Personal Lines

The insurance industry will need to improve risk management, technology and cost-cutting strategies to survive the "deepest financial crisis and recession in two generations," a consulting firm is advising.

Consumer watchdogs are urging a closer look at insurers' estimation of post-catastrophe material and labor price increases, citing a study questioning demand surge figures used to set insurance rates.

While the majority of auto insurance customers stick with their carrier, many customers shop for insurance, and keeping current customers is critical to the long-term health of insurers, a J.D. Power and Associates survey finds.

Columbus, Ohio-based Nationwide Insurance announced today that it has created a free application for the Apple iPhone, titled Nationwide Mobile, to help process claims after an auto accident.

A.M. Best and Standard & Poor's both said there will be no rating changes in the wake of the American International Group decision to spin off its property-casualty subsidiaries into a separate unit that will ultimately become a separate company.

Federal authorities need legislation to give them legal authority to step in when a huge non-bank company like American International Group gets into financial difficulties, Treasury Secretary Timothy Geithner told Congress today.