Latest Market Headlines
All the headlines from our Market Topic Page, ordered by recency.
Industry Looks to Meet Challenge of Modernization
Feb 24 2003 // Insurance industry leaders are clamoring for information technology (IT) modernization but are inhibited by budget constraints, a recent survey conducted by Sapiens International revealed. Sapiens, a provider of business...
A.M. Best Affirms Rating for Sun Hung Kai Properties Ltd.
Feb 21 2003 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Sun Hung Kai Properties Insurance Limited (SHKPI), Hong Kong. The outlook is stable. The rating reflects SHKPI’s prudent capitalization,...
Exclusive Agents Feel the Squeeze
Feb 10 2003 // The times they are a’changin’.” Bob Dylan’s 60’s refrain could be the theme song for a new spirit moving through the ranks of the insurance industry’s exclusive (captive) agents. The...
The Evolving Character of Technology Outsourcing
Feb 10 2003 // Perhaps it’s time to replace the word “outsourcing” with a new term. This might be especially appropriate for some of the technology outsourcing options available to the insurance industry today. To some,...
P/C Pricing Growth Fastest Since 1986, New York Analysts Told
Feb 10 2003 // The property and casualty industry is well into a rebound from the terrorist attacks of Sept. 11, 2001, with premiums increasing aggressively for more than a year, a trend that will certainly continue throughout 2003 and...
Exclusive Agents Feel the Squeeze
Feb 10 2003 // The times they are a’changin’.” Bob Dylan’s 60’s refrain could be the theme song for a new spirit moving through the ranks of the insurance industry’s exclusive (captive) agents. The...
The Evolving Character of Technology Outsourcing
Feb 10 2003 // Perhaps it’s time to replace the word “outsourcing” with a new term. This might be especially appropriate for some of the technology outsourcing options available to the insurance industry today. To some,...
Calif. Commissioner Testifies Before Assembly Insurance Committee
Feb 7 2003 // California Insurance Commissioner John Garamendi testified before the Assembly Insurance Committee recently, discussing the impact of water damage and mold on consumers and the insurance industry. Below is the text of his...
Genesis Technology Group Signs Agreement With Chinese Insurance Broker
Feb 5 2003 // Florida-based Genesis Technology Group, Inc. (GETC) has announced the signing of an agreement with Shanghai Dongda Insurance Brokers Company, Limited (Dongda) in Shanghai, China, that provides for GTEC to represent Dongda...
I.I.I. Forecast Presents Mixed Bag
Feb 4 2003 // Each year before Groundhog Day, the Insurance Information Institute invites a panel of Wall Street stock analysts and industry professionals to come out of their holes, look around for their shadow and forecast the outlook...
Alliance Urges NY Legislators to Delay Action on Implementing Terrorist Risk Act
Feb 3 2003 // The Alliance of American Insurers urged New York legislators to “resist the temptation” to implement state-specific legislative or regulatory measures involving the federal Terrorism Risk Insurance Act (TRIA)...
IIANY February 4 Legislative Day Presents “Window of Opportunity”
Jan 31 2003 // More than 200 members of the Independent Insurance Agents Association of New York are set to meet with the state’s legislators in Albany at the Empire State Plaza next Monday, February 4, to seek solutions to...
Benfield Report Notes “Capital Shortage” May Mean a Difficult Year for Reinsurers
Jan 30 2003 // A reinsurance market review prepared by the London-based Benfield Group, one of the world’s leading independent reinsurance intermediaries, has concluded that “despite the massive tidal wave of new capital...
Risk Retention Groups Owning Up to Success
Jan 27 2003 // Due to the restricted coverages available in the market today, risk retention groups (RRGs) have experienced a significant amount of rapid growth over the past year. At a time when the industry is facing what is perhaps...
PIANY Announces Four Achievement Awards at MetroRAP Meeting
Jan 27 2003 // The Professional Insurance Agents of New York State recognized the achievements of four insurance professionals at its recent Metropolitan Regional Awareness Program (MetroRAP), held last Thursday at the New York Marriot...
ROUGH ROAD FOR COMMERCIAL LINES
Jan 27 2003 // Fitch Ratings reports that the commercial line and reinsurance sectors of the domestic property and casualty industry faces greater uncertainty than personal lines, according to a new report published by the ratings...
S&P Revises Austrian Insurance Market Outlook to “Stable”
Jan 22 2003 // Standard & Poor’s announced that it has revised its outlook for rated Austrian insurers to stable from negative, indicating that insurer financial strength ratings are more likely to remain the same than to be...
Industry Forum Told to Expect Higher Tort Costs, Fewer Hard Market Opportunities
Jan 21 2003 // The length of the current hard market should not be overestimated and the creativity of the plaintiff’s bar to impose new costs on insurers should not be underestimated, a panel of outside experts told insurance...
Conning Reports P/C Insurers’ Reserve Deficiency More Than Doubles From a Year Ago
Jan 16 2003 // Despite the P/C industry’s best efforts to have rates keep pace with losses, results are deteriorating, according to new study by Conning Research & Consulting, Inc. In fact, Conning estimates that the...
IVANS Notes 2003 Network Management Seminars
Jan 15 2003 // IVANS Networking announced its 2003 schedule of Network Management Seminars for the insurance industry. The seminars are held across the country and will tackle how networking solutions play a role in helping insurance and...
