Liberty Mutual has restructured its reinsurance program to be better prepared for storms, says its president and chief executive officer.

Agents, company reps and victims of tornadoes that swept through Alabama in April 2011 share stories of an industry stepping up in ways beyond just claims payments.

The clearinghouse that is the core of the Nonadmitted Insurance Multistate Agreement (NIMA) tax-sharing compact is set to begin operation July 1, according to the 11 states and territories that comprise it.

Summing up the insurance market for upstream and downstream energy risks, a Willis report says a fragile stability is prevailing where pricing is flat to slightly up. But Willis says factors such as overall market-hardening and the ongoing Euro crisis could create a more challenging market for buyers.

Chubb Corp. says 2012s first quarter saw renewal-rate increases across the board in U.S. commercial and specialty lines, while Q1 net income fell slightly to $506 million from $509 million in 2011.

Three subjects dominated discussions among executives and risk managers in Philadelphia at this years Risk and Insurance Management Society convention: pricing, Business Interruption and Cyber risk.

Non-public P&C insurance carriers are reporting continued rate increases, with direct-written premiums increasing 3.7 percent in 2011 compared to 0.3 percent in 2010, according to a report from SNL Financial.

Insurance-industry officials say a two-year National Flood Insurance Program (NFIP) extension, as proposed recently by the Federal Emergency Management Agency (FEMA), is better than the current pattern of short-term extensionsbut some associations say they would still rather see action on a five-year extension with program reforms.