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Zurich Insurance Group will cut about 800 jobs globally to save around $250 million per year by the end of 2015 as part of a drive to reduce costs and improve profitability.
The Senate is likely this week to pass and send to President Obama legislation revamping the NFIP rate scheme. But any insurance-industry official who thinks this marks the end of the flood insurance rate crisis should think again.
The much-discussed moderating trend in commercial-lines rate increases was seen in Towers Watsons most recent Commercial Lines Insurance Pricing Survey, which showed rates up by 5% in 2013s fourth quarter compared to the same period in 2012.
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