Insurers are expected to pay $580 million to homeowners and businesses for insured-property losses from three catastrophe events in the first quarter this year—the lowest first-quarter loss in more than a decade—according to preliminary estimates by Insurance Services Office, Inc.’s …
Concerned about the use to credit scoring in setting insurance rates, Kansas Insurance Commissioner Kathleen Sebelius urged the state legislature to pass a resolution (1623) requiring the Kansas Insurance Department to study the issue. According to the department, Sebelius took …
Nebraska legislators adjourned April 19 without enacting any bills that might have harmed insurers and their policyholders. Several bills were amended in the closing days of the session to make them fairer to both companies and consumers. National Association of …
CGNU’s Directors succeeded in getting shareholder approval for their plan to rename the venerable insurer Aviva, as of July 1, despite some opposition and the opinions of some analysts (and editors) that the new name was silly and unnecessary.(See IJ …
Oakland-based EQECAT Inc. announced the release of “WORLDCATenterprise (TM) 3.0,” new catastrophe management modeling software, covering risks in 88 different countries. The company described the new software as enabling “property insurers and reinsurers to underwrite and manage accumulations for global …
Everest Re Group, Ltd. reported that its first quarter 2002 after-tax operating income, which excludes realized capital gains and losses, was $66 million, or $1.35 per diluted share, a 23.6 percent increase compared to $53.4 million, or $1.14 per diluted …
A new study by the Workers Compensation Research Institute (WCRI) found that lower than average prices for medical services in Pennsylvania’s workers’ compensation system offset the higher utilization of medical services, keeping system costs down. “The result is that the …
Seattle-based SAFECO has reported a quarterly profit, noting gains from selling investments, increased life insurance earnings, and having to pay out less in storm claims through the winter. SAFECO noted first-quarter net profits of $63.6 million, or 50 cents per …
Standard & Poor’s has assigned its ‘R’ financial strength rating to Alistar Insurance Co. after learning that the California Department of Insurance applied for and was granted a conservation order for the company by the Fresno County Superior Court. The …
The Personal Insurance Federation of California (PIFC) has questioned the intent of a Senate bill that would mandate Federal Community Reinvestment Act (CRA) standards of reporting and investing for California insurance companies. Michael Gunning, senior legislative advocate for PIFC warned …
