Commercial Lines

Property and casualty insurer Cincinnati Financial Corp estimated a significantly lower impact due to catastrophe losses during the second quarter and said it expects to continue to benefit from favorable pricing trends.

Catastrophe losses for the first half of 2012 were mild compared to the previous year and notably below the 10 year average, according to a report from German insurer Munich Re.

The downward trend in property and casualty insurer employment that began in 2008 may finally be reversing, says Insurance Information Institute President Robert Hartwig, as May 2012 becomes the third straight month with positive employment figures for carriers.

Insurers face claims of almost $2 billion from fires, hail and thunderstorms that hit parts of the United States last month, broker Aon Benfield said, though the impact of natural catastrophes so far in 2012 remains well below last year.

Some insurers cover Business Interruption or Contingent Business Interruption (CBI) losses that do not result from actual physical damage to a policyholders or its suppliers property.

When underwriting contractor-controlled insurance programs (CCIPs) as opposed to owner-controlled insurance programs (OCIPs), do insurers favor one type over the other? They do indeed.