News

Global interconnection has increased vulnerability to risks around the world, and insurer involvement will be critical in finding answers for the uncertain and volatile future, according to an official with the World Economic Forum.

Insurance agents who support creation of a federal charter for insurance lashed out at the National Conference of Insurance Legislators for being misleading when it told members of Congress that premium taxes would be lost if a federal insurance charter is created.

Tort costs dipped 2.7 percent in 2009, but the level is expected to grow over the next two years as the gross domestic product grows.

American International Group said it expected to close on its recapitalization plan last Friday, Jan. 14, and that it will issue about 75 million warrants to shareholders later this week.

Rep. Michele Bachmann, R-Minn., plans to introduce legislation repealing the Dodd-Frank financial services law, calling it “misguided” and a “blatant abuse of power.”

Although property and casualty insurers weathered the global financial crisis better than other types of financial services firms, emotional scars remain, prompting insurers to hang onto extra capital.