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To balance its budget, the United Kingdom government included in its emergency budget an increase in the standard insurance premium tax rate (IPT) from 5 percent to 6 percent, which insurers say will hurt consumers.
The property and casualty insurance industry continued to have sufficient reserves through 2009, though adverse development of older-year losses and a downward trend in premium growth could reverse favorable reserve strengthening trends.
The U.S. government is likely to suffer a loss on its investment in American International Group (AIG), Treasury Secretary Timothy Geithner acknowledged Tuesday.
The soft market continues to challenge reinsurers, and although 2010 has seen disasters, the events will not be enough to harden pricing, according to a panel of senior reinsurance executives.
Willis Group Holdings plc said it has opened an office in Kazakhstan, the third such office the insurance broker has opened in the former Soviet Union.
Older drivers are not involved in as many automobile accidents or fatal crashes as was anticipated by the Insurance Institute for Highway Safety (IIHS).
Regulation of the surplus lines industry will be modernized and substantively streamlined under a provision of financial services reform legislation approved by House-Senate conferees.
If trying to "get his life back" means attending a yacht race, BP's CEO needs a lesson in reality, Caroline McDonald observes in her blog. Find out more and weigh in on the topic at www.NoRiskZone.com.
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