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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Insurance company coming to the Middle East to offer coverage to Palestinians
A new insurance company is being formed in the Middle East to cater to the Arab sector. Businessmen from Israel and Palestine have come together to create the company, which will compete in Israel’s insurance market. The as-yet-unnamed company is currently ramping up funds to meet Israeli regulations. Observers expect that the company will be fully operational by the end of next year. Thus far, the company has garnered a wealth of support from the Arab community. At launch, the company will offer elementary insurance as well as car and…
Read MorePuerto Rico’s physicians threaten to discontinue their service if not compensated for their work by insurers
Physicians in Puerto Rico are taking a stance against the government and several insurance companies after they were refused payment for treating the poor. Doctors are threatening to discontinue their treatment of more than 1 million patients with Medicaid coverage if they are not compensated appropriately for their work. Governor Luis Fortuno has been attempting to mitigate the frustrations of the island’s physicians, but his efforts have been met with staunch resistance. Resolution of the issue, he says, lies in the hands of insurers. The government has announced that it…
Read MoreEmerging markets show promise, according to Lloyd’s
Lloyd’s has been making a significant effort to improve access to overseas markets after seeing promising opportunities for international trade among emerging economies. Though Lloyd’s has been very active in this pursuit, it also published an article on its own website which requested improved cooperation among the participants in the markets, itself, and the managers within its own country, which would allow for further improvements to the current opportunities. It was acknowledged by Lloyd’s that regardless of the financial crisis worldwide, a number of emerging markets within Latin America and…
Read MoreThe cost of reinsurance in New Zealand set to triple starting July 1
As the rebuilding of Christchurch, New Zealand, continues months after a disastrous earthquake struck the nation, insurance companies are going to have a hard time finding reinsurance deals as prices are set to triple by July 1st, according to S&P’s analysts. The rise in reinsurance rates is due to the extent of the damage done in New Zealand by the initial quake and its subsequent aftershocks, which are still occurring today. As the aftershocks continue, so too does the damage worsen, driving reinsurers to raise their rates in an effort…
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