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October 5, 2009

Cover Story

Warning: Tough Economy Heightens Risk Of Uncovered Business Exposures

While recent comments by Federal Reserve Chairman Ben Bernanke suggest the nearly two-year-long recession may be nearing an end, the economic downturn is likely to remain a force behind additional and potentially uninsured risks for a long time....

Opinion

NAIC Eyes Rating Risks

Insurers, Agents Need Social Media Strategy

News

P&C Industry First-Half Net Income Falls Over 50%, But Some Positive Signs Seen

Although P&C insurer net income fell 59.3 percent in the first half, reflecting weakness in the economy and plummeting investment gains, industry leaders saw positive signs in terms of lower underwriting losses and rising policyholders’ surplus....

NAIC Ponders Rating Agency Alternatives

State insurance regulators, after a hearing examining the flawed performance of top rating agencies in assessing the risk of complex securities held by carriers, left unresolved what their next move will be....

Rating Agencies ‘Betray Public Trust,’ Rep. Kanjorski Charges

Rating agencies betrayed not only the public trust “but also their special status under our laws,” the chair of a House Financial Services Subcommittee charged last week. ...

NAIC Proposes Federal Countermeasure To Reform U.S. Reinsurance Regulation

Insurance regulators are proposing their own draft measure to Congress modernizing state oversight of reinsurance....

Agents Wary Of Public Option Despite Senate Committee Vote

Health care reform legislation that the insurance industry can support took a giant step forward last week when the U.S. Senate Finance Committee rejected two amendments that would create a “public option” to compete with private carriers....

Nationwide Suggests Wind-Water Policy

Nationwide Insurance Company is proposing the creation of a government backstop for insurers willing to offer a homeowners policy for both wind and flood coverage....

Senate Votes To Extend NFIP, While GAO Cites Lax Oversight

The U.S. Senate passed legislation last week extending the controversial NFIP until Oct. 31 while talks continue on a more permanent reauthorization....

Market Report

Lexington Still Number-One E&S Insurer; Diversity Is Key, Senior Executive Says

Lexington Insurance Company has retained its dominant position among U.S. excess and surplus lines insurers going into this year’s biggest meeting of E&S insurance market participants....

Spotlight On Lexington’s Pandemic Rx

In July, Tracey Sharis, who manages health care, higher education and financial institution businesses for Lexington Insurance, provided some details of Pandemic Rx....

From Peanuts To Pet Food: Coverage Available For Rising Recall Exposures

In the United States, the numbers of voluntary and involuntary recalls continue to hit higher levels than in the past—or at least they have played out more dramatically in the media....

Providing Green Umbrellas: Insurers Out In Front Of Environmental Trends

The insurance industry has traditionally been ahead of the curve when it comes to anticipating important trends, getting out in front of large-scale behavioral shifts and rapidly adapting to evolving societal realities....

Specialty Broker Expertise Valuable To Ensure Main Streets Are Properly Covered

Main Streets can be a boon of opportunities to savvy retail agents....

Underwrite, Don’t Undervalue Property

It is hurricane season, and there is no better time for our industry to rededicate itself to the basic underwriting principle of Insurance to Value....

CNA Executives Explain Expanding E&S Appetite

Putting a new label on CNA’s excess-and-surplus lines business is just one small step in a building process being led by industry veteran John Angerami, the new head of CNA Select Risk....

Technology Trends

24x7 Demand Driving Self-Service Need

Consumers today—especially those buying personal auto insurance, for example—expect to purchase new policies, pay bills or change coverage parameters at any time, day or night, via the Web....