News

Insurance company executives and independent agents disagree over just how easy insurers are making it to do business with them--an area of opportunity for carriers to expand their business, a survey suggests.

Munich Re reported a 2010 first-quarter net profit of EUR485 million ($620 million at current exchange rate), an 11 percent increase over the 2009 first-quarter net profit of EUR437 million ($558.6 million).

U.S. Senate Republicans believe failure to increase federal oversight of large insurance companies is a major deficiency of financial services reform legislation, questioning whether state guaranty funds are adequate to deal with large carrier failures.

Independent agencies are invited to enter the 2010 Commercial Insurance Agency of the Year Award program, run by National Underwriter and American Agent & Broker, with entries due by July 1.

Anxiety is growing within the agent and broker community about rules in New York going into effect in January 2011, requiring them to disclose to their clients information about compensation received from insurers.

The city of Nashville expects damage from flooding that began as a result of more than 13 inches of rain to surpass the billion-dollar mark, despite the fact that assessments are still taking place.