A report has been released by economists from the United States Department of Agriculture (USDA) on the topic of overlaps by the various farm safety net programs, investigating the possibility for fraud by those crossovers, but determined that there was very little evidence of its occurrence. However, the hope is that the new Farm Bill will divide the programs in a way that will minimize the potential of overlaps in the future. One of the best examples of farm program complexity is ACRE. The low participation in the program is…
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Thailand floods could cost the global insurance industry $10 billion
Devastating floods in Thailand may have a global impact, according to insurers. Thailand is a critical point in the global supply chain, says Gary Lynch, head of supply chain risk at Marsh Risk Consulting. Widespread flooding has closed more than 14,000 businesses, including distribution centers for Sony, Canon and Nissan. The disruption in the supply chain could have far reaching consequences in the U.S., the UK and throughout Europe. Lloyd’s of London is now petitioning Thailand insurance and risk firms to assess the risk exposure they see in the nation.…
Read MoreInsurers keenly aware of retail risk on the eve of Black Friday
With Black Friday and Cyber Monday looming on the horizon, insurers are keeping a keen eye on risk in the retail industry. Black Friday is the most important shopping day of the year and, in many ways, the most important day of business for most retailers. The famous deals offered during Black Friday have never failed to draw masses of shoppers to stores. When so many people gather in one space, accidents are almost unavoidable. With insurers falling under more scrutiny in recent months, they have begun warning retailers to…
Read MoreNew York lawmakers pass new regulation allowing insurers to issue policies without waiting for approval
New York legislators have passed a new insurance regulation that will allow most insurance companies in the state to issue policies without filing rate proposals. The regulation pertains to the commercial market and is meant to give insurers more flexibility in serving commercial clients. Lawmakers hope that the regulation will bring some speed to the commercial insurance process as they fear that the market may be growing somewhat stagnant. The New York State Department of Financial Services believes that the law will be a boon to the economic development of…
Read MorePenn State sex scandal may send ripples through the insurance industry
The recent sexual abuse allegations surrounding Pennsylvania State University have sparked concerns amongst insurers regarding risk. While most of the attention regarding the situation has been aimed on those responsible, insurers have been considering what to do to account for the risk and liability that seems to be inseparable with state universities. Moody’s Investor Services Inc., a ratings agency based in New York, has said that the damage to the university’s reputation may take years to repair. The agency has said that it is considering lowering Penn State’s bond rating,…
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