National Underwriter P&C November-16, 2009
Cover Story
No Celebration In Sight For Producers As Tough Economy Keeps Market Soft
Put away the champagne and the party hats. If you're an agent or broker expecting to celebrate the coming of 2010 because you believe the soft market cycle is coming to an end on New Year's Day, you'll be sadly disappointed.
Opinion
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What's A Broker Worth?
Whenever it comes time to report on the state of the market, I feel like National Underwriter has a split personality, given our diverse readership.
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The Great Recession: A Risky Proposition?
As the Great Recession grinds on, the impact on both individuals and business continues to spread. All bands of the risk management spectrum--personal and commercial, property and casualty, large and small--are affected.
News
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P&C Industry Wary Of Senate Reform Bill, But Hail Inclusion Of Surplus Lines Rules
P&C insurance groups raised a number of objections to sweeping financial services regulatory reform legislation unveiled in the U.S. Senate last week...
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Insurance Agents Bash House Health Bill
Insurance agents are voicing dismay over health care reform legislation passed by the House of Representatives on Nov. 7, and expressed hope that a more acceptable product would be produced by the Senate.
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AIG Able To Pay Back U.S., Moody's Finds
Based on its recent results, AIG should be able to pay back most of the billions it owes the government, according to Moody's Investors Service.
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Auto Claims Spiking As Gas Prices Tank
Auto insurance claim frequency is rising, in some cases precipitously, as gasoline prices have declined from the high levels seen in 2008, meaning more people are spending time on the road.
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Insurance Rate Cuts Accelerate In October, Reversing The Trend
The depth of reductions in U.S. property and casualty insurance rates, which had been slowing over the course of 2009, accelerated again last month, MarketScout reported.
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Efforts Continue To Revive New York Insurance Exchange
The New York Insurance Department is continuing efforts to revive the New York Insurance Exchange, with an "ambitious" goal of having it ready in 2010, one official said.
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AIG's Benmosche Maintains Leadership 'Commitment'
American International Group Chief Executive Robert Benmosche has written company employees telling them he is committed to leading the firm and they should ignore speculation he planned to quit.
Market Report
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Lloyd's On Course Despite Global Turmoil
Improved conditions in the investment markets and the arrival of new capacity have significantly increased the capital position of Lloyd's in the first half of 2009, according to a recent report by Aon Benfield.
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Global Cooperation Needed To Combat Climate Change, Piracy, Cyber Attacks
Dealing with emerging risks like sea piracy, cyber crime and climate change will require vision, pragmatism and the collaboration of the public and private sectors, Lloyd's Chief Executive Richard Ward contends.
Buyers Report
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'Buyer's Market' Doesn't Mean 2010 Renewals Will Come Easy
While it still may technically be a good commercial insurance market for risk managers, with flat rates predicted until at least late next year, top buyers and other experts warn there are caveats.
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It's Still A Buyers' Market, RIMS-Advisen Survey Shows
With layoffs and lower sales volume decreasing demand for insurance coverage, the recession continues to deeply depress renewal rates for property and casualty insurance programs, according to the most recent RIMS Benchmark Survey.
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Transitional Duty Programs Help Firms Boost Morale, Cut Workers' Comp Costs
While it is common knowledge that prevention of workplace accidents or illness is the most effective way to lower the cost of a workers' comp program, the goal is not just about saving money.
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U.S. Risk Managers Should Follow Lead Of Europeans In Buying Credit Insurance
Credit insurance, a once-arcane risk management tool, is becoming increasingly popular in the United States. Why? The answer is simple. Defaults and bankruptcies are at an all-time high.
Technology Trends
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Predictive Models Can Help Cut Costs Without Sacrificing Underwriting Control
While the commercial property and casualty industry continues to search for signs of a hardening market, several countervailing economic factors are combining to slow any positive development.
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Record-Retention Policy Helps Insurers, Brokers Avoid Exposures, Assure Clients
The abundance of documents generated each day in the insurance industry creates a dire need for agents, brokers, insurance companies and consultants to find effective and cost-efficient ways to store critical information.
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Auto Insurers Found To Be Biggest Predictive Model Users
Personal auto insurers make the most use of predictive modeling techniques, while those at commercial carriers employ them less, according to a poll by Towers Perrin.
