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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Report from Marsh shows that the U.S. insurance market is surprisingly stable
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…
Read MoreFEMA seeks to partially privatize National Flood Insurance
The National Flood Insurance Program (NFIP) has had a troubled history. The program is meant to provide affordable home insurance coverage to those that live in areas prone to flooding either from hurricanes or other storms. Thousands take advantage of the program, but it has suffered shortfalls in funding, putting NFIP $18 billion in debt. Congress has been debating solutions to this problem. Legislators have until September 30th to figure it out or the program will be abolished. FEMA administrator Craig Fugate may have a plan that could offset NFIP’s…
Read MoreState Farm receives A.M. Best top ratings scores
State Farm General Insurance Company’s financial strength rating (FSR) and issuer credit rating (ICR) have been revised by A.M. Best Co., upgrading them from their previous “A-“ (Excellent) to a current “A” (Excellent), in both cases. State Farm Group and State Farm Life Group and their members have also received an FSR and ICR of “A++” (Superior) by Best. State Farm Fire and Casualty Company in Dallas, State Farm Indemnity Group, and State Farm International Life Insurance Company, Ltd, also had had their FSR and ICR affirmed by Best. All…
Read MoreThis year’s hurricane predictions are a big concern for insurance industry
Risk Management Solutions, a world leader in catastrophic risk modeling, has released a new study regarding hurricanes that has sent ripples of concern throughout the insurance industry. Hurricane season is here and it is expected that several major hurricanes will form in the Atlantic Ocean on their way to Florida. The study suggests that if even one of these hurricanes makes landfall and forces its way to the interior of the state, the damage would be unprecedented. This has caused many insurers in Florida to speculate how the report could…
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