Allianz CEO says no US insurance market expansion on the way

US Insurance Market - Truth - Paper

Chief executive officer Oliver Bäte denied the rumors of a move to the United States in a recent interview. Rumors Allianz taking its first steps into the US insurance market have been officially denied. The insurance giant’s chief executive officer, Oliver Bäte spoke in an interview with the Financial Times and explained that the company had no intentions to head to the United States. Bäte explained that the American market is too different in its valuations, reducing its appeal for the firm. “Buying something in the US for us is…

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Federal Reserve requests information from the insurance industry

industry insurance fraud

Federal agency is asking insurers to provide more data concerning postcrisis capital rules The U.S. Federal Reserve has begun reaching out to the insurance industry in order to obtain more data concerning postcrisis capital rules that could have a major impact on insurance companies. The agency has sent a request for information to 20 insurers. Companies that have received a request for information are considered to be “systematically important” to the country’s overall economy. Companies like American International Group and Prudential Financial Inc. fall within this designation. Data provided by…

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Insurance industry shows praise for Accenture technology

Accenture insurance industry

Accenture receives high rating for the technology it provides to the insurance industry Accenture, a global management consulting and technology services company, has received the highest possible rating from Gartner, a global market research firm, for the fifth consecutive year. Gartner has released the results of its “MarketScope for North American Property and Casualty Insurance Claims Management Modules” report, wherein Accenture’s Claim Components software won top marks from the firm. The software has proven valuable for much of the insurance industry in the U.S., especially as the interests of insurers…

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Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing

Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…

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Insurance risk research shows industry struggling with growth and reserve risks

Aon Corporation’s capital adviser and global reinsurance intermediary, Aon Benfield, has released a report containing the results of its annual study – called the 2011 Insurance Risk Study – which is used by the industry to benchmark underwriting risk, and for modeling through the risk parameters it provides. This research – which is the sixth that has been published by the company – offers volatility benchmarks for underwriting, which are used by the industry’s professionals in economic capital modeling, such as chief risk officers and actuaries. It also provides the…

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Insurance 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 &…

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