Aon Corporation’s capital adviser and global reinsurance intermediary, Aon Benfield, has released a report containing the results of its annual study – called the 2011 Insurance Risk Study – which is used by the industry to benchmark underwriting risk, and for modeling through the risk parameters it provides. This research – which is the sixth that has been published by the company – offers volatility benchmarks for underwriting, which are used by the industry’s professionals in economic capital modeling, such as chief risk officers and actuaries. It also provides the…
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How to measure the risk of terror
Post anniversary to September 11, the horrible event occurring over ten years ago now, there has been a tremendous change to the way that border security and terrorism have been viewed in the United States. This is true of the government, businesses, individuals, and the insurance industry, which suffered tremendous losses to its own people when the planes hit the twin towers of the World Trade Center in New York City. Though damages resulting from acts of terrorism had been covered in typical all-risk commercial policies before the attacks, after…
Read MorePost 9/11 insurance industry is vastly different, says report
This weekend marks the tenth anniversary of the September 11 attacks which brought down New York City’s World Trade Center. Since the attack, the political landscape has changed dramatically, a shift that has been mimicked throughout society as terrorism more people became aware of terrorism. Many things changed in the wake of 9/11, and while many of these changes resided within the boundaries of the nation, the entirety of the world’s insurance industry underwent a drastic shift. The Insurance Information Institute (I.I.I) has been studying the changes in the worldwide…
Read MoreInsurers unlikely to raise rates in the wake of Hurricane Irene, according to Allianz
Despite fears that disaster-prone 2011 will incite higher insurance rates in the future, Allianz, one of the largest commercial insurance companies in the world, says that the toll of the damage caused by natural disasters throughout the year will not prompt widespread hikes in premiums. Jay Ralph, a board member of Allianz in charge of the North American insurance market, spoke with reporters concerning the issue, noting that the excess capacity of the insurance industry is enough to weather the storm without any major changes in policies. However, insurers should…
Read MoreAmerican Modern Insurance Group launches new online documentation system
In a move to align itself with new federal health care regulations, the American Modern Insurance Group, a specialty insurance firm focused on health care, has adopted an electronic documentation system. Dubbed “Online Services,” the initiative aims to provide policyholders with easy access to important documents and billing notices online. This is a practice that all insurance companies throughout the nation will have to adopt by 2014, as required by federal regulations. The Online Services program is a fully optional offering from the company, but one the company is keen…
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