New 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…

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Consumer Agent Portal announces new online resource to connect independent agents with consumers

As the provisions of the Affordable Care Act begin to come to fruition, the role of independent insurance agents is becoming more vague. In an effort to embolden independent agents, the Consumer Agent Portal LLP, a coalition of property/casualty insurers that support independent agents, has launched a new online resource system that is designed to give agents access to the 65% market share they are missing out on. The system will take advantage of the growing electronic market, which is becoming a major playing field in the world of insurance…

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Property/Casualty Insurers see first quarter profit drops from increasing underwriting losses

Property/Casualty Insurers, a private American company, reported that after taxes, their net income fell to $7.8 billion within 2011’s first quarter from last year’s first-quarter profits which were at $8.9 billion. Moreover, there was a drop from 6.8 percent to 5.6 percent in that insurer’s average policyholder surplus annualized rate of return. As a result of the net income of the insurer of $7.8 billion after taxes, the surplus of policyholders did rise by 1.4 percent to $7.8 billion, to hit a record by March 31 of $564.7 billion. This…

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