News

Proposed cuts for the U.S. Agriculture Department's subsidy to the crop insurance program are excessive and will likely lead to more consolidation in a shrinking private crop insurance industry, an insurers' representative told the agency.

Nevada's Insurance Commissioner Scott Kipper said he has approved an average decrease of 7.6 percent for workers' compensation insurance rates.

Insured losses from the earthquake in Haiti are likely to be small, as insurance penetration there is far below 1 percent, according to a Munich Re expert addressing a webinar.

Florida has less chance of being hit by a hurricane this year, while the coastal segment including North Carolina, South Carolina and Georgia will see heightened storm activity, a new study forecasted.

A health insurance trade group urged Democrats to focus their health care reform legislation efforts on cost containment and preserving the current role of agents, brokers and consultants.

Risk Management Solutions said it has developed a new product for estimating insured losses from U.S. earthquakes.

Insurance brokerage Lockton said it has acquired a significant holding in the South Korean insurance brokerage IMI, renaming it Lockton Companies (Korea) Inc., with options to purchase a bigger shareholding.

The chairman of Lloyd's, in a talk here last night, said that the insurance industry is capable of self reform and defended the former head of American International Group Maurice Greenberg.