Insurance Journal » Research and Trends http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Sun, 29 Mar 2015 21:28:37 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Premiums, Claims Severity on Rise in Architects & Engineers Market: Survey http://www.insurancejournal.com/news/national/2015/03/27/362384.htm Fri, 27 Mar 2015 16:31:20 +0000 http://www.insurancejournal.com/?p=362384 For the third consecutive year, most insurers providing professional liability insurance for architects and engineers saw their premium rates increase modestly in 2014, as expectations of larger rate hikes were tempered by steady competition. A new survey by insurance broker …

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Erie Survey Finds Wide Range of Distracted Behaviors Behind Wheel http://www.insurancejournal.com/news/east/2015/03/27/362223.htm Fri, 27 Mar 2015 16:30:15 +0000 http://www.insurancejournal.com/?p=362223 To discourage distracted driving in conjunction with National Distracted Driving Awareness Month in April, Erie Insurance, based in Erie, Pennsylvania, recently asked drivers what they do behind the wheel. The online survey of 1,915 U.S. drivers aged 18 and older …

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Shipping Losses Down in 2014 But New Threats Loom: Allianz http://www.insurancejournal.com/news/international/2015/03/26/362150.htm Thu, 26 Mar 2015 12:52:23 +0000 http://www.insurancejournal.com/?p=362150 Shipping losses declined to 75 during 2014, a 32 percent drop from the previous year and well below the 10-year loss average of 127, according to Allianz Global Corporate & Specialty SE’s (AGCS) third annual Safety and Shipping Review 2015. …

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Why Are Agency Employees Unhappy? http://www.insurancejournal.com/news/national/2015/03/26/362141.htm Thu, 26 Mar 2015 10:46:24 +0000 http://www.insurancejournal.com/?p=362141 Agency employees are not happy when it comes to compensation, and money isn’t the problem. Despite increases in salaries and total compensation, many employees continue to be unsatisfied when it comes to overall compensation, according to Insurance Journal‘s annual Agency …

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IAIS’ International Capital Standards Have Ambitious Timeline: A.M. Best http://www.insurancejournal.com/news/international/2015/03/25/362039.htm Wed, 25 Mar 2015 12:07:23 +0000 http://www.insurancejournal.com/?p=362039 Given the potential wide-reaching impacts on pricing, products, investment strategies and the cost of capital, A.M. Best doubts that the ambitious timeline can be met to develop and implement international capital standards by the International Association of Insurance Supervisors (IAIS). …

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How Driverless Cars Might Affect Ownership, Miles Driven http://www.insurancejournal.com/news/national/2015/03/24/361843.htm Tue, 24 Mar 2015 14:11:44 +0000 http://www.insurancejournal.com/?p=361843 Driverless vehicles may reduce the number of vehicles a family needs, but may lead to an increase in total miles driven. Researchers at the University of Michigan Transportation Research Institute (UMTRI) examined U.S. National Household Travel Survey data that contained …

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Securities Class Action Settlement Amounts Plummet http://www.insurancejournal.com/news/national/2015/03/24/361836.htm Tue, 24 Mar 2015 13:12:56 +0000 http://www.insurancejournal.com/?p=361836 Bringing a securities class action became less lucrative last year. According to a new Cornerstone Research report, total settlements in such cases hit their lowest point in 16 years. The aggregate amount of settlements dropped 78 percent to $1.07 billion …

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As West Bakes and Northeast Shivers, Elsewhere Tornadoes Almost Disappear http://www.insurancejournal.com/news/national/2015/03/24/361832.htm Tue, 24 Mar 2015 12:43:05 +0000 http://www.insurancejournal.com/?p=361832 The same weather pattern that made the West warm and dry and the Northeast cold and snowy has contributed to keeping the rest of the U.S. relatively free of tornadoes so far this year. In the first two months of …

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Arctic Melt Creates Weakest Gulf Stream in 1,000 Years, Weather Shifts Expected http://www.insurancejournal.com/news/international/2015/03/24/361826.htm Tue, 24 Mar 2015 08:59:31 +0000 http://www.insurancejournal.com/?p=361826 Gulf Stream water currents in the Atlantic Ocean have slowed to the weakest in as long as 1,000 years, threatening shifts in U.S. and European weather, as well as coastal sea levels including in New York and Boston. The currents …

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UK Report Highlights Role of Insurance in Managing, Mitigating Cyber Risk http://www.insurancejournal.com/news/international/2015/03/24/361821.htm Tue, 24 Mar 2015 08:47:03 +0000 http://www.insurancejournal.com/?p=361821 Last year 81 percent of large UK businesses and 60 percent of small companies suffered a cyber security breach. In response to this increasing threat, a report published by the UK government and Marsh, one of the UK’s leading insurance …

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A.M. Best: India Law to Raise Foreign Investment Interest in Insurance Sector http://www.insurancejournal.com/news/international/2015/03/24/361819.htm Tue, 24 Mar 2015 07:32:37 +0000 http://www.insurancejournal.com/?p=361819 There will be heavy interest from foreign investors in India’s insurance sector now that global insurers are permitted to increase their stakes in Indian companies, according to a new briefing from A.M. Best. The Best’s briefing, titled “India’s New Legislation Will Draw …

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Guy Carpenter Report Reveals Greatest Tsunami Risk Lies in Taiwan http://www.insurancejournal.com/news/international/2015/03/23/361666.htm Mon, 23 Mar 2015 11:27:16 +0000 http://www.insurancejournal.com/?p=361666 Guy Carpenter’s new scenario risk report for the Asia-Pacific region predicts the greatest tsunami risk in the area lies in Taiwan. The report, titled “Tsunami Risk from Magnitude 9.4 Earthquake in Manila Trench,” provides an in-depth study of the tsunami …

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Drunk Driver Ignition Locks Offer ‘Significant’ Benefits, Savings: Study http://www.insurancejournal.com/news/national/2015/03/20/361375.htm Fri, 20 Mar 2015 10:46:10 +0000 http://www.insurancejournal.com/?p=361375 Putting technology that prevents drunk drivers from starting a vehicle into every car and truck in the U.S. could save 59,000 lives and $343 million over 15 years, according to a University of Michigan study. U-M’s Injury Center and Transportation …

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Might Human Drivers Be Outlawed? http://www.insurancejournal.com/news/national/2015/03/19/361247.htm Thu, 19 Mar 2015 16:55:58 +0000 http://www.insurancejournal.com/?p=361247 Tesla Motors co-founder and CEO Elon Musk thinks that human-driven cars could eventually be outlawed as computers show they can do a more efficient and safer job of driving. “In the distant future, [legislators] may outlaw driven cars because they’re …

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Natural Disasters Could Cost $750 Billion Annually in 15 Years: AIR Study   http://www.insurancejournal.com/news/international/2015/03/19/361176.htm Thu, 19 Mar 2015 08:14:33 +0000 http://www.insurancejournal.com/?p=361176 Economic losses from global natural catastrophes likely will triple over the next 15 years, unless steps are taken to reduce bad development choices, according to preliminary results of a catastrophe modeling study presented at the third UN World Conference on …

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Top 10 Most, Least Expensive Cars to Insure http://www.insurancejournal.com/news/national/2015/03/17/360871.htm Tue, 17 Mar 2015 20:13:44 +0000 http://www.insurancejournal.com/?p=360871 The cheapest 2015 models to insure include two minivans, seven sport-utilities and the tiny Smart ForTwo, according to an Insure.com  ranking of the most and least expensive vehicles to insure. The Jeep Wrangler Sport 4WD repeated its cheapest-to-insure title, with …

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P/C Insurance M&As: Deal Value Up, More to Come http://www.insurancejournal.com/news/national/2015/03/17/360794.htm Tue, 17 Mar 2015 13:47:10 +0000 http://www.insurancejournal.com/?p=360794 Merger and acquisition activity in the property/casualty industry is increasing in deal value and will likely expand from reinsurers to primary carriers, according to two new industry reports. Deloitte said that the average deal size in the sector grew more …

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El Nino Could Signal Tornado Activity in South: Researchers http://www.insurancejournal.com/news/national/2015/03/17/360737.htm Tue, 17 Mar 2015 13:30:38 +0000 http://www.insurancejournal.com/?p=360737 The waters of the Pacific Ocean may provide some clues on what kind of tornado season will erupt across the southern U.S., according to a paper in the journal Nature Geoscience. The study found that if the Pacific enters an …

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A.M. Best Report: Caribbean General Insurers Still Profitable Despite Challenges http://www.insurancejournal.com/news/international/2015/03/17/360787.htm Tue, 17 Mar 2015 10:13:10 +0000 http://www.insurancejournal.com/?p=360787 The Caribbean general insurance market remains profitable, albeit challenging, for participants, according to an A.M. Best special report titled “Caribbean-based General Insurers: What Lies Ahead?” The report says that the region is susceptible to major storm damage, earthquakes and flooding, …

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Independent Insurance Agents Defying Doomsayers http://www.insurancejournal.com/news/national/2015/03/12/360268.htm Thu, 12 Mar 2015 17:02:19 +0000 http://www.insurancejournal.com/?p=360268 According to analysts, technologists, aggregators and others, the independent agency system is in trouble. Somebody forget to tell independent agents. Or more to the point, the doomsayers perhaps didn’t notice that independent agencies have been adapting and getting more into …

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A.M. Best: China’s Solvency Rules Will Alter Reinsurance Buying Decisions http://www.insurancejournal.com/news/international/2015/03/12/360236.htm Thu, 12 Mar 2015 09:21:17 +0000 http://www.insurancejournal.com/?p=360236 China’s new solvency regime will encourage direct insurers to revise their reinsurance programs, or panel of insurers, in order to better manage their solvency requirement arising from reinsurance credit risk, according to a new briefing published by A.M. Best. Titled “China’s …

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RMS Study Shows Significant Tsunami Risk in Caribbean, Mediterranean http://www.insurancejournal.com/news/international/2015/03/12/360232.htm Thu, 12 Mar 2015 08:31:14 +0000 http://www.insurancejournal.com/?p=360232 RMS, the catastrophe risk management firm, has released a global tsunami risk study that identifies more than 20 subduction zones worldwide capable of generating a giant earthquake and tsunami – similar in scale to the March 11, 2011, Tohoku, Japan …

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Low Insurance Penetration Creates Asia-Pacific Opportunities: Aon Benfield http://www.insurancejournal.com/news/international/2015/03/11/360114.htm Wed, 11 Mar 2015 17:19:33 +0000 http://www.insurancejournal.com/?p=360114 As rapid economic development, population growth and urbanization lead to increased insurance penetration, Asia Pacific represents a key area of growth in the global marketplace, according to a report published by Aon Benfield, entitled “Welcome to Asia Pacific.” The guide …

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New England Goes From Big Snow to Big Melt With Milder Weather http://www.insurancejournal.com/news/east/2015/03/11/360124.htm Wed, 11 Mar 2015 16:38:56 +0000 http://www.insurancejournal.com/?p=360124 New England is going from the Big Snow to the Big Melt. After winter storms dumped nearly 9 feet of snow over the course of a month, many parts of the region will see milder weather this week and some …

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Study Links Flooding, Drought to Urban Expansion http://www.insurancejournal.com/news/national/2015/03/11/360057.htm Wed, 11 Mar 2015 10:50:25 +0000 http://www.insurancejournal.com/?p=360057 A heads-up to New York, Baltimore, Houston and Miami: a new study suggests that these metropolitan areas and others will increase their exposure to floods even in the absence of climate change, according to researchers from Texas A&M University. Published …

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More States Eye Use of Drug Formularies in Workers’ Compensation http://www.insurancejournal.com/news/national/2015/03/10/359944.htm Tue, 10 Mar 2015 15:16:34 +0000 http://www.insurancejournal.com/?p=359944 While workers’ compensation pharmacy benefit managers have been utilizing drug formularies to control prescription drugs costs and monitor medical treatments for a long time, states are now catching on. Drug formularies are lists of prescription drugs that are considered appropriate …

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Affordable Care Act Cost Estimate Drops Due to Lower Subsidies, Enrollment http://www.insurancejournal.com/news/national/2015/03/10/359933.htm Tue, 10 Mar 2015 12:37:59 +0000 http://www.insurancejournal.com/?p=359933 U.S. Congressional forecasters on Monday once again cut their estimate of Affordable Care Act health insurance coverage costs, citing unexpectedly less spending on premium subsidies and lower enrollment rates through exchanges set up under the 2010 reform. The $142 billion …

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Epic Snows Brought Economic Woes to New England http://www.insurancejournal.com/news/east/2015/03/09/359816.htm Mon, 09 Mar 2015 16:33:08 +0000 http://www.insurancejournal.com/?p=359816 Ignore anyone who tells you snow is free. Every workday lost during New England’s winter has meant millions of dollars taken out of the regional economy. IHS Global Insight, an economic analysis firm, estimates Massachusetts alone suffered roughly $1 billion …

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P/C Insurers Face $1 Billion Tab for February Storms in U.S. http://www.insurancejournal.com/news/national/2015/03/09/359799.htm Mon, 09 Mar 2015 13:37:57 +0000 http://www.insurancejournal.com/?p=359799 February storms in the U.S. are expected to cost insurers more than $1 billion, according to the latest Global Catastrophe Recap from Aon Benfield’s Impact Forecasting. Five separate storm systems hit the U.S. during the month, bringing heavy snow, frigid …

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Executives Examine D&O Claim Trends, Cyber Exposure http://www.insurancejournal.com/news/national/2015/03/06/359414.htm Fri, 06 Mar 2015 17:47:35 +0000 http://www.insurancejournal.com/?p=359414 A number of industry executives spoke with Insurance Journal recently to share their observations on the current directors and officers liability insurance claim trends. Executives also spoke about a new potential D&O exposure that’s been getting a lot of attention …

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