News

The marine market has seen improvements compared to last year as shipping has picked up after the economic crisis of 2008, but both insurers and the shipping industry continue to suffer from overcapacity.

American International Group issued $2 billion in bonds, the first time it has issued debt since the government bailout of the company in 2008.

The Association of British Insurers (ABI) said freezing weather in the United Kingdom could cost insurers $1 billion this winter.

Rates for U.S. property and casualty commercial insurance policies were down an average of 5 percent during November, a slight decrease from the last several months, which saw declines of 4 percent.

The lack of hurricanes making U.S. landfall this season is credit positive for reinsurers, according to Moody's Investors Service, as 2010 experienced worldwide natural catastrophe losses about in line with the average over the last 20 years.

In an effort to streamline the filing process for insurers and do a better job of distributing its resources, the New York State Insurance Department has started to implement a "modernization initiative."