This weekend marks the tenth anniversary of the September 11 attacks which brought down New York City’s World Trade Center. Since the attack, the political landscape has changed dramatically, a shift that has been mimicked throughout society as terrorism more people became aware of terrorism. Many things changed in the wake of 9/11, and while many of these changes resided within the boundaries of the nation, the entirety of the world’s insurance industry underwent a drastic shift. The Insurance Information Institute (I.I.I) has been studying the changes in the worldwide…
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Commercial and business insurance news is important for agents and company owners to keep on.
Farmers hope crop insurance will replace shrinking government check
The landowners and farmers who have traditionally relied on the receipt of a government check to help with their survival, regardless of the profitability of their farms, will soon be facing the shrinking or elimination of those subsidy checks. The congressional super committee responsible for designing the fall plan for dramatically reducing the federal budget is predicted to take aim at those subsidy payments. Lobbyists and other supporters of the farmers are struggling to develop a new and less expensive way to subsidize the farms and which would offer farmers…
Read MoreInsurers unlikely to raise rates in the wake of Hurricane Irene, according to Allianz
Despite fears that disaster-prone 2011 will incite higher insurance rates in the future, Allianz, one of the largest commercial insurance companies in the world, says that the toll of the damage caused by natural disasters throughout the year will not prompt widespread hikes in premiums. Jay Ralph, a board member of Allianz in charge of the North American insurance market, spoke with reporters concerning the issue, noting that the excess capacity of the insurance industry is enough to weather the storm without any major changes in policies. However, insurers should…
Read MoreAmerican Modern Insurance Group launches new online documentation system
In a move to align itself with new federal health care regulations, the American Modern Insurance Group, a specialty insurance firm focused on health care, has adopted an electronic documentation system. Dubbed “Online Services,” the initiative aims to provide policyholders with easy access to important documents and billing notices online. This is a practice that all insurance companies throughout the nation will have to adopt by 2014, as required by federal regulations. The Online Services program is a fully optional offering from the company, but one the company is keen…
Read MoreAIG makes a $2.15 billion dent in its bailout repayments
American International Group Inc. (AIG) has made a payment of $2.15 billion to the U.S. Treasury Department as a partial repayment of the total $182 billion it was provided through the 2008 financial crisis bailout package. The repayment funds were drawn from the proceeds that the company made from the company’s sale of its Taiwan subsidiary called Nan Shan Life Insurance Company Shan to Ruen Chen Investment Holding Co. Nan Shan has been available for sale from AIG since the middle of 2009, when the government of Taiwan halted its…
Read MoreInsurance and business executives gather in New York City to examine the insurance industry
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 &…
Read MoreNew report shows cost of workers’ compensation dropped during global economic crisis
In 2009, at the start of the global economic crisis, there was a decrease of 4.4 percent in the number of employees who had workers’ compensation coverage. According to a National Academy of Social Insurance report, this drop was the largest in twenty years. The result was that the cost to employers for providing the benefits decreased by 7.6 percent, reaching $73.9 billion that year; which is the most recent year with complete data. This drop closely mirrors the overall decline in employment in the country. According to the chair…
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