The global insurance industry has been facing many threats in recent years, the majority of which coming from unpredictable natural disasters. The world is changing at a rapid pace in terms of technology, environment and crime and as each of these fields advances, new threats emerge that could destabilize the industry as a whole. Willis Group Holdings, one of the world’s largest insurance brokers, has launched a new website that seeks to document these risks. The site is called WillisWire and will play host to a number of surveys and…
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Federal Insurance Office report could have far reaching implications for state-based insurance regulations
The Federal Insurance Office (FIO) is scheduled to release a report at the end of the month that will have a dramatic impact on how insurance regulations are formed in the U.S. The agency, which is part of the Department of Treasury, has been working with insurers, consumer advocates and legal representative to determine how to modernize existing regulations. Insurers are eagerly anticipating the report as it may bring major changes to how the industry operates. The FIO expects that consumers may find favor with the report because it advises…
Read MoreHomeowners should expect their insurance rates to rise
Many of the largest homeowners insurance providers in the country, including Travelers, Allstate, and State Farm, will be increasing their rates this year following losses in 2011 that were far greater than had been predicted by the industry. The second biggest homeowners insurance company in the United States, Allstate, has already announced that it will be boosting its rates by 5.6 percent between now and September 30, 2012. They have also indicated that policyholders should expect other increases, as well. Travelers has also discussed the increases that will be experienced…
Read MoreCover-All Technologies acquires BlueWave Technology
The Delaware-based Cover-All Technologies Inc., has announced that it has acquired BlueWave Technology’s assets, including all of its innovative software solutions for insurance claims, called PipelineClaims. The acquisition was made in cash and came into effect as of December 30, 2011. The browser-based software solution for claims administration will now be marketed by Cover-All as both a fully integrated component into its existing products for Policy and Business Intelligence, and as a standalone product. This way, Cover-All hopes to be able to provide its customers will a full function, fully…
Read MoreNatural disasters from 2011 cost private insurance companies over $32 billion
As a result of the insured losses from natural disasters in 2011, private sector insurance companies will have paid over $32 billion in claims to assist businesses and homeowners to rebuild after damages caused by those events. According to the Insurance Information Institute (I.I.I.), this figure breaks the records for all previous years in terms of federal disaster declarations. The I.I.I. president, economist Dr. Robert Hartwig, CPCU, the catastrophes that occurred in the United States in January through September resulted in 32.6 billion in losses that were directly insured. This…
Read MoreReport shows the rocky road of the property casualty insurance industry during 2011
ISO, a risk assessment firm specializing in the property/casualty insurance industry, and the Property Casualty Insurers Association of America (PCI) have released a new report showing the impact natural disasters had upon the P/C insurance industry in 2011. This year has become infamous for the number of severe storms and other natural disasters that have rocked the U.S. and other nations. The report notes that while the property/casualty industry grew in some aspects, it saw steep losses in others, with the most severe losses coming in a short 9-month period.…
Read MoreConnecticut Insurance Department teams with the German Federal Financial Supervisory Authority to protect consumers
The Connecticut Insurance Department has entered into a new agreement with the German Federal Financial Supervisory Authority in order to better supervise an insurance organization that does business in both Germany and the U.S. The agreement is the second between the two entities in the past three months. Insurance Commissioner Thomas Leonardi believes that ensuring the financial stability of insurance companies is vastly important to the protection of consumers. Regulation, according to Leonardi, is the best way to keep insurers from making costly decisions that could compromise the economy. As…
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