III News

Schwarzenegger Discusses Risk at California Insurance Forum

It turns out characters like Conan the Barbarian, the cyborg from Terminator and Dutch the protagonist in the original “Predator” movie, know a thing or two about risk. Definitely the actor who portrayed them does. Actor Arnold Schwarzenegger on Monday …

Big Brains at Big ‘I’, Insurance Information Institute Give Their Take on 2014

Most economists are upbeat about next year, but just what does that mean for insurance agents in 2014? For independent agents 2013 was a year in which one entity forecasted their eventual demise, and for the rest of the business …

On a Leash: Dog Bite Insurance Claim Trends

Dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2012, costing more than $489 million, according to the industry’s Insurance Information Institute (III) and insurer State Farm. While the number of claims …

TRIA Debate Heats Up with Charge ‘Nervous Nelly’ P/C Insurers Enjoy $7B ‘Subsidy’

A consumer advocacy group says the property/casualty insurance industry has been getting a sweet deal worth about $7 billion as a result of the federal government’s program to help pay terrorism insurance claims after private insurance is exhausted. An industry …

Texas Mutual: 3rd Provider Sentenced in Fraud Scheme

Texas Mutual Insurance Co. announced that Michael T. Douglas of Denton, Texas, pleaded guilty to charges of perjury in a workers’ compensation fraud-related case. A Travis County district court sentenced Douglas to one year of deferred adjudication and ordered him …

Utica National’s Robinson Elected Chairman of I.I.I.

J. Douglas Robinson, chairman of the board and chief executive officer of the Utica National Insurance Group, has been elected 2013 chairman of the Insurance Information Institute (I.I.I.). He succeeds Gregory Ator, president, CEO and chairman, Bituminous Insurance Companies.The I.I.I. …

P/C CEOs Say Low Interest Rates Push Need for Stringent Underwriting

The low interest-rate environment and poor investment income are pushing the need for more stringent underwriting for carriers, according to a panel of experts at a recent industry forum. Property/casualty insurers get part of their revenues from the interest generated …

Insurer Group NAMIC Honors Hartwig

The National Association of Mutual Insurance Companies (NAMIC) named Robert P. Hartwig, Ph.D., president/CEO of the Insurance Information Institute, New York, N.Y., as the association’s 2011 Chairman’s Award winner. Hartwig has been with III since 1998, initially as an economist …

Casualty Actuaries Should Consider Foreign Customs, Economics, Politics

A bulletin from the Insurance Information Institute notes that a recent Casualty Actuarial Society seminar advises actuaries that when it comes to pricing global reinsurance business, it’s important to remember that “all risks are local.” Athula Alwis, associate vice president …

How P/C Insurance Industry Fared Financially in 2010

U.S. property/casualty insurers’ net income after taxes rose to $34.7 billion in 2010 from $28.7 billion the year before, with insurers’ rate of return on average policyholders’ surplus increasing to 6.5 percent from 5.9 percent. Policyholders’ surplus rose $45.5 billion, …