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Insurance news report shows consumers prefer agents

July 11, 2012July 11, 2012 Marc

South Asian non-life customers still depend on professionals for their coverage needs. According to the latest international insurance news statistics regarding the commissions earned by individual agents from the first quarter of the 2011 fiscal year when compared to those of the first quarter of this year, the average has risen from 35 percent to 43 percent. This indicates a growing dependency from consumers on their agents. On a wider scale, there have been three channels of distribution, which include individual agents, corporate agents, and brokers. Together, these are the…

Insurance news report shows global prices increased 1.4 percent worldwide

July 5, 2012July 4, 2012 Dan

The Marsh data was included in its index for Q2 2012. If the forecasts based on the most recent insurance news report from broker, Marsh, are accurate, then the worldwide prices are aligned for a third consecutive quarter of increases, as the industry works to strengthen its financial situation following the sizable catastrophe claim payments in 2011 that approached record levels. The second quarter 2012 average global prices were 1.4 percent higher than they were last year. According to the Marsh Risk Management Global Insurance Index – which tracks the…

Report from Marsh shows that the U.S. insurance market is surprisingly stable

July 21, 2011July 21, 2011 Nordstrom

There have been doubts regarding the stability of the U.S. insurance industry of late. In the wake of catastrophes ravaging many states in the east, as well as worldwide disasters, the industry has been toiling with costly losses. Yet, the industry has been able to bounce back from these disastrous happenings thanks to a surplus in capacity. This has led to stability in the market that many thought was beyond reach. Marsh USA has released a new report detailing the quick recovery of the industry. Marsh is a company that…

Alabama Governor erects new panel to investigate the state’s shaken insurance market

July 11, 2011May 14, 2013

A new panel has been set up in Alabama by Governor Robert Bentley comprised of 24 of the state’s insurance and business officials as well as several regulatory figures. The panel is tasked with investigating the state’s insurance market in the wake of deadly tornadoes that ravaged the state, along with its neighbors, two months ago. The original intent of the panel was to focus their investigation to coastal areas, spurred by the forecasts of a tumultuous hurricane season. The effort has been expanded, however, to account for the toll…

Worldwide disasters push commercial insurance rates higher

June 12, 2011 Nordstrom

In the past 16 months, natural disasters all over the world have cost the insurance industry more than $100 billion. The financial impact of these catastrophes is compounded by the worldwide recession which severely impaired the industry as a whole. Insurers are struggling to reassert themselves in the world as the economy improves, and the only way to do so is by offsetting the cost of natural disasters with higher insurance premiums. Some commercial companies have already begun the process, raising rates on commercial insurance for the first time in…