Live Insurance News

Insurance industry report finally delivered by the Federal Insurance Office

June 15, 2013June 12, 2013 Logan B.

Federal Insurance Office released long-awaited insurance industry report The U.S. Department of the Treasury‘s Federal Insurance Office has released a highly anticipated report concerning the insurance industry. The report was initially scheduled for release in January of 2012, but this release was delayed in order for the Federal Insurance Office to take better account of emerging trends in the insurance industry and provide better insight on how the industry has evolved over a relatively short period of time. The agency is tasked with providing these types of reports on an…

Insurance industry in N.A. sees Canadian insurer sold to American company

June 12, 2013June 11, 2013 Julie Campbell

Travelers has announced that it will be making the purchase for $1.25 billion in cash. The North American insurance industry has seen another major acquisition as an American insurer, Travelers Companies Inc. has just revealed that it is making a purchase of the Dominion of Canada General Insurance Co. This purchase is being made for a total investment of $1.125 billion to buy the company outright. The acquisition is being made as a part of the attempt Travelers would like to make to expand its presence in the Canadian insurance…

Insurance industry could face losses of $5 billion from storms

May 27, 2013May 25, 2013 H. Cutner

American insurers may be facing a growing number of severe weather issues such as tornadoes. According to the disaster modeling company, Eqecat, the United States insurance industry could find that the insured losses from severe storms and tornadoes that occurred last week may come with a bill of $5 billion. The estimate from the firm falls within a range of $2 billion to $5 billion, with most linked to the Moore tornado. Though this is still quite early after the Moore, Oklahoma tornado from May 20, for the insurance industry…

Insurance news from Swiss Re reveals Sandy and extreme weather loss estimates

March 29, 2013April 30, 2013

insurance news - atlantic hurricane season

The Superstorm and other disasters were found to have caused $77 billion in insured losses. The second largest reinsurer on the globe has issued its insurance news data regarding natural catastrophes as well as manmade disasters last year accumulated a cost to the industry of $77 billion. This makes 2012 the third most costly year that the industry has ever recorded. According to the Swiss Re insurance news report, there were over 300 different disasters and catastrophes last year. Together, they led to the loss of more than 14,000 lives.…

Insurance industry becoming a fierce opponent of climate change

December 17, 2012December 17, 2012 Nordstrom

Climate Change homeowners insurance industry

Insurance industry continues to consider climate change a problem The insurance industry has long been attuned to the potential threat represented by climate change. For some insurers, climate change is not an issue of debate, as they are primarily concerned with the intensity and frequency of natural disasters. Over the past two years, the insurance industry has seen trillions in losses associated with uncharacteristically powerful natural disasters, such as Hurricane Sandy, which struck the U.S. in late November. Though climate change remains a volatile subject in the world of politics…