Calif. Plan To Cut Penalties On Insurance Crime Protested

Published - 07/01/2009 12:00 AM

Four anti-fraud groups have written California Gov. Arnold Schwarzenegger, criticizing his budget proposal to downgrade most insurance crimes from felonies to misdemeanors. The governor has advanced the idea as a method to save on prison costs. But, the organizations warned in their letter that such a move would weaken anti-fraud efforts and ... 

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Economy puts new pressure on risk managers

Published - 06/25/2009 12:00 AM

BERMUDA—In the current market, the top concern for risk managers is the economic slowdown, which means added scrutiny of any dollars spent, an expert related at an industry conference here. “They must look at whether a solution is driven by compliance, or if it will bring additional revenue or return on ... 

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States Exert More Controls On Insurers, Consumers

Published - 06/24/2009 12:00 AM

The role of government in the American insurance market increased in 2008, according to a 50-state study released by two conservative think tanks. “For every free-market reform, a regulatory setback increased government intervention in many states,” concluded the report by the Washington-based Competitive Enterprise Institute and the Heartland Institute in Chicago. Their ... 

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Deloitte Report Foresees Increased Insurer Mergers This Year

Published - 06/24/2009 12:00 AM

Mergers and acquisitions activity is expected to pick up in 2009 as financial institutions look for ways to divest their non-core insurance businesses in order to fund potential capital shortfalls, a consulting firm report says. The Deloitte analysis, “The 2009 Insurance M&A Outlook: Opportunity in an Uncertain Environment,” states that “strategic ... 

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RIMS Says 2008 Cost Of Risk Dropped 9.4 Percent

Published - 06/23/2009 12:00 AM

The average total cost of risk, made up of insurance premiums retained losses and risk management administrative costs, fell  9.4 percent per $1,000 of revenue in 2008, according to a survey. The findings in the annual benchmark survey of Risk and Insurance Management Society came from a poll of over 1,300 ... 

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Global Insurance Premiums Fall For 1st Time Since 1980

Published - 07/02/2009 12:00 AM

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

Published - 07/01/2009 12:00 AM

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

Published - 06/22/2009 12:00 AM

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

Published - 06/19/2009 12:00 AM

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

Published - 06/19/2009 12:00 AM

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

Published - 06/18/2009 12:00 AM

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

Published - 06/12/2009 12:00 AM

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

Published - 05/12/2009 12:00 AM

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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