The beginning of the year was punctuated with a rash of insurance rate increases coming from many of the nation’s insurance companies. Insurers had defended their weighty rate proposals with the claim that the cost of medical care was rising out of control. Higher rates may also be due to a provision of the Affordable Care Act that requires insurers pay no less than 80% of their collected premiums on health care. While insurers have been quick to propose rates that are, in some cases, astronomically high, industry experts believe…
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AIG makes a $2.15 billion dent in its bailout repayments
American International Group Inc. (AIG) has made a payment of $2.15 billion to the U.S. Treasury Department as a partial repayment of the total $182 billion it was provided through the 2008 financial crisis bailout package. The repayment funds were drawn from the proceeds that the company made from the company’s sale of its Taiwan subsidiary called Nan Shan Life Insurance Company Shan to Ruen Chen Investment Holding Co. Nan Shan has been available for sale from AIG since the middle of 2009, when the government of Taiwan halted its…
Read MoreInsurance 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 MoreGlobal insurance industry may be in for change as regulators come together to draft new rules
In the wake of major natural disasters and allegations of corruption, the world’s insurance industry is set for change. Insurance regulators from several nations have begun drafting new rules to present to political leaders in time for the 2012 G20 summit .These new rules are being tailored to ensure that the actions that spurred the 2008 economic recession cannot be repeated in the future. Both the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB) are playing a major role in drafting the new rules. Overall, the…
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…
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