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The chair of the Independent Insurance Agents & Brokers of New York, Inc. told state senators he is “deeply concerned” about insurance companies limiting homeowners coverage in the state’s coastal region. Testifying at a Senate Insurance Committee hearing, IIABNY Chair Stephen R. Zogby explained that insurance company market restrictions, such as canceling and non-renewing policies… Continue reading IIANY Says Health of Coastal Homeowners Insurance Worsens

Fostering competition and mitigating potential losses should be what New York legislators concerned about the coastal homeowners insurance market should focus on, according to the American Insurance Assocation (AIA). In testimony before a Senate Insurance Committee hearing on coastal homeowners’ issues, AIA said the current market is largely healthy with very little growth in the… Continue reading AIA Tells NY Panel that Competitive Markets are Best for Coastal Homeowners

On Tuesday, U.S. Supreme Court’s Chief Justice John Roberts questioned whether allowing investors to sue third parties in a fraud, such as banks and accountants, would “expand” the law—a move opponents say should be left up to Congress, not the courts. Currently, shareholders can sue the company that allegedly defrauded them but cannot go after… Continue reading U.S. Supreme Court Hears Case on Investors Suing Third Parties in Fraud Cases

Munich Re AG announced a new strategy to make its U.S. business profitable. No specific profitability target for the U.S. operations was provided, but according to Torsten Jeworrek, management-board member for global-reinsurance operations, the U.S. business target an annual pre-tax profit of at least $1 billion “at the next top of the hard market.” The… Continue reading Reinsurer Munich Re’s Strategy Aims at US Profitability

Taxpayers save money and businesses are better protected with the Terrorism Risk Insurance Act (TRIA) in place than if the act is allowed to expire, according to a RAND Corporation study issued today. The analysis found that TRIA, authorized by Congress following the attacks of Sept. 11, 2001, allows the insurance industry to play a… Continue reading RAND Says TRIA Backstop Good for Insurance Marketplace, Taxpayers

The Terrorism Risk Insurance Extension Act (TRIA) extension is set to expire on Dec. 31, 2007. Congress is in ongoing discussions regarding another extension and recently the House of Representatives passed a bill which would extend TRIA. Below, Fitch Ratings, a leading global rating agency, discusses the credit implications for the commercial real estate industry… Continue reading Fitch Ratings Speaks on Credit Implications if TRIA Not Extended

A leader in measuring the digital world, comScore, recently released the results of a study of online servicing of auto insurance policies, revealing that e-servicing activity climbed 15 percent in the second quarter of 2007, more than twice the rate of growth in total visits to the auto insurer sites included in the analysis.   … Continue reading E-Servicing Activity on Auto Insurance Sites Up 15%

According to an article in the “Wall Street Journal” today, the mortgage market downturn has yet to affect one type of home loan — that extended to illegal immigrants. Known as ITIN mortgages because applicants must have an individual taxpayer identification number, the fixed-rate loans are designed for immigrants who can prove they are creditworthy… Continue reading Mortgages for Illegal Immigrants Yet to be Affected by Downturn in Market

According to a survey of local governments released by ICMA (International City/County Management Association), a premier local government leadership and management organization, and sponsored by leading employee benefits carrier, CIGNA, although rising health care costs are a primary concern among America’s local governments, most jurisdictions do not offer preventive and disease management programs targeting their… Continue reading Local Governments, Cities to Focus on Health Care Risks, Costs

A subsidiary of Marsh & McLennan Cos. Guy Carpenter & Co., was hit with a lawsuit by Connecticut’s Attorney General Richard Blumenthal, claiming the reinsurance broker violated Connecticut’s antitrust and unfair trade practices acts and essentially increased rates for consumers.    In a state lawsuit, the attorney general accuses Guy Carpenter & Co. of conspiring… Continue reading Connecticut Hits Marsh & McLennan Subsidiary with Antitrust Suit