Commercial Lines

Liberty Mutual Group reported a third-quarter loss of more than $100 million on the combination of catastrophe losses and reserve increases related to asbestos liabilities.

Liberty Mutual Group reported a third-quarter loss of more than $100 million on the combination of catastrophe losses and reserve increases related to asbestos liabilities.

Further evidence of the soft market making a turnaround was furnished Friday with the release of the MarketScouts October barometer that indicates average rate increases/decreases were flat for the month.

A 5.6 magnitude earthquake struck in Oklahoma late on Saturday evening, the U.S. Geological Survey said, and there were reports of damage in a county just east of Oklahoma City.

American International Group Inc. reports a third-quarter loss of $4.1 billion, but CEO Robert H. Benmosche insists the company is in "very good shape," with $15.3 billion in liquidity.

Despite the significant amount of catastrophe losses and stress from the weak economic conditions, the insurance industry could be on the cusp of taking off as the demand for the industrys risk expertise continues to grow, the chief executive of Willis Group says.