Property and casualty insurance companies do not pose a systemic risk to the U.S. financial system and should not be subject to federal supervision, the American Insurance Association said in a comment letter to the Financial Stability Oversight Council.

American International Group posted a $2.4 billion third-quarter loss on restructuring-related charges of $4.5 billion, as its chief executive boasted of solid insurance operating results.

Losses from a capital hedge it has in place to protect statutory capital in its life insurance segment drove down Nationwide's third-quarter net income to $85 million, compared to $208 million during the same time a year ago.

Hurricane Tomas, a Category 1 storm, is expected on Friday to strike Haiti, a country still recovering from an earthquake early this year.

Liberty Mutual Group said it will partner with Videocon Industries to establish a company to provide personal and commercial insurance products in India.

Overall auto insurance claims experience satisfaction among consumers dipped in 2010 compared to 2009 due to a decrease in settlement satisfaction, according to J.D. Power and Associates.

Insurance veteran Mark Trafton III died Oct. 31.

Modeler Risk Management Solutions (RMS) said the end of the 2010 Atlantic hurricane season is not the time to relax.