The Vermont Captive Insurance Association will be hosting the world’s largest captive insurance conference this week. The event will gather together insurance executives from all over the world in Burlington, Vermont. The conference aims to expand the knowledge of the industry as well as introduce new practices, standards and prospective legislations that could affect the worldwide industry. Executives will be met with a series of seminars and will participate in forums throughout the course of the event. Vermont is home to some of the most favorable laws in terms of…
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Gartner names SAS as the leader in software market size
Gartner Inc has released a report entitled “Market Trends: No Escaping BI and Analytics in Insurance in 2011”, which gave SAS the top rank in software market size. In the report, the business analytics software and services leader was shown to have a quarter of the 2010 market share, with a $138.7 million revenue. The Gartner report said that insurance companies are focused on risk management, compliance with regulations, acquisition and retention of customers, and the achievement of excellence within their operation. These goals, according to Gartner, are pushing technology…
Read MoreSpeciality lines formed by insurance company merger
Two insurance companies have joined together to provide a custom tailored specialized insurance program covering for-profit emergency and non-emergency medical transportation companies. National Interstate Insurance Company, a market leader in transportation insurance, is working with McNeil & Company, a leader in insurance programs and risk management for emergency service organizations. National Interstate began over twenty years ago, providing (primarily) large fleet operators with transportation insurance. They now offer over 30 specialty products and options to commercial companies as well as several personal lines for specialty vehicle owners. National Interstate offers…
Read MoreExperts claim catastrophe risk modeling needs to change
The property and casualty insurance business isn’t what it used to be. Traditional methods of deciding risk management worked well in its time. According to the managing director of the Wharton Risk Management and Decision Process Center (WRMDPC) in Pennsylvania, the time has come where changing the way the industry calculates risk is essential to its survival. In the property and casualty sector, the traditional notion was that catastrophic events only occurred about every 25 years or so. It also counted on the fact that the risks were, for the…
Read MoreAIG takes a hit in the fourth quarter
The American International Group is reporting, in the fourth quarter, the company will have to take a charge back of over $4 billion in order to secure reserves on what they call long-tail insurance policies. These policies were sold by the company’s Chartis branch which offers property and casualty coverage. The boost is due, in part, to the rising cost of claims and risk management. These long-tail claims generally can take years to resolve and accrue heavy price tags during that period. There are concerns that AIG has been favoring…
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