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Insurance companies, coastal residents, and builders face growing challenges when it comes to insuring, owning, or building property along the United States’ coastlines.    “The coastal issue is very challenging because basically we have overbuilt in areas that, in hindsight, probably weren’t the best places to build,” said David Marlett, director of the Brantley Center… Continue reading Growth in Coastal Development Challenges Insurance Industry and Property Owners

The National Association of Insurance Commissioners (NAIC) today praised U.S. House of Representatives Financial Services Committee Chairman Barney Frank’s legislation, H.R. 6308 — The Municipal Bond Fairness Act. The legislation seeks to ensure uniform and accurate credit ratings for municipal bond issuers and to provide the federal government with a mechanism to monitor systemic risks,… Continue reading NAIC Commends Movement of Municipal Bond Fairness Act

As the number of green building projects continues to grow throughout the U.S., many leading commercial property and casualty insurers have been reluctant to provide specialized coverages or program enhancements this construction may require or warrant. A new report from Marsh Inc., the world’s leading insurance broker and risk advisor, finds many insurance companies remaining… Continue reading Marsh Report: Insurers Cautious in Underwiting Green Building Exposures

Due to a charge related to the sale of its life business unit, Hanover Insurance Group Inc. posted a second-quarter loss. However, the company’s earnings before charges beat analysts’ expectations. “Solid underwriting performance in our property and casualty business enabled us to withstand the losses resulting from high catastrophe activity observed industry wide in the… Continue reading Sale of Life Unit Results in Second-Quarter Loss for Hanover

Philadelphia-based insurer Cigna Corp., which specializes in employer-sponsored health benefits, reported that its profit rose 37 percent as acquisitions added to membership. Second-quarter net income grew to $272 million, or 97 cents a share, from $198 million, or 68 cents, a year earlier, according to a statement by Cigna. Profit per share, excluding certain items,… Continue reading Cigna Reports Profit Increase, Membership Up

Despite a down economy and an increase in risks, private companies may not be purchasing sufficient management liability insurance to help protect their bottom line from a costly liability lawsuit,” said Lisa Jones, vice president, Chubb & Son, and private commercial product manager for Chubb Specialty Insurance. “In addition, companies that are uninsured and experience… Continue reading Chubb Survey Finds Private Companies More Exposed to Liability Risks, But Less Protected

Driven in large part by the current subprime and credit crisis, shareholder class action filings continued to increase in the first half of 2008, according to this newly released edition of the NERA Economic Consulting semi-annual study. NERA is a unit of Marsh & McLennan Cos. Inc. Co-authored by Senior Consultant Dr. Stephanie Plancich, Consultant… Continue reading Study Shows Shareholder Lawsuits Due to Subprime Crises on the Rise

Catastrophe modeler EQECAT said in a note to its clients that Tuesday’s Los Angeles-area earthquake should not result in insured property losses of more than $100 million. “This was a relatively small event occurring in a remote area of the Los Angeles basin,” EQECAT said. “Larger-magnitude earthquakes will affect a much larger area with longer… Continue reading LA Earthquake to Result in Light Insured Losses

Alleging that they gave artificially low credit ratings to states, municipalities and other public entities, Connecticut Attorney General Richard Blumenthal is suing the three major credit-rating firms.     In three separate lawsuits, Mr. Blumenthal alleged Moody’s Investors Service, Fitch Ratings and Standard & Poor’s Ratings Services “systematically and intentionally” gave lower ratings to states,… Continue reading Connecticut Sues Top Rating Agencies

The world’s third largest insurance broker, Willis Group Holdings Ltd., said on Wednesday that its quarterly net income tumbled 50 percent on charges for contract buyouts, severance and other costs. Willis’ second-quarter net fell to $39 million, or 27 cents a share, from $78 million, or 54 cents, a year-ago. Willis said it took a… Continue reading Willis Group’s Quaterly Income Falls Fifty Percent