As the world’s economy continues to sputter ever onward, global insurance and banking regulators are setting their sights on financial institutions that provide insurance products. These institutions contributed to the global recession in varying degrees, and regulators now want to ensure that a similar crisis does not form due to lack of oversight. Regulators have drafted a new set of rules that aim to assess whether banks selling insurance products are managing their liquidity and capital levels as they are meant to. The Basel Committee on Banking Supervision, the International…
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Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing
Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…
Read MoreFitch Ratings publishes its 2012 outlook report for American insurance brokers
Fitch Ratings has just announced the results of the analysis of their data for revenue and earnings increases for American insurance brokers in 2012, and that they have shown that their figures will likely equal or top those that were reported from January through September 2011. However, they also indicated that the basic nature of competition of the marketplace for property & casualty insurance, and the lukewarm recovery of the global economy will continue to provide a struggle for more significant growth and operating performance. Top-line increases may be able…
Read MoreIncrease expected for commercial insurance rates
Though consumers have been seeing steady increases in rates for casualty, property, home, and auto insurance, companies have not seen any notable raises in their own insurance costs. Yet. The sensitivity of businesses to increases for insurance rates runs much deeper, and some new competition has brought some of the business for commercial insurance to Canada. Those two factors have allowed the price of those plans and policies to remain relatively steady over the last few years. However, according to RSA Canada’s chief executive, Rowan Saunders, this trend will not…
Read MoreNationwide Insurance reports losses in the third quarter due to natural disasters and poor investment results
Nationwide Insurance has reported its third quarter financial results for this year. The report details a turbulent third quarter, which has been wracked by severe storms and other natural disasters along with costly investment mishaps. Overall, the report shows that the insurer has lost billions in investments and millions in claims relating to storm damage. While Nationwide has an optimistic outlook for the remainder of the fiscal year, there can be no doubt that recent events will encourage changes to be made to the company’s policies. Nationwide reports that its…
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