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In sports terms, 2012 has been what one could call a rebuilding year, as P&C carriers looked to recover from a disastrous 2011 and a string of heavy losses. For many carriers, 2012 was a time to totally reappraise their roster of risks, which meant both exploring new lines of...
NU’s staff picks the best TV commercials of the year
The communities in the Northeast most gravely affected by Superstorm Sandy include some of the wealthiest towns in the nation: For practically every bungalow destroyed by the storm surge, a million-dollar beachfront mansion was also claimed.
A new trade association, the Council for Insuring Private Clients (CIPC), has been formed to develop best practices for providing insurance solutions to the High-Net-Worth (HNW) demographic, says Richard Kerr, CEO of MarketScout—the Dallas-based electronic insurance exchange that is a CIPC founding partner and developer.
Mark your calendars now for the major industry meetings and conventions of the coming year.
We asked risk managers and their brokers about what they expect will be the biggest challenges in 2013—and how they are preparing to respond to them.
American International Group (AIG) estimates its total insured losses from Superstorm Sandy will come to approximately $2 billion.
Due in no small part to major flooding in Manhattan’s subway system, New York City’s Mass Transit Authority reports estimated Sandy-related losses of $5 billion—of which private insurers should kick in more than $1 billion.
Rates in both commercial- and personal-lines insurance continued to increase through November, according to electronic exchange MarketScout. Rates for commercial-lines accounts increased an average of 5 percent in November compared to the same period last year, and personal lines increased 4 percent, the Dallas-based company says. (In October, commercial-lines accounts...
Emerging-market countries represent huge, untapped opportunities for insurers, but carriers that are not properly staffed with people who understand the cultures, histories and markets of these nations will not succeed in their efforts, said former AIG CEO Maurice “Hank” Greenberg during the keynote presentation of the 23rd Annual Executive Conference—an...
After 12 years at the helm, Joe Plumeri is stepping down as the CEO of Willis Group Holdings on Jan. 7. He will serve as nonexecutive chairman through July 13, when his contract expires.
Greg Thompson is the new president of Markel Specialty, a division of Virginia-based insurer Markel Corp. In 1979 he formed Thompson Insurance Enterprises (ThomCo) with his father, Roy, and led the company for 32 years—growing it from a small wholesale operation to a large program administrator. Markel acquired ThomCo on...
Problems experienced by internet users across the Eastern U.S. appear to have eased, with most sites back online after web-hosting services were invaded by hackers.
Honda said a Takata air bag inflator ruptured in a Civic compact car on Sept. 30 and killed a driver in California, at least the 17th Takata-related fatality in the U.S., Malaysia and India.