AVRECO: News & Insights on the Insurance Industry

Hurricanes provide lessons in risk management

2008-05-29T17:48:00.001-05:00

Sponsored by: Freedom Specialty
Publication Date: May 23, 2008
Advisen -- Risk Management
Source: Business Insurance

"Katrina, Rita and Charley were more than destructive forces of nature. Those hurricanes and others that barreled through the Gulf of Mexico in 2004 and 2005 were teachers..."

Private companies urged to buy D&O

2008-05-29T17:35:00.001-05:00

Sponsored by: Freedom Specialty
Publication Date: May 23, 2008
Advisen -- Management Liability
Source: Business Insurance

"NEW YORK-Directors and officers of private companies rarely have D&O insurance but should consider the cost-effective coverage to minimize their risks, a lawyer says..."

Insurance buying process evolves

2008-05-29T17:26:00.002-05:00

Sponsored by: Freedom Specialty
Publication Date: May 23, 2008
Advisen -- Risk Management
Source: Business Insurance

"CHICAGO-Relationships among insurance buyers, brokers and underwriters are changing, all the while they staying the same, according to a panel of industry experts..."

Genetic Antidiscrimination Law Creates New Compliance Challenges For Employers

2008-05-29T17:10:00.002-05:00

Sponsored by: Freedom Specialty
Publication Date: May 23, 2008
Advisen -- Management Liability
Source: Mondaq

Littler Mendelson (United States)
Genetic Antidiscrimination Law Creates New Compliance Challenges For Employers
23 May 2008

By Mr Philip Gordon

"Nearly seven years after declaring in a Presidential Radio Address that '[g]enetic discrimination is unfair to workers and their families" and that "[t]o deny employment or insurance to a healthy person based only on a predisposition violates our country's belief in equal treatment and individual merit,' on May 21, 2008, President George W. Bush signed the Genetic Information Nondiscrimination Act of 2008 (GINA). Intended to encourage Americans to take advantage of advances in the genetic sciences without fear of adverse consequences, GINA provides broad protections in employment and health benefits against the improper collection, use or disclosure of employees' genetic information. Although GINA does not become effective until November 21, 2009, employers should immediately begin taking steps to ensure compliance with the Act..."

Survey: Program Market to Remain Vibrant in 2008

2008-05-21T17:52:00.000-05:00

May 21, 2008
The Insurance Journal

"The program market continues to grow and will continue to grow in 2008, as insurance companies focus on core concerns of new business production, premium writing and rate profitability, according to a new industry survey by Guy Carpenter &Co. However, several new trends emerged in 2008 as the market's appetite for mergers and acquisitions (M&A) increased, along with a growing interest in the use of outside capital to fuel new endeavors..."

Insurance Industry Celebrates Women's Achievements

2008-05-21T17:48:00.001-05:00

By Patricia-Anne Tom
May 21, 2008
The Insurance Journal

"May 18-24, 2008, marks National Insurance Women's Week, a celebration recognizing the contributions women are making in all areas of the insurance industry..."

Tide turning for surplus lines: Market softens for hard-to-place exposures

2007-10-12T11:13:00.000-05:00

Publication Date: October 8, 2007
Advisen -- Insurance Market
Source: Business Insurance

"Surplus lines insurers say they expect moderate growth for the rest of 2007 as they introduce measures to maintain U.S. business despite softening prices..."

Sept. 11 is Reminder of Need for Terror Reinsurance, Say P/C Insurers

2007-09-11T20:23:00.000-05:00

September 11, 2007
The Insurance Journal

"Six years after September 11, 2001, the threat of terrorist attack remains a source of tremendous uncertainty for the United States economy, with potentially negative consequences for both business interests and employment, according to the Insurance Information Institute (I.I.I.)..."

P/C Insurers Must Diversify Products, Distribution, Says IBM Study

2007-08-28T21:49:00.000-05:00

August 28, 2007
The Insurance Journal

"U.S. consumers want insurance companies to more effectively communicate new products and services available to them, provide tailored policies and services to better meet their needs, and bring their customer experience up to par with other industries, according to a new consumer study..."

Mo. Insurance Dept. Invites Captive Insurance Companies to State

2007-08-27T22:27:00.000-05:00

August 20, 2007
The Insurance Journal

"The Missouri Insurance Department recently announced steps it's taking to implement legislation signed by Gov. Matt Blunt, which allows for the formation of captive insurance companies to bring as much as $10 million to the state's revenue over the next three years..."

Stricter Building Codes Pay Off

2007-08-21T21:11:00.000-05:00

Publication Date: August 18, 2007
Advisen -- Property
Source: St Petersburg Times

"Newer homes suffered less damage than older homes, and their owners filed fewer insurance claims, when Hurricane Charley blasted through Charlotte County three years ago, a study released this week shows..."

DJ Insurers, Customers Better Prepared For 2007 Hurricanes

2007-08-21T21:05:00.000-05:00

Publication Date: August 17, 2007
Advisen -- Property
Source: Dow Jones News Service (DJNS, "Broad Tape")
By Lavonne Kuykendall of DOW JONES NEWSWIRES

"CHICAGO (Dow Jones)--As the U.S. Gulf Coast prepares for the possible arrival of Hurricane Dean, residents and insurers appear to be in better shape now to withstand a big storm than they were in 2005, when three major storms hit the area..."

Hurricane Dean's fierce assault on Jamaica persisted overnight, causing considerable damage

2007-08-21T21:01:00.000-05:00

Publication Date: August 20, 2007
Advisen -- Catastrophe
Source: Miami Herald

"Hurricane Dean's fierce assault on Jamaica persisted overnight, causing considerable damage. Next in line: possibly the Caymans, then Mexico's Yucatn and Belize..."

Who Will Pick Up the Terror Tab?

2007-08-17T21:24:00.000-05:00

Publication Date: August 14, 2007
Advisen -- Insurance Market
Source: CFO

"How long will the government subsidize the insurance industry now that terrorism policy rates have dropped by 50 percent?..."

National Hurricane Fund Unlikely

2007-08-17T21:14:00.000-05:00

Publication Date: August 15, 2007
Advisen -- Insurance Market
Source: Tampa Tribune (FL) (KRT)

"Aug. 15--WASHINGTON -- Tropical Storm Dean is the first real threat of the 2007 Atlantic hurricane season, and a reminder that Congress has been unable to agree on creating a national fund to help lower home insurance costs tied to hurricanes and other natural disasters..."

Rep. Paul Introduces Freedom From Unnecessary Litigation Act

2007-08-17T21:08:00.000-05:00

Publication Date: August 13, 2007
Advisen -- Medical Malpractice
Source: US Fed News
Rajesh Swain

"WASHINGTON, Aug. 13 -- Rep. Ron Paul, R-Texas, has introduced the Freedom From Unnecessary Litigation Act of 2007 (H.R. 3342), legislation that would 'amend the Internal Revenue Code of 1986 to allow individuals a credit against income tax for the cost of insurance against negative outcomes from surgery, including against malpractice of a physician'..."

5 Rules For Better Disaster Recovery

2007-08-17T21:05:00.000-05:00

Publication Date: August 13, 2007
Advisen -- Risk Management
Source: Computer Reseller News

"As the middle of August is upon us, here on the East Coast thoughts of cookouts, vacations and barbecues shift toward a more ominous reality-namely hurricanes. While many of us worry about the impact those weather events may have on home and family-and some of us even prepare for the worst-the question remains, how many businesses are prepared for a disaster, weather-related or otherwise? Or, worse yet, think they're prepared when they really aren't?..."

Waivers, arbitration may not be enough to keep firms from being sued

2007-08-17T21:02:00.000-05:00

Publication Date: August 12, 2007
Advisen -- Risk Management
Source: The Kiplinger California Letter

"Liability waivers may not be enough to keep firms from being sued. The California Supreme Court has ruled that a recreation provider may be blamed for gross negligence, even if a visitor signs a paper waiving rights to file suit. Parents of a developmentally disabled girl were allowed to sue after she drowned in a pool during a summer camp run by the city of Santa Barbara, even though they signed such papers..."

Contractors may face lawsuits from bridge collapse, experts say

2007-08-07T09:23:00.000-05:00

Publication Date: August 3, 2007
Advisen -- Liability
Source: The Star Tribune (Minneapolis) (KRT)

"MINNEAPOLIS _ Private contractors and the insurance companies that represent them could face hundreds of millions of dollars in legal claims arising from the collapse of the Interstate 35W bridge, attorneys familiar with such cases said Friday..."

DJ Insurance Brokers Reconsider Taking Insurer Commissions

2007-07-12T16:33:00.000-05:00

Publication Date: July 11, 2007
Advisen -- Brokers
Source: Dow Jones News Service (DJNS, "Broad Tape")
By Lavonne Kuykendall of DOW JONES NEWSWIRES

"CHICAGO (Dow Jones)--Three years after the top four insurance brokers stopped accepting insurance commissions that were based on policy volume and profitability, some of the brokers are reconsidering the decision in an effort to replace some of the lost revenue..."

The Future For Directors And Officers Liability

2007-07-12T16:28:00.000-05:00

Publication Date: July 9, 2007
Advisen -- Management Liability
Source: Mondaq, Essex Court Chambers (United Kingdom)
By Ms. Jessica Mance

This article was first published in Issue 128 (June) of Sweet & Maxwell's Insurance and Reinsurance Law Briefing.

"The directors' and officers' ('D&O') liability insurance market has been disappointing for insurers since approximately 2004: rates have been stunted whilst coverage has expanded. Some insurers are even offering policies under which they promise to pay where third-party policy limits are exhausted or compromised..."

P/C Industry Starts Strong in 2007 With First-Quarter Underwriting Profit

2007-07-12T16:25:00.000-05:00

Publication Date: July 9, 2007
Advisen -- Insurance Market
Source: BestWire Services

"The U.S. property/casualty industry followed record profits in 2006 with continued favorable trends in the first quarter of 2007, posting net income after taxes of $16.7 billion. An underwriting gain of $8.0 billion and net investment income of nearly $14 billion propelled the industrys strong operating results..."

U.K. Car Bomb Threat Will Alter Insurers' Calculations

2007-07-12T08:53:00.000-05:00

Publication Date: July 5, 2007
Advisen -- Property
Source: BestWire Services

"Attempts to set off car bombs in London and Glasgow may have failed, but they have raised a number of concerns about how insurers should look at their terrorism coverage..."

Threat of terrorism evolves

2007-07-12T08:49:00.000-05:00

Publication Date: July 3, 2007
Advisen -- Insurance Market
Source: Chicago Tribune

"The war on terror is weakening Al Qaeda and related groups, but the weekend's failed car bombings in London and Scotland prove that potential targets must stay on their toes because the threat has become more fragmented..."

Lack of disaster puts insurance bills on backburner

2007-07-12T08:45:00.000-05:00

Publication Date: July 2, 2007
Advisen -- Insurance Market
Source: The Star Tribune (Minneapolis) (KRT)

"MINNEAPOLIS _ Six years after the worst terrorist attack on U.S. soil and two years after the country's worst natural disaster, Congress has yet to pass bills that would provide lasting federal relief to insurance companies in the case of a new major catastrophe..."