Personal Lines

As some companies begin eliminating or playing down the significance of annual mileage as a rating factor, a new study reports a "strong correlation" between miles driven and auto insurance claim costs.

Moody's Investors Service, citing the impact of stock market declines yesterday, downgraded the insurance financial strength rating of National Indemnity Company and the long-term issuer rating of its ultimate parent, Berkshire Hathaway Inc.

Sidney, Australia-based QBE Insurance Group Limited announced that John Rumpler, currently group general manager for credit and surety, will assume the post of chief executive officer of its Americas Division in June.

USAA in its annual report said net income declined by 77 percent or $1.443 billion last year, but the insurer noted it had an increase in net worth by 1.4 percent, to $14.6 billion from $14.4 billon in 2007.

Insured losses from Monday's killer earthquake in Italy are likely to range between EUR200 million ($265 million) and EUR400 million ($530 million), a catastrophe modeling firm estimated.

Property-casualty insurance rate decreases were one point less in March than the previous month, according to tracking by an electronic insurance exchange.