Online News Service

• Isaac Heads for New Orleans While Battering Florida

  By Chad Hemenway, PropertyCasualty360.com  |  August 27, 2012

  Preparation is the word of the day for residents of the Gulf Coast from Louisiana to the Florida Panhandle as Tropical Storm Isaac sets its sights on a New Orleans landfall.

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  PC360 Exclusive: Florida Insurance Commissioner During Andrew Remembers the Storm—and Assesses Its Game-Changing Impact

  By Chad Hemenway, PropertyCasualty360.com  |  August 23, 2012

  It was the storm no one thought, or no one remembered, could happen and it would forever change Florida's property market and the way the insurance industry does business.

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  Expect a $10b Loss Every Four Years from Hurricanes

  By Chad Hemenway, PropertyCasualty360.com  |  August 21, 2012

  A new report by Karen Clark & Co. says storms capable of major losses are not as infrequent as we might assume and the U.S. can expect a $10 billion loss from a hurricane every four years.

• S&P Says Crop Losses Could Cost Insurers $5 Billion-Plus

  By Mark E. Ruquet, PropertyCasualty360.com  |  August 21, 2012

  A report from Standard & Poor’s says insured crop losses caused by the worst drought since 1988 could cost insurers and reinsurers more than $5 billion.

• Progressive Explains Stance in Accident Claim That Went Viral

  By Chad Hemenway, PropertyCasualty360.com  |  August 21, 2012

  Automobile insurer Progressive went through a public relations nightmare this week after a blog written by the brother of a woman killed in a car wreck accused the insurer of defending her “killer.”

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  Fitch: P&C Pricing Momentum May Subside in 2013

  By Mark E. Ruquet, PropertyCasualty360.com  |  August 20, 2012

  Fitch Rating Service projects property and casualty insurance rates will continue to rise through 2013 producing modest increase in industry net income, but a return to a sustained hard market is considered unlikely.

• China Grants Liberty Mutual Approval to Expand

  By Staff Writer  |  August 20, 2012

  Liberty Mutual Insurance Group, through its wholly-owned subsidiary Liberty Insurance Co. Ltd., has been granted approval to establish a branch in Shandong province by the China Insurance Regulatory Commission.

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  Insurance Captives Finding Home Onshore

  By Anya Khalamayzer, PropertyCasualty360.com  |  August 17, 2012

  The years of dominance enjoyed by off-shore captive domiciles may be coming to an end as more captive formations move onshore into the United States and Europe, says a report from the Insurance Information Institute.

• Florida Citizens Revamps Mitigation Inspection Program

  By Chad Hemenway, PropertyCasualty360.com  |  August 17, 2012

  Florida Citizens Property Insurance Corp. chief executive says the state-run insurer is going to improve its mitigation inspection program while taking a “clean, concise look” at the organization’s budget.

• California Court Expands Environmental Insurance Exposure

  By Chad Hemenway, PropertyCasualty360.com  |  August 17, 2012

  In what is being called one of the biggest insurance-related environmental coverage rulings to come out of California in decades, the state’s highest court says policyholders can seek recoveries up to the policy limits and can stack multiple policies on long-tail claims.

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  Lack of HHS Guidance Holding Up State Insurance Exchanges, Regulators Say

  By Mark E. Ruquet, PropertyCasualty360.com  |  August 17, 2012

  The deadline for states to achieve certification for their health-insurance exchanges is fast approaching, but regulators say the lack of rules and guidance from Washington is holding up the process.

• Recent Reports Outline Stiff Industry Challenges Despite Rising Rates

  By Phil Gusman, PropertyCasualty360.com  |  August 16, 2012

  Property and casualty insurance rates are on the rise, but reports released in late July through August seem unsure of whether the pricing trend will build into sustained underwriting profits during a period of rising loss costs and low investment returns.

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  NFL: Make Insurers Defend Concussion-Related Lawsuits

  By Chad Hemenway, PropertyCasualty360.com  |  August 16, 2012

  The National Football League is seeking coverage from insurers that it says have refused to provide a defense as the league faces hundreds of concussion-related lawsuits from former players.

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  Alterra Looks to Sack Defense Duty in NFL Concussion Suits

  By Chad Hemenway, PropertyCasualty360.com  |  August 15, 2012

  Alterra American Insurance Co. is seeking to officially rid itself of an obligation to defend or indemnify the National Football League in 93 concussion-related lawsuits against the league.

• Continued Reserve-Release Decline Should Spur Rate Increases

  By Mark E. Ruquet, PropertyCasualty360.com  |  August 15, 2012

  Rate increases are likely to continue as reserve releases decline and carriers realize minor returns on their investment portfolios, says a financial analyst with Stifel Nicolaus.

• Gen Re Settlement Bounces Back to District Court

  By Chad Hemenway, PropertyCasualty360.com  |  August 14, 2012

  A federal court of appeals is sending back to district court a $72 million settlement General Reinsurance Corp. had with investors to resolve a securities class-action lawsuit.