This weekend marks the tenth anniversary of the September 11 attacks which brought down New York City’s World Trade Center. Since the attack, the political landscape has changed dramatically, a shift that has been mimicked throughout society as terrorism more people became aware of terrorism. Many things changed in the wake of 9/11, and while many of these changes resided within the boundaries of the nation, the entirety of the world’s insurance industry underwent a drastic shift. The Insurance Information Institute (I.I.I) has been studying the changes in the worldwide…
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Insurers unlikely to raise rates in the wake of Hurricane Irene, according to Allianz
Despite fears that disaster-prone 2011 will incite higher insurance rates in the future, Allianz, one of the largest commercial insurance companies in the world, says that the toll of the damage caused by natural disasters throughout the year will not prompt widespread hikes in premiums. Jay Ralph, a board member of Allianz in charge of the North American insurance market, spoke with reporters concerning the issue, noting that the excess capacity of the insurance industry is enough to weather the storm without any major changes in policies. However, insurers should…
Read MoreAmerican Modern Insurance Group launches new online documentation system
In a move to align itself with new federal health care regulations, the American Modern Insurance Group, a specialty insurance firm focused on health care, has adopted an electronic documentation system. Dubbed “Online Services,” the initiative aims to provide policyholders with easy access to important documents and billing notices online. This is a practice that all insurance companies throughout the nation will have to adopt by 2014, as required by federal regulations. The Online Services program is a fully optional offering from the company, but one the company is keen…
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 MoreAIG files suit against Bank of America, looking to recover $10 billion in losses
American International Group (AIG), the U.S. largest insurer that has been steeped in controversy, has filed a lawsuit against Bank of American Corp. The insurer is looking to recover over $10 billion in losses from what it is calling “massive fraud.” The lawsuit is spurred by allegations of mortgage fraud stemming from the bank’s deals leading up to the 2008 economic recession. The suit claims that Bank of America misrepresented its mortgages as being of a higher quality than they actually were. According to the suit, filed with the New…
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