BOSTON, Nov. 7, 2011 – Catastrophe risk modeling firm AIR Worldwide (AIR) released an inland flood model for Germany that offers a fully probabilistic approach for determining the likelihood of flood losses from all types of storms. The model provides insurers and reinsurers with a robust tool for managing inland flood risk – allowing companies to make informed underwriting decisions, to monitor and quantify aggregate concentrations of flood risk across their portfolios, and to assess the potential impact of less frequent but large loss events. “To meet the challenge of…
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AIG continues to pay its debt to the U.S. Treasury despite financial turmoil
The U.S. Treasury has received another payment from the American International Group (AIG), one of the nation’s largest insurance organizations. The payment is the latest in a series coming from AIG as part of its massive debt owed to the federal government. To date, the company has repaid $18 billion of the $182 billion provided during 2008’s financial crisis. The company still owes the federal government approximately $50 billion it received from the government’s Troubled Asset Relief Program. This week’s payment totaled $972 million. The insurer has been treading troubled…
Read MoreFederal regulators seek public commentary on insurance regulations
The Federal Insurance Office is nearing the end of a lengthy study of current and pending insurance regulations. The study, which was spawned from last year’s Dodd-Frank financial reform bill, will come to an end in January of 2012, at which time federal regulators will release the findings to the public. The results of the study has the insurance industry on the edge of its seat as the study may determine the fate of future regulations that could requires insurers to make vast changes to their business strategies and practices.…
Read MoreDiscontented Occupy Wall Street protesters may soon target the insurance industry
Views on the Occupy Wall Street protests vary depending on which news medium is presenting the issue. Some call the protest a meager gathering of discontented hipsters, while others claim it as a full-fledged revolution that will change the foundation of the nation’s financial industry. Whatever the case may be, the protest continues to generate a great deal of hype and has begun attracting the attention of other industries. The insurance industry, in particular, may be a target as many people see the industry as being at fault for the…
Read MoreBarclay’s launches new insurance-linked security product for the global insurance industry
Barclay’s Capital, a worldwide investment bank based in the UK, has launched a new initiative that is aimed at providing the insurance industry with added protections against natural disasters. The financial institution will begin supplying insurance-linked securities that will embolden the insurance industry against catastrophes. The new service will help placate the concerns of investors who are growing leery of the insurance industry’s constant struggle with disastrous storms and other events. Barclay’s believed that the insurance-linked security products will help the industry cope with any financial turbulence it may experience…
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