Economy News

AIG Sees China General Insurance Business Growing

American International Group sees China becoming a much larger part of its general insurance business within the next five years, Nicholas Walsh, executive vice-president of the foreign general insurance division, said Wednesday. Walsh, a 35-year veteran of the giant insurance …

Reinsurers Under Pressure in Monte Carlo

Darker economic clouds are gathering over the world’s reinsurers as they travel to the Mediterranean coast this weekend to kick-off crucial pricing discussions with their insurance clients in Monte Carlo. Reinsurers should fly down to the south of France in …

Golf Cart Popularity Collides with Ind. Law

Golf carts are becoming a more common sight on Indiana’s streets and roads, but state police say they fail to meet the safety and equipment standards for motor vehicles to be driven on public streets. Several communities across the state …

Declarations

Naked on Wall Street “You always find out who’s been swimming naked when the tide goes out. We found out that Wall Street has been kind of a nudist beach.” —Berkshire Hathaway’s Warren Buffett who also told Reuters that the …

Earthquake Expert Warns of Economic Damage

From cracked oil and natural gas pipelines to contaminated public water supplies, the nation’s economy could be the biggest casualty of the next major Midwest earthquake, an earthquake expert warned. Geologic engineering professor Dave Rogers of Missouri University of Science …

Declarations

Swimming in the Buff “You always find out who’s been swimming naked when the tide goes out. We found out that Wall Street has been kind of a nudist beach.” —Warren Buffett, who has been named the world’s richest man …

U.S.-Mexico Cross Border Trucking Project Extended for 2 More Years

In early August 2008 the U.S. Department of Transportation extended for two years the cross border trucking demonstration project, a reciprocal agreement that allows up to 100 Mexico-domiciled motor carriers to operate beyond the U.S. border commercial zones, and the …

Fires Bring Calif. to the Brink; Schwarzenegger Proposes Insurance Surcharge

Faced with hundreds of big, hard-to-control blazes, California is struggling with what could be its most expensive firefighting season ever, burning through $285 million in the past two months alone and up to $13 million a day. With the worst …

U.S.-Mexico Cross Border Trucking Project Extended for Two More Years

In early August 2008, the U.S. Department of Transportation extended for two years the cross-border trucking demonstration project, a reciprocal agreement that allows up to 100 Mexico-domiciled motor carriers to operate beyond the U.S. border commercial zones, and the same …

Lloyd’s in the 21st Century

The Modernization of Lloyd’s and the London Market Any institution — and there aren’t many — that survives and thrives for 320 years must find ways to adapt to changing conditions. Lloyd’s of London’s transformation offers some insights as to …