Author: Farkas Laura

According to Watson Wyatt Worldwide, a leading global consulting firm, U.S. property and casualty insurance premiums will either decline or stay flat versus this year’s levels in 2008. “Strong competition is forcing insurers to lower their premiums or, at the very least, hold them stable,” said Orin Linden, who runs Watson Wyatt’s insurance and financial… Continue reading P/C Rates to Remain Soft for 2008

According to a survey conducted by AON Global Risk Consulting, only one in ten companies in Europe and the Americas has fully integrated an enterprise risk management (ERM) strategy. Aon surveyed 103 risk managers, chief risk officers and other senior executives in the Americas and Europe, the Middle East and Africa. Of the companies surveyed.… Continue reading AON Survey Reveals One in Ten Companies in Europe, Americas Implement ERM Practices

Thirty-four vehicles earn the Insurance Institute for Highway Safety’s Top Safety Pick award for 2008. The award recognizes vehicles that do the best job of protecting people in front, side, and rear crashes based on ratings in the Institute’s tests. Winners also have to be equipped with electronic stability control (ESC), which research shows can… Continue reading Ford and Honda Top Insurance Institute’s Safety List

Insurance companies that provide D&O coverage to protect top officials of companies that made subprime loans could face up to $3 billion in losses as angry investors sue those financial companies, according to insurance brokerage firms Willis Group and Guy Carpenter. “Thus far we’ve seen over 20 shareholder lawsuits,” said Michael White of Willis Group… Continue reading Two Brokerage Firms Say Subprime Loans Could Cost Insurers Up to $3 Billion in Lawsuits

Switzerland’s largest insurer, Zurich Financial Services Group, report that its third-quarter profit rose 12 percent, helped by lower taxes and rising premiums. In the first nine months, the company’s net income rose 25% to $4.2 billion.    Gross premiums in the Zurich, Switzerland-based insurance group’s general business segment moved up to $27.3 billion, a 4%… Continue reading Zurich Profits Rise in Third-Quarter

Eric Dinallo, New York’s Insurance Superintendent, has unveiled two proposals the past several weeks that has the industry a buzz. His first proposal involves a plan to reduce alien reinsurance collateral requirements; his other proposal is to overhaul the way insurance is regulated.       The Property Casualty Insurance Association of America opposes his collateral… Continue reading NY Insurance Regulator Faces Head-on Tough Industry Issues

French reinsurer Scor on Wednesday posted an increase in third-quarter net profit with earnings boosted by its takeover earlier this year of Swiss rival Converium. The increase had beat the average market forecast, with net profit more than doubling to 118 million euros ($172.5 million) from 53 million a year ago. Scor shares rose as… Continue reading Reinsurer Scor Posts Surge in Third-Quarter Profit

Franklin W. Nutter, president of the Reinsurance Association of America (RAA), criticized Congressional natural disaster legislation as raising false hopes about addressing the homeowner’s insurance market in areas prone to hurricanes, at the expense of U.S. taxpayers and disenfranchising the private marketplace.     In speaking out against proposals to create a federal catastrophe fund… Continue reading RAA Critical of Congressional Natural Disaster Leglislation

According to Irvine, California-based RealtyTrac Inc., a foreclosure-listing service, California, Ohio and Florida had more than two-thirds of the 25 cities with the nation’s highest foreclosure rates during the third quarter, as the credit crunch and falling home values hit homeowners. RealtyTrac’s chief executive James J. Saccacio said the number of filings at 77 of… Continue reading CA, OH, FL Lead Nation in Foreclosure Rates

Senators met on last night to discuss the federal terrorism insurance backstop extension, which set to expire at the end-year. The measure that was agreed upon last month by the Senate Banking Committee had become mired in budgetary concerns after the Congressional Budget Office estimated that tit would cost the federal government $5.1 billion over… Continue reading Senate Meets on TRIA Extension