A.M. Best Co. believes terrorism is too risky without some sort of backstop to protect insurance companies providing coverage on a primary basis. The expiration of the Terrorism Risk Insurance Act (TRIA) of 2002 without any substantive replacement could trigger …
The Port Authority of New York and New Jersey wants a jury’s decision that faulted the authority in the 1993 bombing of the World Trade Center tossed out, saying the judge in the case was biased. The authority claims Justice …
Guy Carpenter & Company Inc. reported the release of a new study, Recent Legislative and Judicial Trends Affecting the U.S. Casualty Industry, on key legislative and judicial developments and their impact on the U.S. casualty market. The report provides an …
Massachusetts Auto Producer Reassignments Delayed: Massachusetts Insurance Commissioner Julianne Bowler has asked that a plan for reassignment of auto insurance producers doing business with the state’s residual market, Commonwealth Auto Reinsurers, be delayed in response to criticism by several insurers …
Does the world seem to be careening from one crisis to another these days or is it all hype by news outlets? Unfortunately, it’s not hype; it’s the real world. Not a day goes by without reports of terrorist threats …
As 2005 draws to a close it marks the end of the second tumultuous year for the industry. After the multiple hurricanes of 2004, everyone was hoping 2005 would be calmer, but we ended up having an even more catastrophic …
Florida has survived eight hurricanes in 15 months, but more destruction is coming, according to risk modeling companies and economists speaking at the National Catastrophe In-surance Summit in Burlingame, Calif. It’s just a matter of time, said speakers, who forecast …
Insurance regulators, on the heels of the National Catastrophe Insurance Summit in Burlingame, Calif., in November, are peddling the framework for a national catastrophe insurance program they say would protect U.S. taxpayers. The details have not been ironed out, but …
The possibility of a global avian flu outbreak is haunting insurers-property/casualty, life and health-and it appears that there’s not much they can do to mitigate losses prior to a pandemic. Nevertheless, carriers can take steps to prepare for a viral …
House Passes Terrorism Insurance Bill: Legislation that will extend the 2002 Terrorism Risk Insurance Act for an additional two years passed the House of Representatives floor by a vote of 371 to 49. The Senate already approved its version of …
