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Looking to make changes in the global insurance marketplace, the National Association of Insurance Commissioners formally released its Reinsurance Regulatory Modernization Proposal.    During a meeting held Nov. 7 – 8 in Atlanta, the NAIC’s Reinsurance Task Force received comments from U.S. and European ceding insurers and reinsurers on the draft proposal. The task force… Continue reading NAIC Releases Reinsurance Proposal

The Florida Office of Insurance Regulation (OIR) has denied five Allstate homeowners insurance rate increases.    The OIR issued a notice of intent to disapprove homeowners filings of 43.4% from Allstate Floridian Insurance Co., 27.4% from Allstate Floridian Indemnity Co., 39.7% from Encompass Floridian Insurance Co., and 41.6% from Encompass Floridian Indemnity Co. A 36.5%… Continue reading Allstate Denied Homeowners Rate Increase in Florida

On Friday, the U.S. Senate approved legistlation that would extend the federal terrorism insurance program for seven years. This extension represents less than half the period approved by the House, and excludes coverage of nuclear, biological and chemical events.       Initially passed after the Sept. 11 attacks, the Terrorism Risk Insurance Act promised to… Continue reading Senate Extends TRIA Backstop Seven Years

The percentage of people who receive health insurance benefits from their employers is increasingly becoming less and less. This trend is raising anxiety among workers and invigorating a debate about whether insurance should be tied to jobs. Several ideas have been introduced, including a range of proposals in Congress, to address this issue. The measures… Continue reading Employer-Provided Health Coverage Becoming Less Common, Solutions on the Table

A survey sponsored by Massachusetts Mutual Life Insurance Company (MassMutual), the Family Firm Institute, and the Cox Family Enterprise Center at the Kennesaw State University Coles College of Business and released earlier this month indicates that family businesses are optimistic about their robust growth, although not without having to face future challenges. According to the… Continue reading Mass Mutual Survey Finds Family Businesses Optimistic About Growth

Marsh & McLennan Cos. Inc. Chief Executive Officer Michael Cherkasky recently announced that it plans to collect an “enhanced commission” for middle-market and small commercial business from insurers. Following is a formal statement they issued on-line after Cherkasky’s announcement last week related to their plans to receive additional commisions: “Since late 2004, Marsh has not… Continue reading Marsh Issues Statement on Enhanced Commissions

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