E&S/Specialty

The Florida Office of Insurance Regulation says it approved four domestic insurers to remove 150,000 policies from the states bloated last-resort insurer.

The Florida Office of Insurance Regulation says it approved four domestic insurers to remove 150,000 policies from the states bloated last-resort insurer.

The difference in insurance penetration between the developed and developing world was fully illustrated in August, as the first hurricane striking the U.S. Gulf Coast since 2008 is expected to cost insurers more than two major typhoons that struck China, according to a report from Aon Benfield.

There is near universal agreement that carriers are achieving rate increases for property and casualty business, but analysts and company and brokerage executives struggle to say what can be expected over the long term as the industry appears to be in new territory from a pricing cycle standpoint.

Average rate increases for commercial and personal insurance lines continued their upward push through August rising an additional point over the prior month, says MarketScout.

Claims from Hurricane Isaac are beginning to roll in, and the storm is expected to be absorbed by primary insurers with little effect on reinsurers, says a ratings agency.