The economic recovery and the increases in prices have helped to boost the largest publicly traded insurance brokers as a whole throughout 2011 when compared to the year before. According to the director at Stifel, Nicolaus & Co. Inc., Meyer Shields, these two factors were very helpful to the collective fortune of these insurance brokers. He stated that “It’s not the strongest recovery we’ve ever seen. It’s not the strongest rate cycle we’ve ever seen. But it’s helping.” The industry has discovered that as there is not as much income…
Read MoreTag: latest business news
California insurance regulators clash with insurers over coverage for small businesses
California insurance regulators are pushing for new legislation that would institute limitations on a controversial form of health insurance that is targeting small businesses. This coverage is a type of self-insurance that is designed for businesses with 25 or fewer employees. Regulators claim that these policies are being used by health insurers to find companies with the healthiest workers, lowering their risk of costly payouts. Insurance Commissioner Dave Jones is concerned that these policies undermine one of the key principles of the Affordable Care Act: Lowering premiums by allowing insurers…
Read MoreEU permits some Iran oil insurance until July 1
The European Union has announced that it will allow some insurance for Iranian oil shipments to be exempt from Europe’s trade embargo on crude, when they are headed to destinations other than Europe, and that it will have made its decision as to whether or not coverage will be permitted after that time, by mid May. The EU foreign ministers formed the exemption and the planned review for it at a Brussels meeting that added it to a set of rules about the implementation of the oil ban from the…
Read MoreHartford Financial Services Group to focus on P&C insurance and group benefits
Hartford Financial Services Group (HIG) has announced that it will be leaving its annuity business in order to concentrate on its property and casualty insurance and group benefits businesses, as well as its mutual funds business. This announcement follows closely behind the advice that had been offered in February by John Paulson, a hedge fund manager, when he encouraged Hartford to spin off its business for property and casualty insurance. Hartford’s response had been that it would look over the plan that had been submitted by Paulson, but cautioned that…
Read MoreEuropean Union holds back on Iranian oil sanctions, considers exemptions for insurers
The European Union has been deliberating on how to handle sanctions imposed against Iran since late last year. Iran has been the target of oil sanctions from much of Europe and the U.S. These sanctions would have a significant impact of the transportation of oil from the country and much of the Middle East. One of the major problems that would arise from the sanctions concerns the insurance industry. If the sanctions are enacted, insurers in Europe and the U.S. will no longer be able to provide coverage for ships…
Read MoreInternational Monetary Fund claims global economy is improving due to international cooperation
The global economy is showing significant signs of improvement, according to International Monetary Fund (IMF) Director Christine Lagarde. Lagarde traveled to Beijing this week to discuss the economic improvements that are being seen all over the world. Much of the improvements come from bold moves made in the insurance industry as a way to remedy the European financial crisis. With the help of insurers and reinsurers, the European Union was able to conduct the largest debt restructure in history and pull Greece from the brink of economic calamity. Lagarde notes…
Read MoreCommercial Insurance Expert John Elbl Appointed Vice President in AIR Worldwide’s Business Development Group
BOSTON, March 20, 2012 – AIR Worldwide (AIR) today announced that John Elbl has been appointed vice president in AIR’s Business Development Group. He joins AIR after 13 years with Zurich Insurance Company, most recently as global head of catastrophe modeling. In his new role, Elbl will assist with service and support for AIR’s commercial insurer clients, as well as aid in developing AIR software and models to better meet the needs of commercial insurers. “John brings extensive experience working with companies to interpret analysis results, optimize modeling workflows, and…
Read More