A new report released by A.M. Best Co. Inc., has stated that the unprecedented number of natural disasters, poor returns from investments, and an economy that continued to struggle in 2011, has made it exceptionally difficult for the American property and casualty insurance industry’s commercial insurance and reinsurance sectors to grow and has caused notable hurt to their operating performances. It’s estimated by the rating agency, based in Oldwick, New Jersey, that last year’s underwriting losses from underwriters in the commercial property and casualty sector were approximately $15.2 billion. This…
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Military veterans targeted by insurers for new job opportunities
The property/casualty insurance industry is ramping up efforts to find new talent and many companies are looking to military veterans to answer the call for new hires. The insurance industry has long been one of the friendliest sectors for those retiring from military service and looking for work in the private sector. Military experience translates well into insurance because veterans are often instilled with a sense that problems must be solved properly and as quickly as possible. Aon Corporation, one of the world’s largest reinsurance and risk management firms, has…
Read MoreInsurers wary of disastrous year on the heels of the infamous 2011
A new year has dawned and as celebrations from the holidays die down, insurers turn a wary eye toward a potentially chaotic future. 2011 has gained infamy as one of the worst years in recent history in terms of natural disasters. While some insurance organizations claim the total cost of worldwide catastrophes hovers in the range of $100 billion, Munich Re, a global reinsurance and risk solutions firm, asserts that the real total of global disasters is at $310 billion. Risk modelers have yet to release their predictions regarding the…
Read More2011 disaster losses break records from previous years
This year was one that brought disasters to areas all around the globe, and these catastrophes came with record breaking bills that have left the figures from previous years behind. According to the data from Swiss Re AG, a reinsurance company, the quakes and tsunami in Japan, the earthquakes in New Zealand, the Thailand floods, and the large number of American tornadoes brought a global disaster loss total up to a staggering $350 billion. The tremendous amount of devastation brought production at factories to a grinding halt and cut off…
Read MoreCurrent Chinese insurance and reinsurance marketplace influx
There have been many changes to the Chinese insurance marketplace over the last few months, with the introduction of foreign insurers as well as the recent increases in the premiums for property and casualty insurance. Aon Benfield has just announced that those premiums had risen to $6.5 billion in 2011, which was a 67 percent increase over those in 2005. Furthermore, it has been forecasted that this growth will continue to rise as the China Insurance Regulatory Commission places its focus on premium increases and policies that will form a…
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