As prosperity rises in China so does the need for insurance, and the nation needs greater risk transfer penetration as it shares an unusually large burden in catastrophe risk, according to a report released by Munich Re.

Independent agencies have until July 1 to enter the 2010 Commercial Insurance Agency of the Year Award program, run by National Underwriter and its sister publication, American Agent & Broker.

Having insurance for product recall is invaluable, but it does not serve as a substitute for implementing good procedures to deal with a recall, a consultant with insurance broker Marsh said.

Companies that collect personal information need to develop plans in advance to guard against data theft so they can protect the company in case of a breach and communicate to those affected, according to a panel of experts.

Speculation has been ongoing about how a hurricane would impact the Deep Horizon oil spill in the Gulf of Mexico, and there is a chance that fear may now become a reality.

British Petroleum announced that effective immediately, it has appointed Bob Dudley as president and chief executive officer of its Gulf Coast Restoration Organization, reporting to Tony Hayward, BP's group chief executive.

Smaller carriers may need to raise capital to adhere to Solvency II requirements, leading to negative credit implications, according to Moody's Investors Service.

Insurance associations are questioning the legality of Massachusetts auto insurance regulations proposed by the state's Attorney General's Office as the second and final day of hearings on the issue begins.