Insurance industry benefits from favorable economic climate in the US

State of the Economy - Insurance industry

Report shows that new jobs have been added to the insurance sector A favorable economic and business climate has had a beneficial impact on the insurance industry last month. The U.S. Bureau of Labor Statistics has released a report that shows that the insurance industry has added thousands of new jobs in June, marking modest growth for the industry and highlighting economic activity. The demand for employees among insurers has begun to rise, especially in the health sector where insurers are being forced to comply with new regulations coming from…

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Munich Re Licenses AIR’s Updated Crop Insurance Models for the United States and China

insurance news

BOSTON, Aug. 7, 2013 — AIR Worldwide (AIR) today announced that it has updated its Multiple Peril Crop Insurance (MPCI) Models for the United States and China. These are weather-based models that estimate underwriting gains and losses based on crop yield probabilities in the context of current conditions. Munich Re, a leading global reinsurer, has licensed the updated models to enhance its risk management capabilities for its catastrophe-exposed agricultural treaties. “The risk associated with agricultural insurance portfolios is extremely complex, which makes them challenging for insurance and reinsurance carriers participating…

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Insurance Industry Rapidly Adopts Touchstone, AIR’s Next-Generation Platform

Insurance industry standards and technology

BOSTON, July 18, 2013 — The insurance industry is rapidly adopting TouchstoneTM, AIR Worldwide’s next-generation catastrophe modeling platform. Since the new software’s release in January 2013, Touchstone has gained wide acceptance across the marketplace by some of the largest insurers, reinsurers, and intermediaries. “With the release of Touchstone, AIR is offering a robust and reliable platform that we can easily integrate into our proprietary catastrophe management system, APEX,” said Alan Calder, group head of catastrophe risk at Aspen. “Part of our risk management strategy is to evaluate and understand multiple…

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Premiums set to grow throughout the insurance industry

International Insurance Industry

Swiss Re reports on the state of the insurance industry Swiss Re, a leading global reinsurance firm, has released a new report concerning the state of the insurance industry and the cost of coverage. The global insurance industry has been seeing a great deal of activity recently, some of which has been considered somewhat negative. The negative issues that the industry has had to deal with are largely associated with powerful natural disasters that have occurred in some parts of the world in recent months. The report shows that natural…

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Insurance industry prepared to handle hurricane season

insurance news - atlantic hurricane season

Insurance industry will be capable of handling threats of the 2013 hurricane season There are many concerns swirling around the U.S. concerning this year’s hurricane season. Many of these concerns relate to the impact that 2012’s Hurricane Sandy had on the East Coast. This single event caused more than $75 billion in damages in the U.S. and elsewhere and is considered the second costliest hurricane the country has ever seen. The National Oceanic and Atmospheric Administration recently announced that it predicts as many as 6 major hurricanes to form in…

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As Hurricane Season Begins, Smartersafer.org urges Congress to Pass Mitigation

insurance news

MEASURES TO PREVENT HIGH COST OF BEING UNPREPARED FOR NATURAL DISASTERS WASHINGTON ‒ With the 2013 hurricane season getting underway today, SmarterSafer.org is urging Congress to begin work on a legislative strategy to promote mitigation incentives that will minimize the financial impact disasters like Sandy. “Now that hurricane season is here, we should be reminded of the terrible cost of being unprepared for severe storms,” said SmarterSafer.org.  “It’s long past time for Congress to pursue a national mitigation strategy.  These kinds of measures will help save taxpayers billions of dollars…

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Texas Windstorm Insurance Association may find new allies

Windstorm Insurance

Texas Windstorm Insurance Association attracting global attention The Texas Windstorm Insurance Association, a state-run insurance group that provide coverage for wind damage primarily to properties in coastal areas of the state, has been experiencing financial troubles recently. Financial challenges are nothing new to state-run insurance groups, as many of them offer coverage that is much more affordable than that offered by private insurance companies. Texas Insurance Commissioner Eleanor Kitzman, who is in charge of the state-run insurance group, has been traveling around the world in order to address the issues…

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