Agency Management

There appears to be no relief for insurers in the buyer's market for commercial property and casualty coverage, as excess capacity and falling demand have prompted average rate cuts to accelerate.

Almost two years after Hurricane Ike nearly wiped out the town of Galveston, Texas, the Texas Windstorm Insurance Association has agreed to pay an estimated $189 million to policyholders whose homes were destroyed by the storm.

President Barack Obama signed financial services reform into law last week, setting in motion an intense effort by interested parties to shape the regulations and government bodies that will implement the legislation to their liking.

In 2009, the property and casualty insurance industry recovered from a devastating global financial crisis that had drained 12 percent from policyholder surplus and nearly erased the net income recorded the year before.

Mutual insurers have a highly successful history in the United States and enjoy a loyal following among their clients, who like the personal service and value they are able to provide.

After several years of doing without contingent commissions, insurance broker Aon said it plans to begin accepting bonus compensation from carriers once again.

This fall, the pop culture poster child for greed, Gordon Gekko, returns in a sequel to the movie "Wall Street," called "Money Never Sleeps."

The vast majority of insurance brokers in the United Kingdom rate speed of policy issuance and underwriting decisions as key criteria in their choice of insurance partner, according to a survey conducted by Celent.