News

A federal court ruling holding the Army Corps of Engineers--and, by extension, the U.S. government--liable for damage in New Orleans caused by Hurricane Katrina is unlikely to have much effect on the property-casualty industry.

The New York Insurance Association has filed a lawsuit accusing the state of imposing unfair assessments on carriers and using them to improperly fund non-insurance programs.

Insurance executives polled at an industry conference here for the most part see a year ahead with little growth and more losses.

The moribund economy will combine with zero interest rates to deliver a one-two knockout punch to property and casualty insurer bottom lines, industry leaders predicted here.

When the U.S. recession ends, workers' compensation systems will have to function in a reduced economy requiring cost cuts, observed Richard Victor, Workers Compensation Research Institute executive director.

The airline insurance industry saw claims outstrip premium by $400 million in 2009, marking the third consecutive year of loss for the industry in this sector, according to Aon insurance brokerage.