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The chief executive of the online insurance exchange MarketScout announced that three unnamed insurers are keeping rates low at a time when business realities call for market hardening.
Prior calculations of the U.S. property-casualty insurance industry's ultimate exposure to asbestos claims have probably underestimated the amount by $10-to-$15 billion, an actuary predicted.
Property-casualty claims executives addressing top industry issues at a conference mentioned catastrophes, budget pressures, recruitment and regulation among key items.
Insurers of coastal properties can cut down their risk by inducing homeowners to strengthen dwellings and working to improve building and land use, a reinsurance expert suggested.
The U.S. property-casualty insurance market would be able to handle another Katrina-like event this year, and there is capacity to issue catastrophe bonds post-event, representatives from Swiss Re said.
Florida Insurance Commissioner Kevin McCarty announced yesterday that he has issued an order reinstituting an 18.6 percent rate decrease for workers' compensation insurance that had gone into effect Jan. 1.
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