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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A.M. Best to sponsor Annual Self-Insurance Institute of America’s National Education Conference and Expo
A.M. Best Company, a credit rating and financial data and services company operating in the insurance industry, will be sponsoring the 31st Annual Self-Insurance Institute of America’s National Education Conference and Expo. The conference will be held between October 9 and 11 of this year in Phoenix, Arizona. The annual event attempts to broaden the knowledge of self-insurance within the insurance industry as a whole. This year, the event will be focused around the future of self-insurance and how the marketplace is being shaped by new trends. Self-insurance is a…
Read MoreNationwide in talks to purchase Harleysville Group, deal has insurance agents on edge
Late last week, Nationwide Mutual Insurance entered into negotiations with Harleysville Group Inc., a large insurance company operating in 32 states, to purchase the company. Details regarding the acquisition are sparse as Nationwide has been keeping a tight lid on information concerning the potential deal. The one thing that is very clear, however, is that the deal has Harleysville independent insurance agents on edge. If the deal goes through, the role of agents from both companies may soon change. Typically, Nationwide uses only contract agents to sell insurance policies exclusive…
Read MoreInsurance market may be softening, but insurers will continue to combat costly health care
The beginning of the year was punctuated with a rash of insurance rate increases coming from many of the nation’s insurance companies. Insurers had defended their weighty rate proposals with the claim that the cost of medical care was rising out of control. Higher rates may also be due to a provision of the Affordable Care Act that requires insurers pay no less than 80% of their collected premiums on health care. While insurers have been quick to propose rates that are, in some cases, astronomically high, industry experts believe…
Read MoreBuying business insurance to protect yourself and your company
Just as it is important to obtain insurance coverage when you own a house or a car, it is equally important to protect your business. If you are the owner of a company of any size, it is highly recommended that you speak with an independent business insurance agent in order to find out about the types of coverage that are available to you, and to help decide which ones are right for you. This is a decision that should not be rushed, as shopping around will help you to…
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