News

American International Group's use of affiliate reinsurance is "proper and properly accounted for in accordance with applicable statutory guidance," the company said in response to a critical New York Times article.

Despite poor financial results, competition among insurers continued to be intense in the second quarter, but depletion of capital signals rising commercial insurance rates ahead.

Robert Benmosche, a former chairman and chief executive officer at Metropolitan Life, has been named to head American International Group, replacing CEO Edward Liddy.

Insurers must prepare for an expected increase in catastrophic losses arising from climate change. Key strategies will incorporate prudent risk selection, accurate claim reserving, and technology adoption.

The U.S. House of Representatives passed legislation last week extending the expiring National Flood Insurance Program yet again--this time until March 31, 2010.

Terry Fleming, Risk and Insurance Management Society vice president, told an industry conference here that federal legislation is needed to standardize the payment of workers' compensation awards.