News Currents The California Department of Insurance has proposed new reinsurance oversight regulations, which several insurance industry associations said are “unnecessary, burdensome and anti-market competition,” according to comments filed at a public CDI hearing on Jan. 24, 2006, in Los …
The Congressional Budget Office is projecting a government cost of $1.5 billion through the next 10 years under the legislation extending the Terrorism Risk Insurance Act of 2005 (S. 467). However, despite weighing averages reflecting the probabilities of various outcomes, …
Risk models show industry burden under TRIA The extension of the federal Terrorism Risk Insurance Act represents solvency protection in extreme events but is not an industry subsidy, according to risk modeling experts at Risk Management Solutions and AIR Worldwide …
Insurers writing monoline farm policies and incidental professional liability coverage may face additional work to clarify coverage for their insureds under the federal terrorism reinsurance program. Officials of the U.S. Treasury Dept., which administers the program, recently offered clarifications regarding …
As he has done for many years, Pennsylvania’s famous groundhog, Punxsutawney Phil, dutifully honored his Groundhog Day commitments by emerging from his borrow in Gobbler’s Knob Pa. on schedule. Phil reportedly saw his shadow, and thus indicated that the Eastern …
Lloyd’s is on the verge of initiating formal legal proceedings against two of its largest brokers, Aon and Benfield, over the Central Fund reinsurance policy they negotiated with a group of six insurers in 1999. The policy, underwritten by Swiss …
The Chubb Corp. reported that net income in the fourth quarter of 2005 was $614 million or $2.92 per share, compared to $468 million or $2.39 per share in the fourth quarter of 2004. Operating income, which the company defines …
The National Flood Insurance Program (NFIP) says it needs to borrow an additional $5.6 billion to cover claims and expenses for 2006. Projections indicate that its payments will reach its existing $18.5 billion borrowing limit by early- to mid- February …
The Hartford Financial Services Group Inc. reported fourth quarter 2005 net income of $474 million, or $1.53 per diluted share. The company’s net income reached $2.3 billion for the year, a new record for the company. The Hartford’s core earnings …
Risk Management Solutions Inc. (RMS) released the findings of an in-depth study that provides life and personal accident insurers in Japan with key benchmarks for the potential risk of human casualties from catastrophic events. The RMS study, “Catastrophe Mortality in …
