According to partner Robert Glasser from the Dempsey Partners L.L.C. New York Office, it is very important for a company to assess its needs for business interruption coverage and to do so carefully. That said, while CFOs and risk managers are typically confident in determining many of the insurance needs of their organizations, they often balk in the face of business interruption because they don’t have a structured approach to provide them with the information they require to make their decision regarding this coverage and its limits. Unfortunately, this discomfort…
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Federal Insurance Office receives 150 comments on how to modernize the U.S. health insurance regulatory system
In October of last year, the Federal Insurance Office (FIO) issued a request for commentary on how to modernize health insurance regulations. The commentary period ended in December with the agency receiving more than 150 suggestions on what to do. Now, the FIO is using the comments it has received to help build a report regarding the regulatory system in the U.S. When completed, the report will be given to Congress and used to help plan a course of action for the future. Michael McRaith, director of the FIO, attended…
Read MoreING Group to abandon plans for combined insurance and investment operations in Europe and Asia
The ING Group, a Dutch financial institution working in the banking and insurance industries, has announced that it will be abandoning its plans for a combined European and Asian insurance investment operation. The company cites economic turmoil in the European region as the primary reason for its change of heart. Future investment and insurance plans are still a possibility for the future, if the European financial crisis is resolved appropriately. The company still has a keen interest in the Asian market, however, and plans to pursue alternative schemes to expand…
Read MoreVermont licensed more than 40 new captive insurance companies in 2011, expects to license more this year
The Vermont Banking, Insurance, Securities and Health Care Administration has released new data that shows the state has added 41 new captive insurance companies in 2011. The state is home to more than 590 active captive insurance groups currently, with a total of 952 licensed insurers.2011 was the sixth consecutive year in which Vermont added more than 40 new captives to the market, showing the growing trend of captives in the state’s insurance industry. Captives have always been popular in the insurance business, but more insurance organizations are opting to…
Read MoreChina insurance industry to face major challenges this year, according to Regulatory Commission
China may be home to one of the fastest growing insurance markets on the planet, but Xiang Junbo, chairman of the Chinese Insurance Regulatory Commission, says that the industry is faced with major challenges this year. Last year, Chinese insurers saw return on investment results drop by 3.6%. When coupled with the now notorious natural disasters of 2011, the results have rocked the nation’s insurance industry somewhat. Regulators say that if the coming challenges cannot be overcome, the growth of the insurance market may grow beyond the industry’s ability to…
Read MoreCover-All Technologies acquires BlueWave Technology
The Delaware-based Cover-All Technologies Inc., has announced that it has acquired BlueWave Technology’s assets, including all of its innovative software solutions for insurance claims, called PipelineClaims. The acquisition was made in cash and came into effect as of December 30, 2011. The browser-based software solution for claims administration will now be marketed by Cover-All as both a fully integrated component into its existing products for Policy and Business Intelligence, and as a standalone product. This way, Cover-All hopes to be able to provide its customers will a full function, fully…
Read MoreNatural disasters from 2011 cost private insurance companies over $32 billion
As a result of the insured losses from natural disasters in 2011, private sector insurance companies will have paid over $32 billion in claims to assist businesses and homeowners to rebuild after damages caused by those events. According to the Insurance Information Institute (I.I.I.), this figure breaks the records for all previous years in terms of federal disaster declarations. The I.I.I. president, economist Dr. Robert Hartwig, CPCU, the catastrophes that occurred in the United States in January through September resulted in 32.6 billion in losses that were directly insured. This…
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