Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
Platinum Underwriters Estimates Katrina Losses; Lowers Profit Forecast
Sep 16 2005 // Bermuda-based Platinum Underwriters Holdings, Ltd. announced that its estimated losses, net of reinstatement premiums, tax benefits and retrocessional recoveries, from Hurricane Katrina will be approximately 0.5 to 0.6...
S&P Raises Asia Ins. Outlook
Sep 16 2005 // Standard & Poor’s Ratings Services announced from its Hong Kong office that it has revised its outlook on Asia Insurance Co. Ltd. to stable from negative, and affirmed has its “A-” corporate credit...
Citizens Property Insurance Board Tables Rate-Increase Vote Until Nov.
Sep 16 2005 // A vote on whether to request a 37 percent statewide increase on homes insured by Citizens Property Insurance Corp. was tabled Friday in Orlando by state’s insurer of last resort’s board of governors, which will...
Survey Says Panhandle Homeowners Want Wind-Borne Debris Protection
Sep 13 2005 // A large majority of homeowners in the Florida Panhandle, where a special exemption to the state’s building code allows homes to be built without wind-borne debris protection, say they want the same construction...
Survey Reveals Bikers’ Concern as Motorcycle Theft Rates Increase
Sep 13 2005 // With motorcycle theft rates climbing more than 55 percent according to the National Insurance Crime Bureau, and bike sales soaring at unprecedented rates, a survey of motorcycle owners revealed that a full 49 percent are...
Swiss Re Increases Katrina Claims by $700 Million to $1.2 Billion
Sep 12 2005 // Swiss Re has issued a major revision of its expected claims from Hurricane Katrina, increasing its loss estimates by $700 million from $500 million to $1.2 billion. The reinsurer is the first, but undoubtedly not the last,...
Presidents Panel Discusses Industry Trends, Effects of Katrina at Young Agents Conference
Sep 12 2005 // Several insurance industry leaders discussed the effects of Hurricane Katrina and current industry trends, including technology, recruitment efforts and future plans for their companies during a panel at the Independent...
Big ‘I’ CEO Panel Addresses Disaster Preparedness, Future of TRIA
Sep 12 2005 // The insurance industry is hoping that a federal case will be made out of disaster preparedness and response following the devastation of Hurricane Katrina. As their claims adjusters and agents scurried to handle the record...
New Orleans Flood Adds $15-$25B in Hurricane Katrina Insured Losses; Total Estimated Losses Rises to $40-$60B
Sep 9 2005 // Risk Management Solutions now estimates that insured losses from Hurricane Katrina are expected to be $40-$60 billion, of which $15-$25 billion are related to the Great New Orleans Flood. Total economic losses may now...
WCIRB to Propose 5.2% Decrease In Pure Premium Rates Effective Jan. 1
Sep 9 2005 // On July 28, 2005, the WCIRB submitted a filing to the California Department of Insurance (CDI) recommending, among other things, a 5.2 percent reduction in pure premium rates effective Jan. 1, 2006. Earlier today, the...
Wellington 1st Half Net Up 78% at $105 Million; Katrina Losses $75 Million
Sep 8 2005 // The U.K.-based Wellington Plc, which operates both in the Lloyd’s market and as a general insurer with several U.S. subsidiary companies, posted impressive first half results with net pre-tax profits up 78 percent to...
New Report Warns of Rising Threat to Industry from Climate Change
Sep 8 2005 // Hurricane Katrina is a reminder to the U.S. insurance industry, companies, governments and the general public that all are at risk from escalating losses from hurricanes and other weather-related events due to climate...
Insurex Announces Additional 15% Decrease in Workers’ Comp Rates
Sep 8 2005 // Insurex, a San Diego-based insurance brokerage, announces an additional 15.0 percent rate reduction on California workers’ compensation insurance effective Oct. 1, 2005 for affiliate agencies. The rate reductions are...
AXA 1ST Half Group Net Income Up 31% to $2.8 Billion; No Significant Effect from Katrina
Sep 7 2005 // France’s AXA Group said in a “pre-release” statement that its net profits for the group rose by 31 percent for the period ended June 1, 2005 to 2.274 billion euros ($2.844 billion), compared to 1.733...
Amlin 1st Half Profits Up 56% to $247 Million; $110 Million Katrina Loss Estimate
Sep 6 2005 // Amlin, Plc, a leading Lloyd’s insurer, announced record results for the period ending June 30, 2005 with net profits up 56 percent to 134.1 million pounds ($247 million), more than it made for all of last year. The...
Report Says U.S. Insurance Industry Loses More than $16B in 2004 on Auto Premium Rating Error
Sep 6 2005 // Quality Planning Corporation (QPC), the Rating Integrity Solutions Company, has released its annual Premium Rating Error report. The report concludes that premium rating errors continue to lower the overall profits of auto...
Surety Survey Shows Dramatic Changes in Marketplace Over Past 10 Years
Sep 5 2005 // Grant Thornton LLP recently released the results of its Surety Credit Survey examining bond producers’ perspectives of the surety marketplace for the construction industry. The data appears to indicate a dramatic...
Surety Survey Shows Dramatic Changes in Marketplace Over Past 10 Years
Sep 5 2005 // Grant Thornton LLP recently released the results of its Surety Credit Survey examining bond producers’ perspectives of the surety marketplace for the construction industry. The data appears to indicate a dramatic...
SCOR 1st Half Net Increases by 18% to $90 Million
Sep 2 2005 // France’s SCOR Group made more out of less for the first six months of 2005. Although the Paris-based reinsurer’s gross written premiums declined by 12 percent to 1.184 billion euros ($1.485 billion), net income...
Hannover Re Estimates Katrina Losses at $314 Million; Lowers 2005 Forecast
Sep 2 2005 // Germany’s Hannover Re has issued a statement indicating that it will be “heavily impacted by Hurricane ‘Katrina.'” It estimates net losses before tax at around $250 million euros ($314 million), but...
