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Although inland marine doesn’t lend itself to formulaic underwriting, newcomers see the line’s traditionally low 87 combined loss ratio—and want in on the action, says Kevin O’Brien, president of the Inland Marine Underwriters Association (IMUA).
Phil Gusman
The overall composite rate for U.S. property and casualty in April was down 4 percent, unchanged from the previous month, according to Dallas-based MarketScouts latest Market Barometer.
Arthur D. Postal
The house of representatives is likely to take up legislation that would reauthorize the National Flood Insurance Program for five years before Memorial Day, hopefully providing certainty for a program that has lived on the edge since 2008.
Lauren Berry
The insurance needs of homeowners and businesses will evolve as they upgrade their property with green technology, and agents who can position themselves as knowledgeable on the topic and who check in with clients to discuss renewable-energy investments and exposures will be providing a valuable service to customers—and giving themselves...
Chad Hemenway
Inland Marine carriers are dealing with a soft market, increased competition in this historically profitable niche, and new federal regulations that complicate the assessment of risk.
Chad Hemenway
American International Group Inc. (AIG) and the U.S. Department of the Treasury say they plan to offer a small portion of stock for an unset price in an effort to better understand the underlying value of the bailed-out insurer.
Bill Gatewood
There’s nothing funny about coverage gaps in homeowners insurance policies: Agents placing personal inland-marine policies can rescue their clients with protection for everything from valuable comic-book collections to diamonds.
Rebecca C. Amoroso, Sam J. Friedman
It may be tempting for an insurer to simply hold the fort in these difficult times and wait for a boost in the economy or a decisive turn in the market to bolster their top and bottom lines. But proactive carriers can facilitate growth under any conditions by broadening their...
Bryant Rousseau
I had an off-the-record lunch last week with the CEO of one of the world’s largest insurance companies. Inevitably, the talk turned, as it always does, to the question of how this industry can compete for the best and brightest talent against job opportunities in what are viewed as more...
Karen Clark
Since differences in catastrophe-model estimates essentially result from differences in frequency and severity assumptions, modeling pioneer Karen Clark proposes that rating agencies use “benchmark” 100-year catastrophes to gauge cat risks for rated companies, rather than PMLs that can vary widely depending on the modeler and the version of the model...
Mark E. Ruquet
Two bond insurers reported first-quarter losses, with one of the companies, Ambac Financial Group, saying that it may have to liquidate pursuant to Chapter 7 if its reorganization plans are not successful.
Caroline McDonald
An article in The New York Times comparing captive insurance to “the shadow banking system” has Vermont’s captive regulator puzzled and frustrated—because while some of the observations are spot on, they don’t add up to a fair representation of the captive industry, he says.
Mark your calendars: NU provides highlights of the upcoming Inland Marine Underwriters Association meeting.
Chad Hemenway
Storms in April, mostly throughout the U.S. Southeast, are expected to cause insured losses of around $4 billion—possibly as high as $5.5 billion, according to recent estimates.
Chad Hemenway
Companies are operating with a “false sense of security” when it comes to cyber attacks, according to a new survey from Towers Watson released during the week of the RIMS conference.
Mark E. Ruquet
Natural catastrophes took a toll on Munich Re’s first-quarter earnings as the company reports a net loss of €948 million (U.S. $1.36 billion at current exchange rate) compared to net income of €485 million ($695 million) for the same period last year.
Chad Hemenway, Mark E. Ruquet
Catastrophe-risk modeler EQECAT has dramatically changed its estimate of insured losses from the Tohoku, Japan earthquake to between $22 billion and $39 billion.
Paul Butler
In a construction environment where vacant buildings and unfinished projects are common, a straightforward builders risk policy can quickly become a costly problem. OneBeacon’s Paul Butler reviews some best practices for underwriters—useful tips even for those veterans of the business who operate on instincts honed over years of experience.
James Murdock
For historic homes, the chief insurance consideration is typically calculating replacement costs so that the buildings cultural and educational qualitiesthe factors that make it uniquecan be restored after a damaging event. If something happens that places the historic designation at risk, the property has to be able to [remedy] that...
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