News

Severe thunderstorms are responsible for causing more than $6 billion dollars in insured damages for the first six months of 2009, making it the leading cause for insurance losses so far in what has been called a moderate year for natural disasters.

Bipartisan legislation has been introduced in the House that would limit the tax exposure of very small property and casualty insurance companies.

The fact that health care bills in the House don't implement the most controversial reforms until 2013 should undermine arguments that coverage mandates will derail our economic recovery, says NU Editor Sam Friedman in his blog at www.NUSamSoapBox.com.

Liberty Mutual Group reported net income dropped 9 percent in the second quarter of this year, which the company's chief executive said was acceptable under present market conditions.

Zurich, Switzerland-based ACE Limited reported yesterday that quarterly net income fell 28 percent, but management pointed to an improvement in book value and pricing.

Despite poor financial results, competition among insurers continued to be high in the second quarter, but depletion of capital signals rising commercial insurance rates, according to the RIMS Benchmark Survey.