News

The Excess Line Association of New York (ELANY) has appointed Jasmin Chen Johnson as financial director.

To balance its budget, the United Kingdom government included in its emergency budget an increase in the standard insurance premium tax rate (IPT) from 5 percent to 6 percent, which insurers say will hurt consumers.

The property and casualty insurance industry continued to have sufficient reserves through 2009, though adverse development of older-year losses and a downward trend in premium growth could reverse favorable reserve strengthening trends.

The U.S. government is likely to suffer a loss on its investment in American International Group (AIG), Treasury Secretary Timothy Geithner acknowledged Tuesday.

President Obama has a warning for health insurers: do not use the new health care law as an excuse to raise insurance rates.

The soft market continues to challenge reinsurers, and although 2010 has seen disasters, the events will not be enough to harden pricing, according to a panel of senior reinsurance executives.