News

Reinsurers and insurers have paid out less than $1 billion on British Petroleum oil spill claims, and the total market loss is expected to be between $3.25 billion and $4 billion, said Holborn Corp.

A new report from the Risk and Insurance Management Society (RIMS) said the average total cost of risk per $1,000 of revenue in 2009 fell more than 3 percent due to lower insurance costs and lower risk management administrative costs.

Gov. Charlie Crist has issued a proclamation calling for a Special Session July 20-23 related to oil drilling.

Steven D. Johnson has been named chief executive officer of the Applied Systems Client Network (ASCnet), according to Lisa Parry Becker, chairwoman of the association.

Premium rates in June remained soft, but continued to show some signs of easing off the worst of the declines with decreases in the low single digits, according to MarketScout.

Chubb Corp. said it expects to open a second branch in China in December if all goes well with additional approvals from the China Insurance Regulatory Commission (CIRC) and other authorities.