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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Insurance 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 MoreCaptive insurance executives from all over the world travel to Vermont for major conference
The Vermont Captive Insurance Association will be hosting the world’s largest captive insurance conference this week. The event will gather together insurance executives from all over the world in Burlington, Vermont. The conference aims to expand the knowledge of the industry as well as introduce new practices, standards and prospective legislations that could affect the worldwide industry. Executives will be met with a series of seminars and will participate in forums throughout the course of the event. Vermont is home to some of the most favorable laws in terms of…
Read MoreFEMA seeks to partially privatize National Flood Insurance
The National Flood Insurance Program (NFIP) has had a troubled history. The program is meant to provide affordable home insurance coverage to those that live in areas prone to flooding either from hurricanes or other storms. Thousands take advantage of the program, but it has suffered shortfalls in funding, putting NFIP $18 billion in debt. Congress has been debating solutions to this problem. Legislators have until September 30th to figure it out or the program will be abolished. FEMA administrator Craig Fugate may have a plan that could offset NFIP’s…
Read MoreThis year’s hurricane predictions are a big concern for insurance industry
Risk Management Solutions, a world leader in catastrophic risk modeling, has released a new study regarding hurricanes that has sent ripples of concern throughout the insurance industry. Hurricane season is here and it is expected that several major hurricanes will form in the Atlantic Ocean on their way to Florida. The study suggests that if even one of these hurricanes makes landfall and forces its way to the interior of the state, the damage would be unprecedented. This has caused many insurers in Florida to speculate how the report could…
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