Berkshire Hathaway to expand commercial insurance lines

Commercial Insurance rates

Commercial insurance proves attractive for Berkshire Hathaway Berkshire Hathaway, a multinational conglomerate with strong ties to the insurance industry, has somewhat ambitious plans to expand its commercial insurance business in the coming years. The company has remained somewhat stagnant with its commercial lines for some time, biding its time and hoping to ride out some of the turbulence that has been common throughout the insurance industry recently. The company recently acquired four new executives from the American International Group (AIG), and now plans to put more focus on its commercial…

Read More

More investment in nanotechnology research needed, says National Research Council

Scientists from the National Research Council in the U.S. are urging insurers to invest more money in studying nanotechnology. The technology has advanced significantly in the past decade and now holds major promise in medical applications and consumer products. Council scientists say that the potential health hazards of the technology are not yet fully understood and that an additional $24 million a year is required to fill in the knowledge shortfall. Without an intimate understand of the risks associated with nanotechnology, consumers could face unforeseen dangers that will have a…

Read More

Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing

Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…

Read More

Commercial insurance market is on the cusp of a new growth

Jay Fishman, the chief executive of Travelers Cos. spoke at a financial services conference for Goldman Sachs, and announced that the insurer had boosted their business insurance prices in October by 5.2 percent, and in November by 5.8 percent, which are the most significant increases that have been made in a number of years. Travelers is known for painting a brighter image of prices than other insurance companies, and this latest announcement doesn’t appear to have changed that fact. However, at the same time, when the insurer said that it…

Read More

Increase expected for commercial insurance rates

Though consumers have been seeing steady increases in rates for casualty, property, home, and auto insurance, companies have not seen any notable raises in their own insurance costs. Yet. The sensitivity of businesses to increases for insurance rates runs much deeper, and some new competition has brought some of the business for commercial insurance to Canada. Those two factors have allowed the price of those plans and policies to remain relatively steady over the last few years. However, according to RSA Canada’s chief executive, Rowan Saunders, this trend will not…

Read More

Thailand floods could cost the global insurance industry $10 billion

Devastating floods in Thailand may have a global impact, according to insurers. Thailand is a critical point in the global supply chain, says Gary Lynch, head of supply chain risk at Marsh Risk Consulting. Widespread flooding has closed more than 14,000 businesses, including distribution centers for Sony, Canon and Nissan. The disruption in the supply chain could have far reaching consequences in the U.S., the UK and throughout Europe. Lloyd’s of London is now petitioning Thailand insurance and risk firms to assess the risk exposure they see in the nation.…

Read More

Largest workers’ compensation insurance company in California to lay off 1,800 by next June

The State Compensation Insurance Fund, a government-controlled insurer which is the largest workers’ compensation insurance company in California, has announced that one of its efforts to cut expenses and streamline its operations will be to lay off approximately one quarter of its total 6,800 employees. Chief executive of State Compensation Insurance Fund, Tom Rowe, said that as many as 1,800 civic service workers will be eliminated by the end of June 2012, as the company has been determined to be overstaffed by about 30 percent. This is the first time…

Read More