News

As states exit the recession with a focus on saving money in the new economy, workers' compensation systems will have to strip out as many unnecessary costs as possible to be successful, a workers' compensation expert said.

Reinsurers have not been especially disciplined, and they in fact prolonged a soft insurance market that should have ended a year ago, a broker said here yesterday.

A bipartisan amendment to the financial services reform legislation in the U.S. Senate is aimed at exempting insurers from paying for the resolution of large non-insurance financial services companies.

Eight insurance industry trade groups have written the Senate urging it to reject an amendment they said would "substantially weaken" the proposed Office of National Insurance's authority to address international trade issues.

Zurich Financial Services Group reported first-quarter net income rose 76 percent despite challenges from catastrophe losses and a decline in demand for insurance products due to the economic downturn.

Workers' compensation insurers have seen net written premium dive 23 percent from 2007 to 2009, the chief executive of the National Council on Compensation Insurance told a conference here.