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The soft market remains firmly entrenched on the casualty side of the reinsurance business. But the property and catastrophe marketplace is a much different—and more unsettled—story.
Enterprise risk management (ERM) has come a long way in a short time. Just a few years ago, the question was whether ERM was really even relevant. Today, a growing perception that ERM is a business discipline that can advance an organization’s big-picture objectives is driving higher adoption rates across...
Michael Liebowitz, director of insurance and risk management for New York University, began an ERM program for his institution in 2010. Here’s a look at how he started the program—and the benefits it is already delivering.
Implementation of enterprise risk management within the insurance industry—driven by ratings agencies and anxious boards—is moving steadily forward, with large global reinsurers at the head of the adoption curve. In fact, these reinsurance giants are not only leading the way on ERM within the insurance industry itself—but are so advanced...
Insurance regulators in the U.S. have begun signing up with their international peers to push a new ERM approach called “ORSA”—Own Risk and Solvency Assessment, says Dave Ingram, executive vice president of Willis Re.
Implementing ERM can be challenging because the discipline itself “has not achieved a consistent, standard approach,” says Stefan Holzberger, vice president of rating criteria and regulatory-policy development at A.M. Best.
BP’s Safety & Operational Risk program, whose safety and risk unit reports directly to BP's chief executive officer, has been fully operational since earlier this year.
In mid-June Allied World Assurance Co. Holdings AG and Transatlantic Holdings Inc. announced a $3.2 billion merger deal, creating a global specialty insurer and reinsurer operating in 18 countries and on six continents.
Two ex-Marsh executives are accusing their former employer of making them “scapegoats,” saying Marsh tried to avoid criminal prosecution by colluding with the N.Y. attorney general to have the two men indicted over allegations they engaged in an improper kickback scheme.
The New York Court of Appeals ruled that a group of banks can go ahead with their lawsuit against MBIA, which questions the validity of the break-up of the insurer.
For the first time, customer satisfaction with price is higher with those who have separate auto and homeowners’ insurance policies versus customers with both policies under the same insurer.
Consumer advocates are questioning whether the Treasury Department should include an actuary as a member of the proposed Federal Advisory Committee on Insurance (FACI), citing a potential conflict of interest, among other concerns.
As Congress works under imminent deadline to deal with the future of the critical National Flood Insurance Program (NFIP), it is getting conflicting advice as to how it should move to shore up the program, with the Write-Your-Own (WYO) program getting particular attention.
Companies continue to report the impact of second-quarter catastrophes, with Bermuda-based Arch Capital Group Ltd. saying it expects losses of between $90 million and $110 million, of which 15 percent is updated first-quarter loss estimates.
As I was finishing a feature about merger-and-acquisition activity in the insurance industry last month, a Bloomberg news item caught my eye.
Roy Woodall’s nomination as the independent member with insurance expertise on the Financial Stability Oversight Council (FSOC) is being welcomed by the insurance industry—but don’t expect him to immediately be able to play a role there.
Although the incidence of fire has shown a steady decrease over the last 30 years, the average cost-of-fire loss has increased, according to the National Fire Protection Association (NFPA) (see chart). Agents, brokers and insurers can help risk managers keep fire safety a top priority throughout the year by identifying...
The role of evidence in subrogation arbitration differs from court proceedings. Here is a look at the seven categories of evidence.
Airline passengers who try to carry Samsung Note 7 smartphones on flights will have them confiscated and may face fines under an emergency U.S. order.