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…
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Samsung 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 MoreEstimates of combined ratio for Property and Casualty in 2011 at 107.5 percent
The American property and casualty (P/C) industry has released its estimates for the losses it experienced in 2011 – a year filled with catastrophe – and has reported the largest underwriting losses that it has seen since 2006. According to A.M. Best Co., the ratings agency, in 2011, insurance companies were impacted by a tremendous number of natural catastrophes, unlike the volumes that have ever been experienced either within the United States or internationally. As a result, the losses from catastrophe-related damages were more than twice the amount that had…
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…
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