The residential property insurance marketplace in the state of Florida is expected to face an even greater amount of volatility after the modeling commission for the state approved the use of a new catastrophe model by Risk Management Services (RMS). The RMS U.S. Model Version 11.0 was approved by the Florida Commission on Hurricane Loss Projection Methodology, which allows insurance companies to use it for the calculation of the potential exposure to hurricane loss. That said, this model has not been without controversy, especially in terms of its changes to…
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Allstate Insurance growth outlook
Allstate is looking to improve its home and auto insurance units by 2013. Executives at the massive insurance company spoke with investors the other day regarding the matter, saying that focusing on these units will help them recover from losses earlier this year. Allstate’s auto insurance unit has been hemorrhaging clients for three consecutive years, a trend that executives expect to continue throughout 2011, only to see modest growth again in 2013. The renewed focus on these units comes after Allstate’s CEO, Tom Wilson, reported “inadequate returns.” As far as…
Read MoreGovernment looking for buyers
Several major businesses floundered in the wake of the global economic recession. Unable to recover in the early days of the economic downturn, many of these companies were allowed to fail. In the U.S., some of these companies received federal aid in the form of massive cash injections. The American International Group, an American insurance corporation, was one such company. AIG, however, mishandled the funds in one way or another, leading the government to seize the company. Now, The U.S. Treasury Department is selling shares of the company in the…
Read More2011 turning out to be one of the industry’s hardest hits
The frequency of calamitous events so far this year has insurance companies all over the nation and bracing themselves for massive losses. With destructive weather wreaking havoc throughout the Southeast and Central U.S., many insurers have already faced $10 billion in losses due to natural disasters. According to EQECAT Inc., a disaster and risk modeling firm, the national average in weather-related losses is $4 billion. Insurers can expect to see higher than average losses as an unusually active hurricane season begins soon. Disasters overseas are likely to have an effect…
Read MoreSpeciality lines formed by insurance company merger
Two insurance companies have joined together to provide a custom tailored specialized insurance program covering for-profit emergency and non-emergency medical transportation companies. National Interstate Insurance Company, a market leader in transportation insurance, is working with McNeil & Company, a leader in insurance programs and risk management for emergency service organizations. National Interstate began over twenty years ago, providing (primarily) large fleet operators with transportation insurance. They now offer over 30 specialty products and options to commercial companies as well as several personal lines for specialty vehicle owners. National Interstate offers…
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