New legislation in Florida may mandate the state’s insurers to present the books of affiliated management companies for audits. This legislation would close a loophole left over from the last time the state’s insurance laws were amended, a loophole that kept this information private. Insurers also exploited the loophole to spend the money collected through premiums on ventures that they owned. Such spending was not regulated in any way by the state. The legislation is an amendment added to a much larger insurance bill, sponsored by Senator Garrett Richter of…
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Allianz reports catastrophe losses on the rise but not the root of industry woes
Risk assessment experts at Allianz, one of the largest insurers in the world, have spoken out about the rising costs insurers are experiencing from natural catastrophe, outlining their findings in risk briefing – Allianz Risk Pulse: Focus Natural Catastrophes. With occurrences of severe weather, earthquakes and flooding, many insurance companies are seeing losses due to natural disasters and, according to Allianz, the number of companies experiencing these losses is on the rise. However, the increase may not be due to natural disasters at all. Allianz finds that the growing trend…
Read MoreSo how did the insurance market do in 2010?
The property and casualty sector fared well for 2010; according to a report that was recently released. The financial report for the P/C industry gives the details for the sectors’ rate of return, underwriting, investment results, operating income, policyholder’ surplus and wrapping up with fourth quarter results. The policyholder’s surplus was up to 6.5 percent giving them a 0.6 percent increase from the previous year. This resulted from negative return rates for insurers in mortgage and financial securities, as well as low returns for other insurers. Although insurers net income…
Read MoreToday’s Insurance Industry News
The American Association of Insurance Services (AAIS) held a conference this month with insurers in the property and casualty sector. The VP of federal affairs for the Property Casualty Insurers Association of America (PCI) spoke to the group about topics current and pending, in Congress, that may affect the industry. Lobbyists see no immediate issues that will have a direct effect on PCI members or the industry. However, there are a few things to keep a watch on concerning health care, the antitrust act and the National Flood Insurance Program.…
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