Author: Farkas Laura

Homeowners insurance policyholders who subscribe to at least one additional policy with their insurer tend to be more satisfied than those who only have a homeowners insurance policy, according to the J.D. Power and Associates 2007 Homeowners Insurance Study(SM) released today.    The study finds that a large majority of homeowners insurance policyholders — 70… Continue reading J.D. Power & Associates Reports: Multiple Policies Lead to Greater Satisfaction and Loyalty among Homeowners Insurance Customers

Munich Reinsurance Company at a pre-press briefing today in Baden, Baden, Germany where the world’s reinsurers gather annually, stated that with weather-related natural hazards expected to increase in number and severity in the future due to climate change, the need for precise information on insured risks, particularly in densely populated Europe, is required. According to… Continue reading Munich Re Says More Info is needed on Rising Natural Catastrophes; Presents Cat Assessment Tools

The American Insurance Association (AIA) and The Reinsurance Association of America (RAA) today issued a report proposing that insurance and mitigation subsidies – similar to subsidies for home heating oil and telecommunications services – be offered as a way to ease the homeowners’ insurance challenges in the Atlantic and Gulf Coast States.    The record… Continue reading AIA & RAA REPORT: Easing the Homeowners’ Insurance Crisis on the Atlantic and Gulf Coasts

According to a report by New York-based Moody’s Investors Service Inc., the outlook for North American property/casualty commercial lines is stable. Analysts in the report concluded that the stability of P/C commercial lines insurance “reflects the strength of commercial insurers’ earnings over the past several years, despite heavy catastrophe losses and improvements to risk adjusted… Continue reading Moody Report Says P/C Business Insurance Stable

On Thursday, Hub International Southwest announced its acquisition of Denver-based Waterfield Insurance Agency. Waterfield’s operations will become part of HUB Southwest, which is part of Hub International Ltd., based in Chicago. Waterfield, which has been in Colorado since 1993, is a full-service insurance brokerage operation focusing on the construction industry. It specialized in property and… Continue reading Hub Acquires Waterfield Insurance Agency

On Thursday, the China Insurance Regulatory Commission announced its endorsement of Chubb Corp.’s request to convert its Shanghai branch into a wholly owned insurance subsidiary. Federal Insurance Co., a unit of Warren, N.J.-based Chubb Corp., received approval Thursday to open new subsidiary Chubb Insurance (China) Co. Ltd. in Shanghai. John D. Finnegan, chairman, president and… Continue reading China Lets Chubb In

The Internal Revenue Service announced Thursdays that the limits on contributions to defined contribution plans and the amount of benefits that can be funded through defined benefit pension plans will increase in 2008. Among the increases, the maximum total contribution, including employer contributions, to defined contribution plans will rise to $46,000 per participant from $45,000.… Continue reading IRS Expands Contribution Limits for Pension Plans in 2008

The National Association of Insurance Commissioners (NAIC) today debuted to its international insurance regulatory counterparts a proposal to comprehensively modernize reinsurance regulation in the United States.    The proposal was shared at the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS) during a panel titled, “Reinsurance: The Avenue Towards Mutual Recognition.” The… Continue reading NAIC Presents Reinsurance Modernization to World Regulators

According to regulation proposed on Thursday by the New York Insurance Department, highly rated reinsurers would no longer post collateral when conducting business in New York, regardless of where they are domiciled. The proposed regulation would eliminate an existing requirement that reinsurers that are not authorized or accredited to conduct business in the state need… Continue reading Reinsurance Collateral Change Proposed in NY

The U.S. House of Representatives were not able to override President George W. Bush’s veto of a measure to expand a children’s health insurance program, producing a call for compromise by the administration. The 273-156 vote on Thursday fell 13 short of the two-thirds majority required to overturn a veto. The measure would have added… Continue reading Bush’s Veto to Expand SCHIP Sticks, Administration Calls for Negotiations