Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
P/C Insurers Cautious About Adopting New RMS Hurricane Model
May 10 2011 // Property/casualty insurers appear to be in no rush to adopt a controversial revised catastrophe model that dramatically raises certain estimates of potential hurricane losses in the country. California-based modeling firm...
P/C Insurer Failures in 2010 Unrelated to Catastrophes: A.M Best
May 10 2011 // The majority of the 11 financially impaired property/casualty companies in 2010 got into trouble primarily due to deficient loss reserves and inadequate pricing. None of the 2010 impairments were directly attributable to...
Florida Approves Property Insurance Reform
May 9 2011 // Homeowners’ insurers in Florida are breathing a sigh of relief after succeeding in a months-long battle to obtain property insurance reforms designed to reduce costs and stabilize the market. After watching state...
Texas: Many Life Insurers Keep Beneficiary Proceeds in Accounts
May 9 2011 // The Texas Department of Insurance says a recent industry survey shows that many life insurance companies place policy proceeds into Retained Asset Accounts (RAAs) instead of paying proceeds directly to the beneficiaries....
Calif. Bill Targets State Workers’ Comp Insurer’s Commission Policy
May 6 2011 // California Assembly Member Anthony Portantino, 44th District, has proposed a bill aimed to level the playing field for brokers who help to secure workers’ compensation insurance from the State Compensation Insurance...
Sony’s Insurers to Help Foot Bill for Data Breach
May 6 2011 // Sony is looking to its insurers to help pay for its massive data breach, an amount that one expert estimates could exceed $2 billion, but others said insurers may balk at ponying up that kind of money. “We have a...
Insurers Fight Over Flood Policies Dropped by State Farm
May 6 2011 // Major U.S. insurers jostled on Capitol Hill this week over control of 800,000 former State Farm flood insurance policies as lawmakers tried to advance reform of the nation’s flood insurance system. The conflict began...
Sony Calls on Insurers to Help Pay for Data Breach
May 6 2011 // Sony is looking to its insurers to help pay for its massive data breach, an amount that one expert estimates could exceed $2 billion, but others said insurers may balk at ponying up that kind of money. “We have a...
Insurers Fight Over Flood Insurance Policies Dropped by State Farm
May 5 2011 // Major U.S. insurers jostled on Capitol Hill this week over control of 800,000 former State Farm flood insurance policies as lawmakers tried to advance reform of the nation’s flood insurance system. The conflict began...
Insurer Association Urges Calif. Legislators to Ban ‘Crash Taxes’
May 4 2011 // California’s Senate Public Safety Committee held a hearing yesterday, evaluating the need to ban local governments from charging accident response fees or “crash taxes” for emergency responses to vehicle...
$11M in Calif. Insurer Investments Go to Underserved Communities
May 4 2011 // Insurance Commissioner Dave Jones and Speaker John A. Pérez announced that $11 million in new insurance company investments will benefit underserved communities across California. In February, the commissioner sent a...
Texas Continues Crack Down on Late Surplus Line Filings
May 4 2011 // Among the enforcement actions for March 2011 announced by the Texas Department of Insurance are a number of fines imposed on surplus lines wholesalers for failing to report surplus line premium in a timely...
Damage Estimated in Billions as Insurers Work to Pay Claims
May 4 2011 // Officials, insurers and residents are starting the daunting task of assessing and cleaning up the damage from the massive storm system that hit the Southeast as the amount of insured losses is heading into the billions of...
Insurer Settles Suit With Former Utah Frat Members
May 3 2011 // A Georgia insurance company that paid a wrongful death claim on behalf of a former Utah State University fraternity has settled the lawsuit it brought against four of the fraternity’s members. The Herald Journal of...
Florida Legislature Approves Commercial Rate Deregulation Bill
May 3 2011 // Commercial insurers in Florida will have more leeway in setting rates on a number of lines of insurance under a bill approved today by state lawmakers. The Florida legislature approved CS/HB 99 that expands the list of...
Kansas Passes No Pay/No Play Bill; Insurer Group Urges Governor to Sign
May 3 2011 // The Kansas Legislature has now passed legislation, Senate Bill 136, designed to encourage more drivers to purchase auto insurance as required by law and reduce the number of uninsured motorists on the road, according to...
Best Affirms Harleysville Group and Subs Ratings
May 2 2011 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Harleysville Insurance and its property/casualty pooling members,...
S&P: No. Am, Bermuda Insurers Enhancing Enterprise Risk Management Efforts
May 2 2011 // In an article published on its web site Standard & Poor’s Ratings Services said it has outlined its “updated enterprise risk management (ERM) opinions for all of its rated North American and Bermudan...
Pending State Legislation to Implement NRRA Is Fly in the Ointment
May 2 2011 // Pending state legislative proposals, such as California’s AB 315, that would implement the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) are akin to the fly in the ointment. The NRRA becomes effective on July...
How to Find Cyber Insurance for the Uninsurable
May 2 2011 // The University of California (UC) has redefined the rules of cyber liability insurance, using an approach that the university’s Chief Risk Officer Grace Crickette calls “reverse underwriting.”...
