Latest Market Headlines
All the headlines from our Market Topic Page, ordered by recency.
Michigan Democrats Target Insurers Over Bad Faith Claims Denials
Jul 14 2009 // Democrats in the Michigan House are pushing a dozen bills they say are needed to protect consumers from unfair claims practices by insurance companies. But insurers maintain the measures are unnecessary and will do more...
P/C Industry Pressured by 2009 Recession; Turnaround in 2011
Jul 13 2009 // Results for the property/casualty industry over the next few years will be driven by the 2009 recession, mixed insurance premium pricing momentum, and modestly deteriorating underwriting results, according to a new...
A.M. Best: P/C Industry’s Earnings Down 87% in Q1
Jul 9 2009 // The U.S. property/casualty industry’s net income fell 87 percent to $1.2 billion in the first three months of 2009 according to A.M. Best. “The year-over-year decline in earnings was due primarily to the severe...
Florida’s New Insurers Won’t Pick Up State Farm Slack, McCarty Says
Jul 6 2009 // Florida Insurance Commissioner Kevin McCarty said the 54 property insurers backed by nearly $5 billion in capital that have been admitted to the state since 2006 can’t be expected to absorb all of the policies left...
Geneva Association Issues Report on Insurance Industry & Climate Change
Jul 6 2009 // Insurance industry leaders underscored their concerns over the potential impacts of climate change last Thursday July, 2 with the introduction of a 138 page report from the Geneva Association*, the industry’s most...
Clichéd, But True
Jul 6 2009 // Stick to your knitting. Sell on value, not on price. Return to the basics. Achieve growth through disciplined underwriting. The above are just a few of the mantras, some might say clichés, being repeated throughout the...
Taking Care of Business
Jul 6 2009 // Leading Near National P/C Carriers Revealed The original criteria and objective definition for the Near National Property/Casualty Carriers was established in the Feb. 12, 2007, issue of Insurance Journal. The Demotech...
P/C Industry Posts $1.3B Loss in Q1; Combined Ratio Up to 102.2
Jul 6 2009 // The property/casualty insurance industry suffered a $1.3 billion net loss after taxes for first-quarter 2009, which constitutes a $9.8 billion adverse swing from the industry’s $8.5 billion in net income after taxes...
Turmoil Breeds Opportunity
Jul 6 2009 // A Golden Moment for the Insurance Industry In a time of financial turmoil, we in the insurance industry have an unprecedented opportunity. As capital providers and risk advisers in a time of scarce capital and huge risk,...
Willis Re Sees Capital Returning to Reinsurance Market; Stable Pricing
Jul 1 2009 // A report from Willis Re indicates that “despite predictions of dramatic rate increases to offset reinsurer losses over the preceding 12 months, July 1 reinsurance renewals saw sufficient capacity in virtually all...
Reinsurance Market Remains Stable; Rates Steady, Reports Guy Carpenter
Jul 1 2009 // Upward pressure on property/catastrophe reinsurance rates in the U.S. eased at the July 1, 2009 renewal, as capacity in the market remained sufficient without being abundant, according to a briefing published today by Guy...
Willis is Positive for Future of Offshore Wind Insurance Market
Jun 25 2009 // A team of Willis Group Holdings has concluded that “insurers are increasingly seeing offshore wind as an attractive investment area with considerable growth potential.” The conclusion comes just ahead of the...
Financial Crisis Poses Greatest Threat to Insurance Industry, Study Says
Jun 23 2009 // The impact of the financial crisis is the most significant risk facing the insurance industry, according to a new report by Ernst & Young. In its second annual business risk report – insurance 2009, model risk...
P&C Insurance Industry Will Be Smaller at End of Financial Crisis
Jun 19 2009 // The property and casualty insurance industry is projected to be smaller, in dollar terms, once the current financial crisis is corrected, according to a leading industry economist. Once the recession finally ends, the...
Plumeri Sees Financial Turmoil as an Opportunity for Insurance Industry
Jun 17 2009 // Willis Chairman and CEO Joe Plumeri, speaking at a conference sponsored by Insurance Day in Bermuda, sees opportunities for the insurance industry in the current financial crisis. In his keynote speech, Plumeri said he...
Aon Calls for Lower Premiums on Greener Business
Jun 17 2009 // In a recent speech to UK risk managers at the Association of Insurance and Risk Manager’s (AIRMIC) conference in Bournemouth, Andrew Tunnicliffe, COO of Aon Global Risk Consulting, called upon the insurance industry...
Obama Administration White Paper Outlines Views on Insurance Sector
Jun 17 2009 // The U.S. Treasury department today issued a white paper entitled, Financial Regulatory Reform: A New Foundation. The following is an excerpt from the report on insurance: Enhance Oversight of the Insurance Sector Our...
Obama Insurance Views Mirror Those of P/C Agents, Insurers, Regulators
Jun 17 2009 // The Obama administration’s views on insurance regulation are in keeping with those of many within the property/casualty insurance industry as well as state regulators who now regulate the industry. Most in the...
People
Jun 15 2009 // Fair Oaks, Calif.-based Insurance Resources Consultants, an IR Group subsidiary, named Richard Rohde executive vice president and senior consultant. He will offer strategic planning and operational improvement consulting...
Risk, Reward and Reflection
Jun 15 2009 // Lessons Gained from the Current Economic Storm The property/casualty business has never been easy. As history shows, the underwriting community has been successful in creating and delivering insurance products that give...
