Discontented 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…

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Chartis insurance group seeks quality over quantity when it comes to growth

Europe’s debt crisis has not daunted Chartis, a division of AIG that operates in the property and casualty insurance market. The company continues to seek opportunities for growth despite the economic turmoil currently faced by a number of nations in the region. While lucrative opportunities seem to be in abundance, the insurer is taking a “quality over quantity” approach. CEO Peter Hancock notes that this strategy will help the insurer protect itself from industry hype in markets that may be more volatile in the future than they are today. In…

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Too big to fail insurance corporations should be governered by different rules than the banking industry

The term “too big to fail” rose to prominence in the wake of 2008’s economic recession. Much like the effects of the recession, the phrase has lingered and has come to define certain aspects of the business world. Too big to fail is a categorization often attributed to massive corporations that have complex and expansive global business operations and deep ties with financial institutions. If these businesses were to fail, there may be disastrous implications for the global economy that go well beyond the problems born during the 2008 recession.…

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Insurance risk research shows industry struggling with growth and reserve risks

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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Global insurance industry may be in for change as regulators come together to draft new rules

In the wake of major natural disasters and allegations of corruption, the world’s insurance industry is set for change. Insurance regulators from several nations have begun drafting new rules to present to political leaders in time for the 2012 G20 summit .These new rules are being tailored to ensure that the actions that spurred the 2008 economic recession cannot be repeated in the future. Both the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB) are playing a major role in drafting the new rules. Overall, the…

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