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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

OneBeacon Insurance Group today announced a new solution that makes affordable Employment Practices Liability insurance available to businesses with 50 or fewer employees. Employment Practices Liability insurance covers employers for allegations of wrongful termination, discrimination or harassment, including sexual harassment. It pays for liability damages and defense costs (within the liability limit) due to claims… Continue reading OneBeacon Announces New Employee Practices Liability Solution for Small Businesses

According to a report released on Friday by MarketScout, the Dallas-based electronic insurance exchange, Commercial property/casualty insurance rates fell an average 15% in September from those in 2006.    The report states that rates dropped in every line of business, and ranged from a decline of 17% for commercial property to 6% for surety. Rates… Continue reading P/C Rates Continue to Fall

A bill signed on Friday by Governor Arnold Schwarzenegger could result in higher premiums for the more than 760,000 California homeowners who buy earthquake insurance through a state-run authority. However, the measure’s supporters say that without the legislation, homeowners could be hit with even bigger rate increases. The measure by Senator Mike Machado, D-Linden, creates… Continue reading CA Bill Could See Earthquake Premiums Rise