This week, leaders from the insurance, financial services, legal and media industries gathered in New York City for the annual New York City Dinner at the St. Regis Hotel. The dinner serves a form of intimate conference catering to the executives that run the numerous industries. This year, the event held particular meaning as the leaders of the two most influential and successful insurance corporations spoke about the state of the world’s insurance industry. Lloyd’s of London CEO Lord Pete Levene was joined by Brian Duperreault, CEO of Marsh &…
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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…
Read MoreAIG files suit against Bank of America, looking to recover $10 billion in losses
American International Group (AIG), the U.S. largest insurer that has been steeped in controversy, has filed a lawsuit against Bank of American Corp. The insurer is looking to recover over $10 billion in losses from what it is calling “massive fraud.” The lawsuit is spurred by allegations of mortgage fraud stemming from the bank’s deals leading up to the 2008 economic recession. The suit claims that Bank of America misrepresented its mortgages as being of a higher quality than they actually were. According to the suit, filed with the New…
Read MoreIdentifying the insurance needs of a small business
One of the single most common problems with commercial insurance is, most small business owners understand that insurance is a necessity, but they struggle to understand what form of insurance is right for them. The need to make sure they have all of the coverage for their particular business, which can be very challenging, and no one wants to end up paying for more than they require. Often, it is advised that small business owners seek professional advice from trustworthy sources, such as an accountant, or an insurance broker or agent that specializes…
Read MoreWorldwide disasters push commercial insurance rates higher
In the past 16 months, natural disasters all over the world have cost the insurance industry more than $100 billion. The financial impact of these catastrophes is compounded by the worldwide recession which severely impaired the industry as a whole. Insurers are struggling to reassert themselves in the world as the economy improves, and the only way to do so is by offsetting the cost of natural disasters with higher insurance premiums. Some commercial companies have already begun the process, raising rates on commercial insurance for the first time in…
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