Commercial Lines

Another short-term extension of the National Flood Insurance Program appears likely as Congress wont be able to act on a long-term bill before the current authorization expires May 31.

Another short-term extension of the National Flood Insurance Program appears likely as Congress wont be able to act on a long-term bill before the current authorization expires May 31.

The head of American International Groups commercial-insurance division says the bailed-out insurers reputation is not an issue, and, in fact, competitors may have erred by not working harder to take AIGs insurance business when it was on the verge of collapse.

Overcapitalization, high surplus and low-investment returns are keeping insurance rates out of balance and masking the true state of the market, according to two industry executives.

Prompted by a lobbying group that supports efforts to reduce global warming, three insurance companies and the Association of Bermuda Insurers and Reinsurers have publicly renounced their support for the Heartland Institute, a libertarian research group.

The pressure on the Senate to act on a long-term National Flood Insurance Program extension intensified as trade groups across multiple industries kicked off their Flood the Hill campaign with a letter sent to Senate leadership.