As complaints regarding insurance rate hikes begin to weigh on regulators in New York, the state’s Financial Services Superintendent, Benjamin Lawsky, has announced a new investigation into the matter. Regulators will be investigating the data submitted by insurance companies to justify their premium increases. The goal is to determine the accuracy of the data that these insurers use. These investigations will work alongside the regular rate review process and insurers will not know when they will be investigated. Lawsky notes that any errors made by insurers in their requests for…
Read MoreTag: business insurance news
Commercial and business insurance news is important for agents and company owners to keep on.
American insurance industry feeling the pinch of weak investments and catastrophes
A new report released by A.M. Best Co. Inc., has stated that the unprecedented number of natural disasters, poor returns from investments, and an economy that continued to struggle in 2011, has made it exceptionally difficult for the American property and casualty insurance industry’s commercial insurance and reinsurance sectors to grow and has caused notable hurt to their operating performances. It’s estimated by the rating agency, based in Oldwick, New Jersey, that last year’s underwriting losses from underwriters in the commercial property and casualty sector were approximately $15.2 billion. This…
Read MoreSamsung Life Insurance to invest in distressed assets from U.S. and Europe
As the economies of Europe and America continue to struggle, Asian insurers are seeing great opportunity for investments. Samsung Life Insurance, the largest insurance group in South Korea, has taken a keen interest in distressed assets that banks in Europe and the U.S. have put up for sale. The company had stepped back from investments when the recession of 2008 made a major impact on the global economy. Now, however, the opportunities seem to great to ignore. Samsung has more than $130 billion in assets and is willing to invest…
Read MorePennsylvania insurance regulators move to liquidate First Sealord Surety Insurance
The Pennsylvania Department of Insurance has announced that it will be liquidating First Sealord Surety Insurance. The state’s Commonwealth Court yesterday approved a petition from the department that was filed last year regarding liquidation of the insurer. Insurance Commissioner Michael Consedine cites the insurer’s inability to pay off its debt and meet the needs of its policyholders as the reason for the liquidation. The insurer saw steep drops in its surplus capital in recent years, sealing its fate in an unforgiving regulatory environment. The approval of the petition allows the Department…
Read MoreChina Auto Logistics announces the addition of vehicle coverage to its available services
China Auto Logistics Inc. – one of the top website developers in the country for sellers and buyers of both domestic and imported vehicles, as well as being a leading seller of imported luxury cars in China, and a top auto service provider – has unveiled its intentions to begin offering automobile insurance following a number of agreements with some of the top insurers and banks in the country. China Auto Logistics has stated that it hopes this new offering will help it to broaden its business for services in…
Read MoreFederal Insurance Office anticipated report on modernizing insurance regulations delayed
The Federal Insurance Office was supposed to submit its much anticipated report on the modernization of insurance regulation to Congress in January, but the agency has missed that deadline. The U.S. Treasury Department, which oversees the Federal Insurance Office, claims that there must be more work done on the report before it can be released. This delay could mean that the report will not be released for week or months; news that insurers were not happy to hear. The report is meant to show Congress how the country’s insurance regulations…
Read MoreWillis Group claims captive insurance companies could be key to future of insurance industry resiliency
The global insurance industry is undergoing extreme change. The change is brought on by the rapidly evolving risks that the industry is facing. As risk changes, insurers are feeling pressure to become more adaptive and resilient against emerging threats. The Willis Groups, one of the world’s largest insurance brokers, believes that captive insurance companies could be the key to weathering the storms of the future. Joe Plumeri, CEO of the Willis Group, attending this year’s World Captive Forum in Miami, Florida, highlighted the usefulness of captives to insurers around the…
Read More