Industry News
S&P’s New Insurance Criteria Released; Method Would Have Spotted AIG’s Past Problems
Incorporating lessons learned from historical periods for industry stress, including the near-failure of American International Group, Standard & Poor's published a revised rating methodology for ...
The Imperfect Science of Predicting Floods
Perched in a boat drifting slowly along the Red River, Dan Thomas kept one eye on a laptop and the other on a $60,000 piece of floating hardware that beamed sound waves deep into the flooding river. ...
Florida to Create Clearinghouse for Citizens Business
Florida lawmakers have approved legislation that seeks to slow the growth of the state-backed property insurer by diverting new policies into the private market while largely retaining the status quo ...
Court Upholds California Commissioner’s Authority in Mercury Rate Cut
The California Court of Appeal has upheld a Los Angeles Superior Court ruling by dismissing Mercury Insurance Co.'s lawsuit challenging Insurance Commissioner Dave Jones' authority to decrease the ...
Claims Down, Premiums Up for Reinsurers
Low damage claims and rising premiums helped to shield earnings at German reinsurers Munich Re and Hannover Re in the first quarter, as the sector battles to shore up profits amid record low interest ...
AIG May Pursue Fraud Case Against BofA’s Countrywide, Judge Rules
American International Group Inc. may pursue a lawsuit accusing Bank of America Corp's Countrywide unit of causing billions of dollars of losses by fraudulently inducing it to buy risky residential ...
Seniors Driving With Their Dogs Get In More Auto Accidents: University Study
Senior drivers who always take a pet in the car are at increased risk for being involved in a motor vehicle collision, said University of Alabama at Birmingham (UAB) researchers. In a study published ...
Rate Hikes Likely If Terror Insurance Act Not Renewed: Fitch
Failure to renew the Terrorism Risk Insurance Act (TRIA) could induce commercial insurers to retreat from larger metropolitan areas, reducing availability of coverage and raising premium rates, Fitch ...