly 900,000 homes representing an estimated reconstruction cost of more than $237 billion considered at “very high” or “high” risk from wildfires, a report issued today shows. CoreLogic’s Wildfire Risk analysis is the latest of …

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2014 Insured Losses Hit Lowest Level in Five Years: Guy Carpenter http://www.insurancejournal.com/news/international/2015/02/26/358687.htm Thu, 26 Feb 2015 12:05:38 +0000 http://www.insurancejournal.com/?p=358687 Insured losses in 2014 were at the lowest level seen since 2009, according to Guy Carpenter’s annual Global Catastrophe Review. The report says that significant insured losses in 2014 totaled approximately USD33 billion, a dramatic drop when compared to the …

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As Health Data Goes Electronic, Medical ID Theft Increases http://www.insurancejournal.com/news/national/2015/02/26/358580.htm Thu, 26 Feb 2015 09:00:27 +0000 http://www.insurancejournal.com/?p=358580 Medical identity theft jumped 22 percent last year as more U.S. health data becomes electronic and easier for cyber criminals to steal from doctors’ offices, hospitals and insurers. Incidents of medical identity theft in 2014 saw almost 500,000 people fall …

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Financial Markets Warned Aging Population Means End to Savings Glut http://www.insurancejournal.com/news/national/2015/02/24/358431.htm Tue, 24 Feb 2015 14:30:57 +0000 http://www.insurancejournal.com/?p=358431 The global “savings glut” that has driven stocks to record highs and bond yields to record lows will soon start to disappear, leading to higher interest rates around the world as populations age, according to a Barclays study. After three …

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Wastewater Injection Shaking Oklahoma; Tracking, Management Needed http://www.insurancejournal.com/news/southcentral/2015/02/23/358386.htm Tue, 24 Feb 2015 00:35:17 +0000 http://www.insurancejournal.com/?p=358386 Not so many years ago, earthquake science was no more relevant to Oklahoma than marine biology. But these days the state is shaking way more often than California, and giving many people there an unwanted crash course in seismology. Last …

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2014 Workers’ Compensation Rates Ranked by State http://www.insurancejournal.com/news/national/2015/02/23/358401.htm Mon, 23 Feb 2015 19:21:05 +0000 http://www.insurancejournal.com/?p=358401 The median index rate for workers’ compensation insurance fell to an all-time low in 2014 to $1.85 per $100 of payroll. Index rates in 2014 varied from a low of $0.88 in North Dakota to a high of $3.48 in …

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Top Writers of Homeowners, Blizzard-Exposed Commercial Lines in New England http://www.insurancejournal.com/news/east/2015/02/23/358276.htm Mon, 23 Feb 2015 16:51:03 +0000 http://www.insurancejournal.com/?p=358276 This past month’s cycle of blizzards and heavy snowfall in the Boston area and New England have been adding up to a significant impact in the region. The following are the top U.S. writers of homeowners, auto and blizzard-exposed commercial …

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FEMA Shows Some Progress Implementing Flood Insurance Changes: GAO http://www.insurancejournal.com/news/national/2015/02/20/358147.htm Fri, 20 Feb 2015 15:14:11 +0000 http://www.insurancejournal.com/?p=358147 The agency responsible for managing the federal flood insurance program has made progress in carrying out key changes mandated by Congress in two recent laws but lacks resources and data to completely implement others, a government report says. [See copy …

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Impact of Driving Record on Auto Insurance Cost Varies Widely by State http://www.insurancejournal.com/news/national/2015/02/19/358057.htm Thu, 19 Feb 2015 15:32:07 +0000 http://www.insurancejournal.com/?p=358057 While motorists who commit moving violations typically pay higher auto insurance costs, how much more they pay varies significantly by state, according to a report by an online insurance seller. For example, drivers who receive a DUI charge will pay …

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Report Challenges Eliminating Deductibility of Foreign Reinsurance Premiums http://www.insurancejournal.com/news/international/2015/02/19/357970.htm Thu, 19 Feb 2015 10:24:37 +0000 http://www.insurancejournal.com/?p=357970 A report from the Tax Foundation challenges recent tax proposals including the White House’s 2015 budget that call for provisions to limit deductions of “legitimate business costs for tax purposes.” The report says that provisions that would eliminate the deduction …

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Fatal Work Injuries in N.Y. Metro Area Declined in 2013: BLS http://www.insurancejournal.com/news/east/2015/02/18/357848.htm Thu, 19 Feb 2015 03:42:40 +0000 http://www.insurancejournal.com/?p=357848 Work-related fatal injuries in the New York metropolitan area (the New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa. Metropolitan Statistical Area) totaled 152 in 2013, according to preliminary data from the U.S. Bureau of Labor Statistics (BLS). The 2013 figure was down …

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A.M. Best: European (Re)Insurers Face Pressure Points; Ratings Are Stable http://www.insurancejournal.com/news/international/2015/02/18/357693.htm Wed, 18 Feb 2015 10:06:37 +0000 http://www.insurancejournal.com/?p=357693 The recent unveiling by the European Central Bank (ECB) of its large-scale sovereign bond buying program is just one of the pressure points building in Europe that could affect insurers and reinsurers’ balance sheets, said A.M. Best in a new briefing, …

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Reports Show Insurers Lag Behind in Adopting Technology http://www.insurancejournal.com/news/international/2015/02/17/357569.htm Tue, 17 Feb 2015 10:15:50 +0000 http://www.insurancejournal.com/?p=357569 At a time when the financial sector is racing to embrace digital technology to boost sales and drive profits, the traditionally staid insurance industry is in danger of falling behind. Some insurers are using developments such as telematics, or social …

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Don’t Blame Demanding Patients for High Medical Costs: Study http://www.insurancejournal.com/news/national/2015/02/13/357393.htm Fri, 13 Feb 2015 13:32:53 +0000 http://www.insurancejournal.com/?p=357393 New research has found that patients make almost no unreasonable requests for medical treatment, undermining the tendency by doctors to blame higher healthcare costs on the demands of those they care for. Only 1 percent of cancer patients ask for …

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A.M. Best: Geopolitical Tensions Hit Insurers’ Prospective Growth in Russia http://www.insurancejournal.com/news/international/2015/02/12/357282.htm Thu, 12 Feb 2015 12:54:35 +0000 http://www.insurancejournal.com/?p=357282 Heightened geopolitical tensions spilling over from the Russia-Ukraine crisis, high interest and inflation rates, and low commodity prices are placing pressure on Russia’s economy and its insurance industry’s prospective growth, according to an A.M. Best special report. A.M. Best believes the …

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Agent-Broker Profitability Reaches Record 21% for 2014: Reagan Consulting http://www.insurancejournal.com/news/national/2015/02/10/357093.htm Tue, 10 Feb 2015 18:09:39 +0000 http://www.insurancejournal.com/?p=357093 Agent-broker profitability reached 21 percent for 2014, a new record for the Reagan Consulting Organic Growth and Profitability (OGP) survey that began tracking profitability for agencies in 2008. That median profitability for EBITDA (earnings before interest, taxes, depreciation and amortization) …

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A.M. Best: Drivers Behind London Market M&A Activity to Continue http://www.insurancejournal.com/news/international/2015/02/10/357014.htm Tue, 10 Feb 2015 09:34:08 +0000 http://www.insurancejournal.com/?p=357014 The changing dynamics in the specialist property/casualty sector continue to encourage merger and acquisition activity in the London market. A new briefing from A.M. Best notes that the need for insurers to leverage analytical capabilities and increase line size is becoming increasingly …

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P/C Insurers Expanding Use of Predictive Modeling http://www.insurancejournal.com/news/national/2015/02/09/356901.htm Mon, 09 Feb 2015 19:00:11 +0000 http://www.insurancejournal.com/?p=356901 Property /casualty insurance executives believe that predictive modeling has become an essential or very important driver of improved performance over the past six years and they are broadening their use of the application into new areas of operation, according to …

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Commercial Lines Softening to Continue in U.S. in 2015: Marsh http://www.insurancejournal.com/news/national/2015/02/09/356904.htm Mon, 09 Feb 2015 16:38:04 +0000 http://www.insurancejournal.com/?p=356904 Competition among property/casualty insurance carriers and the flow of capital into the industry are continuing to drive down rates in most U.S. commercial lines and conditions are particularly favorable for clients with attractive risks and good loss histories, says global …

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Drugged Driving Increases While Drunk Driving Decreases http://www.insurancejournal.com/news/national/2015/02/09/356881.htm Mon, 09 Feb 2015 13:44:01 +0000 http://www.insurancejournal.com/?p=356881 The nation’s decades-long campaign to combat drunk driving continues to make our roads safer, but use of marijuana and prescription drugs is increasingly prominent on the highways, creating new safety questions, according to two studies released by the Department of …

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How Large Firm Risk Managers Rate Commercial Lines Carriers, Brokers http://www.insurancejournal.com/news/national/2015/02/06/356768.htm Fri, 06 Feb 2015 14:10:00 +0000 http://www.insurancejournal.com/?p=356768 While commercial insurers have traditionally relied upon insurance brokers to manage customer relationships, large company risk managers are looking for both parties to work together to meet their needs, according to a new study. While brokers are the most frequent …

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As U.S. Economy Improves, Fatalities at Railroad Crossings Rise http://www.insurancejournal.com/news/national/2015/02/06/356766.htm Fri, 06 Feb 2015 13:44:40 +0000 http://www.insurancejournal.com/?p=356766 Fatalities at train crossings are starting to creep back up after years of decline, possibly due to an improving economy that has increased traffic on both roads and rails. The number of people killed where rail lines and roads intersect …

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A.M. Best: Europe’s Largest Cedants Alter Reinsurance Purchasing Practices http://www.insurancejournal.com/news/international/2015/02/06/356742.htm Fri, 06 Feb 2015 10:23:59 +0000 http://www.insurancejournal.com/?p=356742 Europe’s 20 largest cedants are benefiting from lower reinsurance rates and stronger bargaining power, resulting from a trend that saw increasing centralized reinsurance purchasing at a group level. A new report from A.M. Best states that reinsurance rates in Europe remain under …

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Top 10 Employment Discrimination Claims http://www.insurancejournal.com/news/national/2015/02/04/356405.htm Wed, 04 Feb 2015 16:18:21 +0000 http://www.insurancejournal.com/?p=356405 While charges of employment discrimination against employers are declining overall, claims alleging retaliation against an employee for involvement in a complaint reached a record high in fiscal year 2014. According to an Equal Employment Opportunity Commission (EEOC) review of the …

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Fraud Adds Up to 17% to Auto Insurance Injury Claims: IRC http://www.insurancejournal.com/news/national/2015/02/04/356392.htm Wed, 04 Feb 2015 14:13:19 +0000 http://www.insurancejournal.com/?p=356392 A new study estimates that fraud and claim “build-up” add between $5.6 billion and $7.7 billion in excess payments to auto injury claims paid in the United States. The excess payments represented between 13 percent and 17 percent of total …

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Securities Class Actions Held Steady in 2014 http://www.insurancejournal.com/news/national/2015/02/04/356329.htm Wed, 04 Feb 2015 11:44:05 +0000 http://www.insurancejournal.com/?p=356329 Deals often beget securities class actions. Yet, despite the active mergers-and-acquisitions market in 2014, the number of new federal securities class actions barely budged from the level in 2013. Last year, 170 securities cases were filed, four more than in …

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Report: Modest Economic Growth Expected in Midwest, Plains http://www.insurancejournal.com/news/midwest/2015/02/03/356257.htm Tue, 03 Feb 2015 17:23:45 +0000 http://www.insurancejournal.com/?p=356257 Weakness in the agriculture and energy sectors will slow the economy in nine Midwestern and Plains states this spring, according to a monthly survey of business leaders released Feb. 2. The region’s overall economic index improved slightly to 54.8 in …

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Though Rising, Ohio Home and Auto Insurance Rates Still Low http://www.insurancejournal.com/news/midwest/2015/02/03/356248.htm Tue, 03 Feb 2015 17:01:51 +0000 http://www.insurancejournal.com/?p=356248 Combined, average homeowners and auto insurance premiums in Ohio are nearly $500 less than national averages, according to the state’s insurance department. Personal lines premiums in the state are among the lowest in the country, Lieutenant Governor and Department of …

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Top Vehicle Claims Trends from 2014 http://www.insurancejournal.com/news/national/2015/01/30/355960.htm Fri, 30 Jan 2015 14:33:41 +0000 http://www.insurancejournal.com/?p=355960 The top five states in which a person was most likely to file an auto claim last year were all on the East Coast. December had the lowest volume of all vehicle claims of any month. Those facts are just …

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