Latest Market Headlines
All the headlines from our Market Topic Page, ordered by recency.
Texas Insurance Commissioner Geeslin to Step Down
Jan 24 2011 // Texas Insurance Commissioner Mike Geeslin announced in early January that he will not seek another term as head of the Texas Department of Insurance. His term ends Feb. 1, 2011. Commissioner Geeslin has been with TDI for...
Think Soft Market Is Over? Think Again
Jan 24 2011 // Average renewal premiums for commercial lines property/ casualty insurance were largely unchanged during the fourth quarter of 2010 and that may remain the case for awhile. According to the RIMS Benchmark Survey, directors...
New York ‘Crash Tax’ Roils Insurance Industry
Jan 24 2011 // Trade Groups Lash Out at Proposed FDNY Charges for Accident Response The insurance industry spoke out against what it is calling a hidden “crash tax” during a public hearing in New York City earlier this...
Underwriting, Expense Discipline Needed in 2011, Say P/C CEOs
Jan 24 2011 // The property/casualty insurance industry turned a corner and will show a profitable year for 2010, but underwriting discipline will be more important than ever in 2011, according to property/casualty CEOs. “2010 was...
Insurance Industry Worries about Growing Risks from Climate Change
Jan 19 2011 // Insurers are struggling to assess the risks from climate change, industry officials say, with the floods in Australia and Brazil highlighting the potential losses from greater extremes of weather. Scientists say a warmer...
Lloyd’s Ribeiro Beats a Path to the World’s Insurance Door
Jan 18 2011 // As director of international markets for Lloyd’s of London, Jose Ribeiro has a lot of responsibilities. He took a brief time out, as he prepared for a trip to China, to tell the Insurance Journal a little bit about...
Underwriting, Expense Discipline Needed in 2011, Say P/C CEOs
Jan 14 2011 // The property/casualty insurance industry turned a corner and will show a profitable year for 2010, but underwriting discipline will be more important than ever in 2011, according to property/casualty chief executive...
Liberty Mutual Paying $7.5M To Settle Bid-Rigging Charges
Jan 10 2011 // Boston-based insurer Liberty Mutual will pay a combined $7.5 million to New York and Connecticut to settle allegations that it steered insurance contracts by paying kickbacks large insurance brokers. In settling the suits,...
2011 Insurance Industry Meetings and Conventions Directory
Jan 10 2011 // Welcome to Insurance Journal’s 2011 Insurance Industry Meetings and Conventions Directory. The information in this directory is taken from a larger database containing additional information on these and other...
Facts and Legends of Insurance Industry History
Jan 10 2011 // Benjamin Franklin founded America’s oldest, continuously active insurance company in 1752. Franklin and several prominent business associates established the Philadelphia Contributorship for the Insurance of Houses...
Insurance Industry Outlook Improving Slightly
Jan 10 2011 // The insurance industry is recovering from the economic crisis, but profits are nowhere near where they were prior to the crisis, and it will take California longer than other states to rebound, according to an industry...
Alabama’s Coastal Map
Jan 10 2011 // The oil industry may be to blame for millions of dollars of damage and lost business along Alabama’s coast but it’s the insurance industry that holds the key to the state’s coastal recovery. This truth is...
Texas Insurance Commissioner Geeslin to Step Down
Jan 5 2011 // Texas Insurance Commissioner Mike Geeslin has announced that he will not seek another term as head of the Texas Department of Insurance. His term ends Feb. 1, 2011. Geeslin has been with TDI for eight years, and has served...
Hudson Resigning as Ohio Insurance Director
Jan 4 2011 // Ohio Department of Insurance Director Mary Jo Hudson has announced her resignation effective Jan. 10, 2011. Her final work day will be Jan. 7. “I am proud of the many changes that we have implemented over the past...
Willis Re: Overcapacity Keeps Renewal Rates in Reinsurance Down
Dec 31 2010 // “Overcapitalization in the reinsurance market continues to gradually push rates downwards with price reductions at the January 1, 2011 reinsurance renewals averaging between 5 percent and 10 percent, according to the...
2011 Outlook: Too Much Capacity + Stagnant Demand = a Soft Market
Dec 31 2010 // A quick, and as yet incomplete, survey of re/insurance industry leaders indicates that the main concern they will have to deal with in the coming year isn’t climate change, or Solvency II, but the insurance...
Reinsurance Renewal Rates On the Decline, Reports Claim
Dec 30 2010 // Reinsurance rates for 2011 are falling at the same or greater pace than traditional insurers and further softening of the market is to come, according to two industry reports. For the second year in a row, global...
Top 5 Things Affecting Excess & Surplus Market in 2011
Dec 30 2010 // It has been a challenging few years for those in the excess and surplus (E&S) lines insurance market. An endless soft market, extreme competition from the standard markets, and a bad economy left wholesale and retail...
Liberty Mutual Paying $7.5M to Settle Bid-Rigging Charges
Dec 30 2010 // Boston-based insurer Liberty Mutual will pay a combined $7.5 million to New York and Connecticut to settle allegations that it steered insurance contracts by paying kickbacks large insurance brokers. In settling the suits,...
Catastrophes Top 2010 List of Major Global Insurance Events
Dec 23 2010 // Natural and man-made catastrophes topped the list of the most significant events in 2010, with three major earthquakes, a near record number of hurricanes, some serious typhoons and windstorms, a volcanic eruption and a...
