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Global Insurance Premiums Fall For 1st Time Since 1980
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Published - 07/02/2009 12:00 AM
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World insurance premium volume fell for the first time since 1980 by 2 percent after years of expansion, according to a report released by Swiss Re.
In its study, “World Insurance in 2008,” the Zurich, Switzerland-based carrier said non-life premiums shrank by 0.8 percent in 2008 compared to the previous year’s ...
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California to probe insurers on Iran investments
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Published - 07/01/2009 12:00 AM
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SACRAMENTO, Calif.—California Insurance Commissioner Steve Poizner on Monday said he will probe California’s domestic insurers to ensure they comply with a state law prohibiting companies based in the state from investing in Iran.
“State law prohibits California insurance companies from investing in countries designated as state sponsors of terrorism,” Mr. Poizner ...
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Insurers Seen Lagging On Tech For Reinsurance Administration
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Published - 06/22/2009 12:00 AM
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A survey of chief financial officers at U.S. property-casualty insurers has found that 80 percent of them still rely on spreadsheets for reinsurance administration.
The findings were made by Columbia, S.C.-based StoneRiver, which found only 13 percent of respondents were utilizing an automated system.
A system that is entirely automated, Stone ...
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Group calls for crackdown on offshore reinsurers
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Published - 06/19/2009 12:00 AM
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WASHINGTON—A coalition of 14 U.S.-based property/casualty insurers is calling for legislation that prohibits domestic insurers with foreign parents from reinsuring their U.S.-written business with foreign affiliates in low- or no-tax jurisdictions.
The Coalition for a Domestic Insurance Industry sent a report and cover letter supporting its position to chairmen and ranking ...
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Insurers: Effective Innovators—Almost
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Published - 06/19/2009 12:00 AM
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What if we told you insurance is one of the most innovative industries we know? (Hold the smirks. We are serious.)
What if we went further and said that the insurance industry was poised to assume the leadership position when it comes to creating new products, services, and business models ...
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Financial Turmoil is Opportunity
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Published - 06/18/2009 12:00 AM
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Willis Group Holdings sees an opportunity for insurers to make lemonade with the proverbial lemons the industry has been handed. In a time of financial turmoil, the insurance industry faces an unprecedented opportunity to begin selling on value—not on price, Joe Plumeri, chairman and CEO of the global insurance ...
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Most Big Insurers Plan Growth Overseas, Survey Finds
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Published - 06/12/2009 12:00 AM
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A majority of large insurers in a survey said they are planning to expand internationally within the next 12 months despite the ongoing economic turmoil.
The poll released by the consulting firm Accenture, asked more than 100 major property-casualty and life insurance carriers in 16 of the world’s largest insurance markets ...
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Obama to propose estate tax changes, closing domestic loopholes to raise about $60 billion over 10 yrs
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Published - 05/12/2009 12:00 AM
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The Obama administration on Monday will propose raising nearly $60 billion over 10 years through changes to the estate tax law and closing certain domestic tax loopholes, an administration official said.
Funds raised will go to beef up a health care reserve fund, a $634 billion pot of money President Barack ...
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