Insurance Journal » Research and Trends http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 24 Apr 2015 17:14:00 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.2 How the Age of Autonomous Vehicles Will Evolve http://www.insurancejournal.com/news/national/2015/04/24/365573.htm Fri, 24 Apr 2015 14:56:25 +0000 http://www.insurancejournal.com/?p=365573 Vehicles with varying levels of self-driving capability will start to become available to consumers as early as this summer and it could then take 20 years for them to be the norm, according to a new report. The pace will …

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Workers’ Comp Study: California Reforms Lowered Medical Payments Per Claim http://www.insurancejournal.com/news/west/2015/04/23/365503.htm Thu, 23 Apr 2015 19:44:54 +0000 http://www.insurancejournal.com/?p=365503 A study from the Workers Compensation Research Institute indicates some benefits were had from California’s workers’ compensation reform bill. This WCRI 15th edition of the CompScope’ Benchmarks study tracks the provisions of Senate Bill 863, which sent into effect Jan. …

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‘Hungry’ Insurers Continued to Cut Commercial Prices in Q1: CIAB http://www.insurancejournal.com/news/national/2015/04/23/365410.htm Thu, 23 Apr 2015 12:47:54 +0000 http://www.insurancejournal.com/?p=365410 Insurance brokers report that the commercial property/casualty market continued to soften in the first quarter of 2015, with large accounts seeing the biggest price declines. On average, small, medium and large accounts fell 2.3 percent, compared with a decline of …

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Plymouth Rock Survey: 1 in 3 N.J. Drivers Report Having Texted While Driving http://www.insurancejournal.com/news/east/2015/04/22/365285.htm Wed, 22 Apr 2015 14:44:26 +0000 http://www.insurancejournal.com/?p=365285 An annual study released this week by Plymouth Rock Assurance shows that 33 percent of New Jersey motorists surveyed admit to having read/texted messages while driving in the past. Plymouth Rock says that’s the highest percentage recorded since the company …

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How to Manage Risk of Valuable Properties Concentrated in Coastal Areas http://www.insurancejournal.com/news/national/2015/04/21/365152.htm Tue, 21 Apr 2015 13:57:01 +0000 http://www.insurancejournal.com/?p=365152 U.S insured property values as of 2014 exceed $90 trillion, but the bulk of that is increasingly concentrated in vulnerable coastal areas. With that in mind, new risk metrics could better help monitor exposures, Karen Clark & Co. concludes in a …

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Independent Agents Identify Business Opportunities for Carriers: Survey http://www.insurancejournal.com/news/national/2015/04/17/364837.htm Fri, 17 Apr 2015 14:18:16 +0000 http://www.insurancejournal.com/?p=364837 Most independent insurance agents are impressed by the carriers they place business with – but most also are interested in adding new company partners. This is one of the preliminary findings of a recent national survey of independent agents conducted …

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It’s Insurance Buyers’ Market Now But Risk Challenges Ahead: Willis http://www.insurancejournal.com/news/national/2015/04/16/364670.htm Thu, 16 Apr 2015 14:40:17 +0000 http://www.insurancejournal.com/?p=364670 Due in part to reduced catastrophe losses and the increased supply of capital, property/casualty insurance buyers can expect to face friendly market conditions on most lines of business for the remainder of 2015. But evolving threats generated from a range …

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Catastrophe Bond Issuance Breaks New Q1 Record: Aon Benfield Report http://www.insurancejournal.com/news/international/2015/04/16/364635.htm Thu, 16 Apr 2015 09:23:22 +0000 http://www.insurancejournal.com/?p=364635 Catastrophe bond issuance for the first quarter reached a record $1.7 billion – higher than any other first quarter issuance in the history of the insurance linked securities sector (ILS), according to a report published by Aon Benfield Securities, the …

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How 10% of S&P Firms ‘Reform’ Taxes on Their Own http://www.insurancejournal.com/news/national/2015/04/15/364366.htm Wed, 15 Apr 2015 10:33:05 +0000 http://www.insurancejournal.com/?p=364366 When it comes to taxes, corporate America is getting a bit less corporate. And a bit less American. Fueled by a wave of inversions, a record 54 companies in the Standard & Poor’s 500 Index of leading U.S. firms are …

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Study Reveals Extent, Nature of Health Data Breaches http://www.insurancejournal.com/news/national/2015/04/14/364163.htm Tue, 14 Apr 2015 15:15:47 +0000 http://www.insurancejournal.com/?p=364163 Between 2010 and 2013, there were more than 900 data breaches of protected health information affecting at least 500 individuals, with most of them resulting from overt criminal activity, according to a study in the April 14 issue of the …

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Most Cyber Attacks Due to Trick Emails, Errors, Not Sophisticated Hacking http://www.insurancejournal.com/news/national/2015/04/14/364191.htm Tue, 14 Apr 2015 10:44:47 +0000 http://www.insurancejournal.com/?p=364191 When a cyber security breach hits the news, those most closely involved often have incentive to play up the sophistication of the attack. If hackers are portrayed as well-funded geniuses, victims look less vulnerable, security firms can flog their products …

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A.M. Best: Takaful Operators Struggle With Fierce Competition, Profitability http://www.insurancejournal.com/news/international/2015/04/14/364184.htm Tue, 14 Apr 2015 08:56:23 +0000 http://www.insurancejournal.com/?p=364184 The significant premium growth in the global takaful sector is expected to continue and reach USD$20 billion by 2017, with the majority of that increase originating from Malaysia and Saudi Arabia, according to a new A.M. Best special report. The Best’s Special …

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Best: Indonesia Insurers’ Reinsurance Buying Habits Could Affect Capital Ratios http://www.insurancejournal.com/news/international/2015/04/10/363949.htm Fri, 10 Apr 2015 11:15:06 +0000 http://www.insurancejournal.com/?p=363949 The purchase of reinsurance by Indonesian non-life insurers is high, which could have a significant effect on capital requirements and magnify the capital impact of changes to reinsurance asset quality, according to an A.M. Best special report. The report, titled “Risk-Based Capital Impacts From …

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10 Most Common and Costliest Small Business Claims http://www.insurancejournal.com/news/national/2015/04/09/363801.htm Thu, 09 Apr 2015 17:06:58 +0000 http://www.insurancejournal.com/?p=363801 Four out of 10 small businesses are likely to experience a property or general liability claim in the next 10 years, according to an analysis of The Hartford’s small business claims. Topping the list for the most common claim is …

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Insurer Group: Most Midwesterners not Prepared for Natural Disasters http://www.insurancejournal.com/news/midwest/2015/04/09/363863.htm Thu, 09 Apr 2015 16:57:25 +0000 http://www.insurancejournal.com/?p=363863 With more severe thunderstorms and possibly tornadoes in the forecast for portions of the central U.S. today, the Property Casualty Insurers Association of America (PCI) says a recent survey conducted by Harris Poll on behalf of PCI shows that residents in …

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Insurers Tracking Fitness: Too Accurate for Comfort? http://www.insurancejournal.com/news/national/2015/04/09/363781.htm Thu, 09 Apr 2015 12:27:20 +0000 http://www.insurancejournal.com/?p=363781 Someday soon, Big Brother may be watching you. Only his name will be “John Hancock.” The insurer is rolling out a program in the U.S. similar to ones already deployed in other parts of the world, where your life insurer tracks …

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ASEAN Open Market Will Benefit Region’s Insurance Industry: Best’s Report http://www.insurancejournal.com/news/international/2015/04/09/363771.htm Thu, 09 Apr 2015 10:48:33 +0000 http://www.insurancejournal.com/?p=363771 While the planned year-end timeline for 10 Southeast Asia nations forging ahead under a single, open economic market appears to be slipping, the region’s insurance industry has reached common ground on the benefits of operating beneath such a model, according …

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Willis Urges Energy Underwriters to Innovate to Survive http://www.insurancejournal.com/news/international/2015/04/09/363766.htm Thu, 09 Apr 2015 10:26:27 +0000 http://www.insurancejournal.com/?p=363766 Willis Group Holdings is urging energy insurers to increase innovation and offer buyers a wider range of new products and services “as underwriters face mounting competitive pressure, record capacity levels and reduced premium income.” According to the global broker, the …

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How to Improve Insurance Industry Ethics http://www.insurancejournal.com/news/national/2015/04/08/363627.htm Wed, 08 Apr 2015 13:43:04 +0000 http://www.insurancejournal.com/?p=363627 Support from leaders at the top of organizations is the key to improving the ethical climate in the insurance industry, according to a new survey of industry professionals. Punishing bad actors is one of the least effective strategies, the survey …

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A.M. Best: Insurers Must Consider Risks of U.K. Exit From European Union http://www.insurancejournal.com/news/international/2015/04/08/363624.htm Wed, 08 Apr 2015 12:20:44 +0000 http://www.insurancejournal.com/?p=363624 Insurers based in the United Kingdom underwriting a material amount of European business should be monitoring the potential consequences of the United Kingdom exiting or renegotiating its position within the European Union (EU), according to an A.M. Best briefing. One such …

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Surprising Number of Cyber Attacks Aim to Destroy, Not Steal http://www.insurancejournal.com/news/national/2015/04/07/363483.htm Tue, 07 Apr 2015 12:46:23 +0000 http://www.insurancejournal.com/?p=363483 Hacking attacks that destroy rather than steal data or that manipulate equipment are far more prevalent than widely believed, according to a survey of critical infrastructure organizations throughout North and South America. The poll by the Organization of American States, …

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A.M. Best: European Reinsurers Report Strong Results, Growth Limited http://www.insurancejournal.com/news/international/2015/04/06/363321.htm Mon, 06 Apr 2015 12:33:02 +0000 http://www.insurancejournal.com/?p=363321 Major European reinsurers have posted very strong full-year results for 2014 and continue to be well capitalized, with profitable underwriting results due to the absence of sizable natural catastrophes and ongoing reserve releases. Nevertheless, reinsurers face challenges as soft market …

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Top 10, Bottom 10 Housing Markets in U.S.: Nationwide http://www.insurancejournal.com/news/national/2015/03/31/362667.htm Tue, 31 Mar 2015 13:56:25 +0000 http://www.insurancejournal.com/?p=362667 The U.S. housing market is at its healthiest level since 2001, according to a new index from economists at insurer Nationwide who evaluated the housing market nationally and for 373 metropolitan areas. Housing markets in the vast majority of metropolitan statistical …

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Exit Ramp Rollovers Kill Hundreds of Truckers a Year http://www.insurancejournal.com/news/national/2015/03/31/362618.htm Tue, 31 Mar 2015 11:50:10 +0000 http://www.insurancejournal.com/?p=362618 It was almost midnight when Walter Price eased his 18-wheeler into the right lane on Interstate 75 near Atlanta. As he began to bank onto the exit ramp he’d been taking for the past 10 years, Price had no idea …

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A.M. Best: Germanwings Crash May Put More Pressure on Aviation War Sector http://www.insurancejournal.com/news/international/2015/03/31/362649.htm Tue, 31 Mar 2015 11:47:53 +0000 http://www.insurancejournal.com/?p=362649 A.M. Best said the total insurance loss of Germanwings Flight 4U9525, which crashed in the French Alps on March 24, 2015 killing 150 people, may put further pressure on the beleaguered aviation war sector. The total insurance loss for the …

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Insurers Face Earnings Growth Challenges in Varying Global Economy: S&P http://www.insurancejournal.com/news/international/2015/03/31/362645.htm Tue, 31 Mar 2015 10:59:02 +0000 http://www.insurancejournal.com/?p=362645 When it comes to finding earnings growth in 2015, the challenge facing the global insurance industry will be uneven economic conditions in many parts of the world, according to a report released by Standard & Poor’s Ratings Services. Entitled “Pursuing …

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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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