State budget director John Nixon likes getting together with fellow budget directors these days because it gives him a chance to brag about Michigan. After a decade of ongoing deficits, “we’re in a position now where we’re not in crisis …
An analysis from Willis Re, the reinsurance broking arm of Willis Group Holdings, notes that the majority of this year’s catastrophe losses arose “from un-modeled or inadequately modeled perils or territories.” As a result reinsurers “are being more forceful in …
The world economic outlook is “quite gloomy” and will require action by all countries, starting with those in Europe, to head off an escalating crisis that carries risks of a global depression, the head of the International Monetary Fund said …
Standard & Poor’s Ratings announced that it has placed its ratings on the following insurers (and certain related operating subsidiaries and certain holding companies) on CreditWatch with negative implications: • Allianz Group (including the Euler Hermes group) • Aviva Group …
Swiss Re presented its latest analysis of the global economic outlook and its potential impact on the insurance industry at an economic forum in London yesterday, December 1. Chief Economist Kurt Karl began the discussion with an admonition that the …
New York State has been shedding hundreds of thousands of well-paying jobs since the financial crisis hit and its poverty rate remains high. Since 2008, the state lost over 250,000 middle- and high-wage jobs in sectors including finance, government and …
Munich Re announced third-quarter profit “in a difficult environment” of €290 million [$400 million], compared to €761 million [$1.05 billion] in Q3 2010. The world’s largest reinsurer singled out the “financial markets, currency translation effects and heavy burdens from natural …
Alabama regulators are preparing to hold a public hearing on a proposed statewide average 9.3 percent decrease in the state’s workers’ compensation rates. The National Council on Compensation Insurance submitted the filing earlier this year, which calls for the sixth …
Oklahoma’s economy showed more signs of improvement in September, with increases across all major tax sectors compared to the same time last year, although the growth rate has slowed, State Treasurer Ken Miller said. Figures released by Miller’s office show …
Agriculture and manufacturing have spurred the South Dakota economy to moderate prosperity in the backwash of the national recession. Gains on the farm and in some factories have offset soft times in housing and the financial industry, resulting in almost …
