News

Louisiana Insurance Commissioner Jim Donelon has turned to the head of the Michigan FAIR Plan to take over Louisiana's last-resort insurer.

The Institute for Business & Home Safety (IBHS) and the Federal Alliance for Safe Homes (FLASH) will partner to promote an IBHS construction program for homes and commercial buildings that are vulnerable to disasters.

Much of the damage caused by a dam breach due to heavy rain in Iowa is uninsured because an estimated large majority of homes in the affected areas do not have flood insurance.

Disallowing the tax deduction for reinsurance between affiliated entities would have a "detrimental effect on U.S. consumer" and lead to higher insurance premiums, the head of a trade group representing European insurers said.

A federal probe into whether state insurance regulators are overstepping their authority when it comes to risk retention groups is being hailed by a national self-insurance group.

There appears to be no relief for insurers in the buyer's market for commercial property and casualty coverage, as excess capacity and falling demand have prompted average rate cuts to accelerate.