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On Tuesday, some of the biggest U.S. investors said that they expected the nation’s economy to get worse, but then work its way toward recovery later this year. On Wall Street, however, getting back to a healthy state will take much longer. “It is the Great Depression on Wall Street. It sure isn’t on Main… Continue reading Wall Street Feels “Depression” with Long Road Ahead for Recovery

According to the Property Claims Services (PCS), a unit of Insurance Services Office (ISO), insurance carriers will pay homeowners and businesses an estimated $3.35 billion for first-quarter property losses as a result of nine different catastrophes.     Eight of the catastrophes for first-quarter 2008 generated 615,000 claims in 22 states, according to PCS estimates.… Continue reading ISO: Catastrophes Cost Insurers an Estimated $3.35B in First-Quarter Losses

A comprehensive overview of the state of the insurance distribution system for 2008 and beyond has been released by Marsh, Berry & Company, Inc, documenting historical and projected insurance agency/broker value, merger & acquisition activity, and organic growth best practices that can help agencies and brokers exploit changing market dynamics.     Based upon current… Continue reading MarshBerry Releases Agent/Broker Value Forecast Repport

The Risk and Insurance Management Society (RIMS) and Advisen, Ltd. have announced the release of the Broker Services and Remuneration Study as part of the 2008 RIMS Benchmark Survey™ book. The study—based on data gathered in February from 1,519 participants—has found that insurance buyers are driving brokers to change their service offerings and the way… Continue reading Advisen & RIMS Study: Relationship between Insurance Buyers and Brokers Shifting

On Monday, The Hartford Financial Services Group Inc. said that its net income for the first quarter of 2008 dropped 83% from the same quarter one year ago to $145 million. According to The Hartford, Connecticut-based company, poor returns on investments were the cause of its $648 million after-tax loss.     “Similar to other… Continue reading The Hartford Also Sees First Quarter Decline

Calabasas, California-based mortgage lender Countrywide Financial announced today that it lost $893 million during the first quarter due to a sharp increase in its provision for loan losses.    The company says it lost $893 million, or $1.60 per share, during the first quarter. Countrywide has said it earned $434 million, or 72 cents per… Continue reading Trouble Times Still Plague Countrywide as it Posts $893 Million in Losses

According to the Standard & Poor’s/Case Shiller home price index released on Tuesday, prices of existing US single-family homes extended their slump in February, with 17 of the 20 measured regions posting record annual declines.    The composite month-over-month index of 20 metropolitan areas fell 2.6 percent to 175.94 in February from January, for an… Continue reading Home Prices Continue Decline

On Monday Morgan Stanley analysts advised clients to “sell the rally” in financial stocks, slashing forecasts for big bank earnings and warning that the current credit crunch is only just beginning.    In aggregate, Morgan Stanley reduced its estimates for 2008 large bank earnings by $17 billion, or 26 percent, and reduced 2009 forecasts by… Continue reading Morgan Stanley Advises Clients to Sell the Rally in Financial Stocks

It looks as if the Federal Reserve is set to deliver a small interest rate cut on Wednesday, though the central bank could signal that this is the last in a cycle as officials eye inflation warily.     The Fed has already cut interest rates to 2.25 percent from 5.25 percent in six steps… Continue reading Fed Set to Make Another Rate Cut

The insurance industry came out against a recent national study by the Consumer Federation of America (CFA). In a nutshell, the study examined automobile insurance regulation over the last two decades and stated that rates have risen more slowly in the fifteen states that require insurers to receive advance approval of rate increases from the… Continue reading Industry Reacts Strongly Against CFA’s Auto Insurance Rate Study