National Underwriter P&C September-06, 2010
Cover Story
Global Re Market Remains Stable But Soft, With Prices Still Plummeting
Even after a number of significant disasters so far in 2010, including the Chilean earthquake and the BP Deepwater Horizon oil spill, rate hikes are more the exception than the rule in the soft global reinsurance market.
Opinion
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Time For A Reality Check
To say that the U.S. economy is caught between a rock and a hard place would be putting it mildly, meaning commercial insurers will have to fight for every premium dollar while battling to keep their loss ratios under control.
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Let The Buyer Beware On Broker Compensation
I have read with interest NU's numerous articles related to the back and forth between groups which disavow contingent fee arrangements while defending the practice of brokers and agents accepting this form of compensation.
News
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Looming Flood Insurance Expiration Puts Congress Back On The Hot Seat
Ensuring that the NFIP remains in force--at least through a short-term reauthorization--is the priority for property and casualty industry lobbyists as Congress returns next week for what is expected to be a brief but turbulent session.
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Slow Economic Recovery Sapping Insurers' Strength
A downward revision of the latest economic growth indicators prompted analysts to predict that property and casualty insurers will not see a reversal in pricing or significant boost in earnings anytime soon.
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Global Reinsurers Face Shrinking Profits, But Capitalization To Keep Sector Stable
Key challenges facing global reinsurers will drive profits lower, but are unlikely to undermine the current strong levels of capitalization for the majority of carriers over the next 12-to-24 months.
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European Insurers' Struggle Warrants 'Negative' Outlook
Europe's property and casualty insurers will be challenged to increase profitability for the remainder of this year, reinforcing the negative outlook Moody's Investors Service has on the sector.
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Berkley Sees Market Turn On The Way, While Lloyd's Presses Ahead On Standards
The possibility of a turn in commercial insurance pricing and the certainty of major changes in the way the world's oldest insurance market does business are among the key areas being addressed at NAPSLO's annual conference.
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Uniformity Needed To Keep Insurance Market Truly Global
Better regulatory uniformity is required globally to help facilitate insurance trade between the United States and its European partners, a panel of insurance officials said.
Market Report
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U.S. Reinsurers See Drop Of 4% In Net Premiums Written
U.S. property and casualty reinsurers saw net premiums written drop 4 percent in the first half of 2010 compared to last year, while underwriting results deteriorated by nearly five points.
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Heightened Awareness Of Offshore Exposures Benefits London Underwriters
The long-term impact of the BP oil spill could be positive for the London Market as offshore oil operations in particular face tighter regulations and potential coverage vulnerabilities are more readily apparent.
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Risk Management Key To Ensure Smooth Globalization, Lloyd's Warns
While globalization has brought many benefits to businesses, companies need to spend more time studying the new and emerging risks involved and planning for low-probability events, Lloyd's warns.
Buyers Report
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Firms Going Global Often Overlook Supply Chain Risks
More organizations are going global and depending on outsourcing and international supply chains to get projects completed on schedule and within budget...
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Enterprise Risk Management Can Keep Losses From Becoming Catastrophic
Solid enterprise risk management was behind one firm's recovery from the financial downturn, while another long-established outfit is just allowing the concept to percolate within its operation.
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Captive Opportunities Opening Up For Smaller Organizations, Manager Says
New legislation and structuring for captives in a number of domiciles has made formation of captive facilities--once limited to large global organizations--attractive to smaller companies as well.
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Captives Will Survive Challenges, But Risk Managers May Face Changes
Facing shrinking resources, an uncertain economy as well as changing political and regulatory landscapes, risk managers might be forced to reassess their particular captive insurance solutions, a new white paper by ACE suggests.
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RRGs, Captives Can Be Rehabilitated, Manager Asserts
The common perception is that a captive insurer or risk retention group entering rehabilitation has hit the skids and is on its way out, but the opposite is sometimes true, according to a captive management company.
Agency Management & Technology
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Agents Must Insulate Themselves To Bounce Back From A Disaster
If there is one thing that is continually stressed in any discussion about catastrophe management for insurance agencies, it is having a plan in place and knowing what it is.
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When Disaster Strikes: Services To Get You Going Again
"Disaster has no schedule," warns Bob Boyd, chief executive officer of Agility Recovery Solutions.
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N.Y. Producer Groups Help Prepare Members For Disclosure Regulations
While controversy surrounds the implementation of producer disclosure regulations by the New York State Department of Insurance, associations say they are obligated to prepare agents for the new mandates, like them or not
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Agents Challenged By Authorization Complexity
More and more, the question of "are you authorized to sell insurance?" is being asked by carriers, agents and brokers alike. Unfortunately, the answer is rarely black and white.
