Latest Market Headlines
All the headlines from our Market Topic Page, ordered by recency.
Hawaii: Legislature to Study NCOIL P/C Modernization Act
May 16 2005 // “Hawaii’s legislative decision to conduct a study of the NCOIL Property/Casualty Insurance Modernization Act suggests that the state legislature is committed to making strides toward rate modernization, which...
AIA: Massachusetts Drivers Need a Competitive Auto Insurance Market
May 16 2005 // An auto insurance market where companies can compete on the prices charged and the products provided would benefit Massachusetts drivers, according to the American Insurance Association (AIA). AIA testified Monday at the...
PCI’s Csiszar Accuses Spitzer of ‘Corporate Terrorism’ and of Ignoring Own Conflicts
May 12 2005 // New York Attorney General Eliot Spitzer has bypassed due process and used McCarthy-like tactics to wage “corporate terrorism” against the insurance industry even while ignoring his own alleged conflicts of...
Mixed Signals on Compensation and Conflicts of Interest
May 9 2005 // RIMS Annual Meeting The risk management community and some of the world’s largest insurance brokers sent mixed signals on the future of contingent commissions for insurance brokers and other potential areas of...
Big Deal
May 9 2005 // There were four people waiting in front of us in the taxi line at Philadelphia Airport but the concierge waved us ahead of them. They were waiting for a van instead of a regular cab so that they could ride as a group, he...
Nearly Half of Large and Mid-Sized U.S. Businesses Buy Terror Coverage
May 9 2005 // Nearly half of large and mid-sized U.S. businesses obtained insurance to cover property terrorism risks during 2004, a dramatic increase from the 2003 average of 27 percent. Businesses in Boston and Washington, D.C. led...
FBI Targets Insurers in Widening Fraud Probe; Industry Responds
May 5 2005 // The insurance industry, already under scrutiny by state and federal authorities for various practices, now faces another questioner. The Federal Bureau of Investigation has launched a probe of the insurance industry that...
Australian Regulator Seeks Closer Scrutiny Over Insurers
May 3 2005 // The Australian Prudential Regulation Authority (APRA), which regulates the country’s insurance industry, is proposing tighter reporting requirements in order to enable the regulator to more closely scrutinize the...
AAMGA Ethics Workshop Topic: Insurance Industry Pressures
May 2 2005 // “Ethics in the Wholesale Insurance Marketplace” workshops concluded on Saturday afternoon with a round-table discussion, led by Ernest Csiszar, president of the Property and Casualty Insurance Association of...
Sponsor Pulls Bill Mandating California Insurer Community Investments
May 2 2005 // The sponsor of a California bill that would mandate insurer community development investments, withdrew the bill from consideration by this legislative session. Assembly Member Mark Ridley-Thomas, will not pursue AB 925...
JLT Says Weak Dollar, No PSA’s, Soft Market May Impact 2005 Results
Apr 29 2005 // Jardine Lloyd Thompson Group PLC, the largest U.K.-based broker, issued a statement in conjunction with is annual general meeting (AGM) warning that the weak US dollar, the absence of PSA’s and a continued softening...
PIFC: Garamendi’s Proposed Homeowner Regs Flawed
Apr 29 2005 // There is not one statute in the entire Insurance Code of California that authorizes the insurance commissioner to adopt a proposed set of homeowners’ insurance regulations submitted to the Office of Administrative...
R&M Reports on Global Insurance Market Regulators
Apr 28 2005 // Dublin-based Research and Markets has announced the addition of a study on Global Insurance Regulators to their offering. “Rapid growth in financial services regulation in many countries has led to demand for high...
CAS Talks Mergers and Acquisitions, Finite Insurance at Phoenix Meeting
Apr 28 2005 // The actuarial role in mergers and acquisitions and the future of finite insurance will be among the topics featured at the Spring Meeting of the Casualty Actuarial Society (CAS), May 15-18, at The Pointe South Mountain...
Nearly Half of Large and Mid-Sized U.S. Businesses Buy Terror Coverage, Marsh Study Finds
Apr 28 2005 // Nearly half of large and mid-sized U.S. businesses obtained insurance to cover property terrorism risks during 2004, a dramatic increase from the 2003 average of 27 percent. Meanwhile, the cost of property terrorism...
Best: U.S. P/C Industry Notes First Underwriting Profit Since ’78
Apr 25 2005 // The U.S. property/casualty industry reported improved operating results in 2004 for the second straight year, but for the first time since 1978, underwriting results were profitable, with a combined ratio of 97.9,...
New Lloyd’s Research Reveals Underwriters’ Industry Views and Concerns
Apr 19 2005 // Lloyd’s underwriters believe that buyers are more concerned about pricing than current insurance industry investigations – according to new research released Tuesday. The research* also reveals that...
PIA National Takes Issue with Plumeri’s Comments
Apr 19 2005 // The National Association of Professional Insurance Agents has reiterated its support of contingent commissions being a part of the compensation received by Main Street professional insurance agents. The PIA statement was...
Treasury Check
Apr 18 2005 // At a recent gathering of New York independent agents and executives in Westchester, a well-respected insurance company executive proceeded to give his impressions of what is happening in Washington with regard to the...
European Nations Offer Lessons in Insuring Catastrophes and Terrorism
Apr 18 2005 // GAO Study Explores Examples of How Public-Private Insurance Partnerships Operate A new U.S. government report indicates that the private U.S. insurance industry would be placed under enormous strain without government...
