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As the market becomes ever-more unsure, investors are looking to for more traditional products such as immediate fixed-income annuities and whole-life insurance. Companies such New York Life Insurance Company and MassMutual Financial Group are reporting an increase of sales in these products, offering the security of guaranteed payouts and serving to calm down rising investor… Continue reading Investors Look to Annuities, Insurance Products in See-saw Markets

In a report issued by UK fund manager F&C Asset Management, some insurers have been slow to act on climate change and need to develop strategies to deal with the effect of global warming.      “Insurers are currently standing at a crossroads,” said Vicki Bakhshi, Associate Director of Governance and Sustainable Investment at F&C, and… Continue reading Report Shows Carriers Slow on Dealing with Climate Change and its Impact on Premiums

In a statement made by Florida Insurance Commissioner Keven McCarty on Wednesday, state regulators plan to deny eight property insurance rate filings submitted by subsidiaries of The Hartford Financial Services Group. McCarty said the companies’ filings haven’t shown that home and commercial rate increases are actuarially justified. He also said they don’t give customers enough… Continue reading Florida Denies Hartford Rate Hike

Munich Reinsurance Co. announced in a statement that the company has signed up to the ClimateWise principles, an initiative launched by a group of insurers, reinsurers, brokers, Lloyd’s of London and the Association of British Insurers. Under the pledge, companies will scrutinize the risks caused by climate change and support the cause of climate protection,… Continue reading Speaking of Climate Change and Insurers….

Legislation amending the Internal Revenue Code of 1986 to enhance tax incentives for small property/casualty insurance companies has been introduced, the National Association of Mutual Insurance Companies (NAMIC) announced today. Introduced by Senators Christopher S. “Kit” Bond (R-Mo.) and Blanche Lincoln (D-Ark.), legislation S. 2040 would increase the investment income election threshold under Section 831(b)… Continue reading Legislation to Help Smaller Insurance Companies Introduced in Congress

On Thursday, Hurricane Humberto hit the upper Texas coast with 85-mile-per-hour winds and heavy rains that threatened widespread flooding.    According to the U.S. National Hurricane Center in a report at 3:10 a.m. EDT, the storm, which brewed up in the Gulf of Mexico on Wednesday, made landfall near High Island, about 30 miles northeast… Continue reading Hurricane Humberto Hits Texas Coast

The second-best stock performer this year among Lloyd’s of London insurers, Hardy Underwriting Plc, announced that first-half profit rose 59 percent and that it’s considering a move to Bermuda to conduct additional business in the US. Net income for the six months ended June 30 increased to $13.6 million, according to the London-based company. Hardy,… Continue reading Hardy Underwriting Sees Profit Rise, Considers Bermuda Move

Due to the tragic death of Rep. Paul Gillmor, R-Ohio, the House of Representative has postponed its vote on the latest extension to the terrorism insurance backstop legislation. Mr. Gillmor passed away from an apparent heart attack in his Washington apartment. The 10-term congressman was 68 years old.

According to A.M. Best Co analysts, regulatory changes in the European Union are likely to benefit reinsurers who are based over the pond during the long term. Overall terms and conditions in the European reinsurance market remain strong in 2007, with rates still attractive despite a softening market, according to Michael Zboron, managing senior financial… Continue reading A.M. Best: Regulatory Reform Will Benefit European Reinsurers

Under a new law that took effect on Sunday, September 9, insured employers who have employees in New York must provide “full” workers compensation coverage in the state, according to the state’s Workers Compensation Board. Before this law was enacted, a multi-state employer could cover employees in New York under an “all states” endorsement to… Continue reading WC Policy Change Affects Insured Employers in NY