The Association of British Insurers has issued a warning that, “people are increasingly putting their insurance cover at risk by cheating to get a better deal.” The ABI said its members, which include most of the UK’s P/C insurers, “are …
The application of fair value accounting measurements to an inactive, illiquid, and disorderly market for structured credit products helped fuel the worldwide credit crisis, an organization of major insurers and reinsurers told the U.S. Financial Accounting Standards Board (FASB). While …
The high frequency and severity of Atlantic hurricanes in 2008, coupled with other weather-related and man-made losses, placed the year among the costliest on record for insured catastrophe losses. That’s according to Guy Carpenter Co., LLC, a global risk and …
Louisiana Medical Mutual Insurance Company reported it will return a 20 percent dividend to all LAMMICO policyholders in Louisiana and Arkansas. Nearly 6,000 policyholders will be affected; the dividend amount is based on policyholders’ written premium as of Nov.21, 2008. …
Japan’s Mitsui Sumitomo Insurance Group Holdings Inc, Aioi Insurance Co and Nissay Dowa General Insurance Co are in talks to merge, a company source said, in a move that would create the country’s largest non-life insurer. Traders snatched up shares …
Insurers are making increased use of economic capital modeling in the Enterprise Risk Management (ERM) process and it is starting to influence their strategic decisions. According to Stephen Lowe, managing director, Towers Perrin, insurance companies continue to make progress integrating …
U.S. insurers and actuarial firms increasingly are outsourcing, offshoring, and importing actuarial talent from abroad, industry experts report. They are also learning that good management practices and an understanding of foreign cultures are keys to successful implementation of these outsourcing …
A number of insurance companies in the Northeast are bringing in additional claims adjusters to respond to the needs of their hardest hit customers and help speed the recovery process from the recent string of storms that have blanketed the …
U.S. regulators have asked nine major insurance companies, including Allstate Corp. and Travelers Cos. Inc., to provide information about how they set prices for homeowners’ coverage, the Federal Trade Commission said Tuesday. The FTC said it ordered the companies to …
The Federal Trade Commission’s (FTC) decision to order insurance companies to provide a wide array of consumers’ personal information in connection with a study of credit-based insurance scores and homeowners insurance is unnecessary, costly and risks consumers’ privacy, according to …
