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Natural catastrophes up insured losses to $17B in 2014 first half: Munich Re

By: Sarah Veysey

Published July 09, 2014 - 8:37am CST

Insured losses caused by natural catastrophes in the first half of 2014 totaled about $17 billion, up from about $11 billion for the comparable period last year but below the 10-year average of $25 billion.

IN FOCUS Video: Property/Casualty Insurance Lobbyists

Published July 08, 2014 - 3:56pm CST

In our latest video report, we speak with several top lobbyists for the property/casualty insurance industry and find out what key issues are currently their top priorities on Capitol Hill.

Insurance, business groups urge House not to hike TRIA trigger

By: Mark A. Hofmann

Published July 08, 2014 - 12:27pm CST

A group of insurer and other trade associations has sent a letter to the House of Representatives expressing concern over the increased size of the so-called “trigger” in a House measure that would reauthorize TRIA for five years.

Insurance industry faces high-impact emerging risks: Swiss Re

By: Sarah Veysey

Published July 08, 2014 - 10:09am CST

Cloud security, a contagious emerging markets crisis, a eurozone crisis leading, short-termism of macroeconomic policy measures and increased air pollution are among the high-impact emerging risks facing the insurance industry.

Hub International buys Manitoba-based insurance agency

By: Joanne Wojcik

Published July 07, 2014 - 1:02pm CST

Hub International Ltd. on Monday said it has acquired the shares of Gibson's Insurance Agency Ltd., a Manitoba, Canada-based commercial insurance brokerage, expanding its reach into Canada.

Willis expects record catastrophe bond volumes this year

Published July 07, 2014 - 10:50am CST

(Reuters) — The nonlife catastrophe bond market issued record volumes during the second quarter, Willis Capital Markets & Advisory said, adding that it expects full-year issuance to be between $8 billion and $9 billion.

U.K. underwriters face regulatory and reform pressures: IUA survey

By: Sarah Veysey

Published July 07, 2014 - 10:44am CST

The three most pressing issues facing underwriters in the London company insurance market are regulation by the U.K. Financial Conduct Authority and Prudential Regulatory Authority, reform of U.K. insurance contract law and international trade sanctions, according to a survey of members of the International Underwriting Association.

Personal lines rates up again

Published July 07, 2014 - 9:58am CST

Personal lines insurance rates rose by an average of 4% in June, according to Dallas-based electronic insurance exchange MarketScout.

Swiss insurer Helvetia to buy rival Nationale Suisse

Published July 07, 2014 - 9:40am CST

(Reuters) — Swiss insurer Helvetia Group will buy rival Nationale Suisse in a deal worth 1.4 billion Swiss francs ($1.57 billion).

Property/casualty insurance rates up 2% in June: MarketScout

By: Mark A. Hofmann

Published July 07, 2014 - 9:37am CST

Commercial property/casualty insurance rates increased an average of 2% in June, MarketScout said Monday.

Canadian insurance leaders chart efficient course in face of evolving risks

By: Matthew Lerner

Published July 06, 2014 - 6:00am CST

NIAGARA-ON-THE-LAKE, Ontario — Business should be good this year, according to a leading Canadian economist — as long as nature cooperates and political volatility remains moderate.

Insurers and reinsurers must be resourceful to profit in evolving market

By: Gavin Souter

Published July 06, 2014 - 6:00am CST

LONDON — Insurers and reinsurers are reassessing their business strategies as prices soften, exposures evolve and new capital providers drive change throughout the commercial insurance market.

Outside of New York, general liability premium increases stay relatively flat

By: Bill Kenealy

Published July 06, 2014 - 6:00am CST

With the notable exception of New York, prices for general liability insurance renewing at midyear have ranged from flat to an increase of 5%.

Workers comp rates are nearly flat, but creep up with company size and risk

By: Stephanie Goldberg

Published July 06, 2014 - 6:00am CST

Employers renewing their workers compensation coverage at midyear have seen smaller price increases than a year ago, but insurers are being selective about the accounts they underwrite.

Property insurance rates fall up to 20% for those with low catastrophe risks

By: Matthew Lerner

Published July 06, 2014 - 6:00am CST

Primary commercial property insurance is a buyers' market with rate decreases of up to 20% for many U.S. accounts that renewed at midyear, with the exception being those with high catastrophe exposures.

D&O rates for private companies jump as much as 20%

By: Judy Greenwald

Published July 06, 2014 - 6:00am CST

Competition in the excess layers is limiting rate hikes for companies and organizations renewing their directors and officers liability insurance at midyear.

Insurers sue asbestos trust for records, say they suspect fraud

Published July 03, 2014 - 12:29pm CST

(Reuters) — Six insurance companies are suing an asbestos personal injury trust set up by a U.S. unit of Philips Electronics North America Corp. that the insurers suspect has been making millions of dollars in fraudulent payments to parties that cannot prove they were harmed by the company's asbestos products.

Property/casualty insurers' net income down 4% in first quarter: Survey

By: Mark A. Hofmann

Published July 03, 2014 - 10:53am CST

The U.S. property/casualty insurance industry's net income for the first quarter of 2014 fell 4.0% from that of the same period a year earlier to $13.75 billion, according to a recent survey.

Analysts predict healthy second-quarter earnings for health insurers

By: Rachel Landen, Modern Healthcare

Published July 03, 2014 - 9:18am CST

The earnings consensus among the big health insurance players predicts a healthy second quarter with few surprises, despite financial pressures from fees, rate cuts and higher drug costs, as well as potential risk from a new population gaining coverage under the Patient Protection and Affordable Care Act.

German insurers face $887M bill for June storm

Published July 02, 2014 - 9:21am CST

(Reuters) — German insurers are on the hook for about €650 million ($887.2 million) in damage claims from storm "Ela" in early June, which hit northwestern Germany especially hard, an industry body said on Wednesday.

U.S. Supreme Court rejects ex-AIG CEO Greenberg's appeal

Published June 30, 2014 - 9:05am CST

(Reuters) — The U.S. Supreme Court rejected an appeal by former AIG CEO Maurice R. Greenberg, who accused the Federal Reserve Bank of New York of unlawfully bailing out the insurer at the height of the 2008 financial crisis.

International Underwriting Association to review London market

By: Sarah Veysey

Published June 30, 2014 - 8:30am CST

The International Underwriting Association is undertaking a strategic review of the issues facing the London company insurance market.

Aspen leaders urge shareholders to reject Endurance's takeover bid

By: Matthew Lerner

Published June 27, 2014 - 3:40pm CST

Aspen Insurance Holdings Ltd. on Friday sent a letter and materials to shareholders urging them to reject a $3.2 billion hostile takeover attempt by Endurance Specialty Holdings Ltd., the latest in a bitter tit-for-tat between the Bermuda insurers.

Women in insurance say leadership roles still lack gender diversity: Survey

By: Matthew Lerner

Published June 26, 2014 - 3:16pm CST

Women in the insurance industry see room for improvement in terms of gender equality in leadership roles, according to an Insurance Industry Charitable Foundation study, the group said Thursday.

Bond insurer Syncora is stubborn rival in Detroit's bankruptcy

Published June 26, 2014 - 3:00pm CST

(Reuters) — Bond insurer Syncora Guarantee Inc. has emerged as Detroit's chief nemesis in the city's historic bankruptcy case and is fighting as if its financial life depends on a decent recovery on its $400 million exposure to the city.

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