The Federal Insurance Office was supposed to submit its much anticipated report on the modernization of insurance regulation to Congress in January, but the agency has missed that deadline. The U.S. Treasury Department, which oversees the Federal Insurance Office, claims that there must be more work done on the report before it can be released. This delay could mean that the report will not be released for week or months; news that insurers were not happy to hear. The report is meant to show Congress how the country’s insurance regulations…
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Willis Group claims captive insurance companies could be key to future of insurance industry resiliency
The global insurance industry is undergoing extreme change. The change is brought on by the rapidly evolving risks that the industry is facing. As risk changes, insurers are feeling pressure to become more adaptive and resilient against emerging threats. The Willis Groups, one of the world’s largest insurance brokers, believes that captive insurance companies could be the key to weathering the storms of the future. Joe Plumeri, CEO of the Willis Group, attending this year’s World Captive Forum in Miami, Florida, highlighted the usefulness of captives to insurers around the…
Read MoreNew risk management tool could fill in the gaps left by conventional catastrophe models
Karen Clark & Company, a catastrophe management firm serving the insurance industry, has developed a new tool that could help insurers manage their risks in a changing world of natural disasters. The past two years have been the most catastrophic years in history in terms of insurance. Natural disasters from both 2010 and 2011 have cost the industry billions and have left it staggered. Insurers are hoping that 2012 will not be as disastrous as its predecessors. If it is, however, they will have a new risk management tool at…
Read MoreU.S. Department of Labor allows more time for insurers to comply with federal law
Insurance companies are pushing for lengthy delays in the enactment of a law that would require them to summarize the benefits plans they provide. According to the Affordable Care Act, health insurance providers must summarize their policies to within four pages of easily understood content. The law is meant to provide consumers with a better understanding of the benefits they will be receiving and what their policies do and do not cover. The Department of Labor, however, has announced that it will not be forcing insurance companies to be adhering…
Read MoreWillisWire report highlights the emerging risks facing the global insurance industry
The global insurance industry has been facing many threats in recent years, the majority of which coming from unpredictable natural disasters. The world is changing at a rapid pace in terms of technology, environment and crime and as each of these fields advances, new threats emerge that could destabilize the industry as a whole. Willis Group Holdings, one of the world’s largest insurance brokers, has launched a new website that seeks to document these risks. The site is called WillisWire and will play host to a number of surveys and…
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