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National Underwriter Property And Casualty Insurance News.

March 15, 2010

Cover Story

If current trends continue, cyber insurance coverage just may take its place alongside workers’ comp, general liability, fire and auto insurance in the core commercial property and casualty package....



News

Although the CEOs of four top insurers are seeing some green shoots of economic improvement in areas like new housing starts, higher discretionary spending and gross domestic product growth, they predict a long, slow recovery...

Any legal challenge to block New York’s compensation disclosure rule for insurance producers will likely fail, but a lawsuit might delay implementation, a former regulator told agents and brokers meeting here....

As the economy goes, so goes the insurance market, excess and surplus lines experts agreed at a meeting here....

A provision in financial services reform legislation to be introduced in the Senate this week is running into heavy fire from various industry groups, including state legislators....

The soft market deepened last month for the property and casualty insurance industry, particularly for bigger buyers, with the overall composite rate declining 5 percent, compared with 4 percent in January, MarketScout reported....

While St. Patrick’s Day parades and other festivities are entertaining for onlookers, public risk managers need to look at reducing exposures and preventing losses....

Even before another series of earthquakes struck Chile last week, global reinsurers were tallying their losses from the Feb. 27 event and providing independent estimates of its impact for the entire insurance industry....

Market Report

Insurance company executives said insurers have themselves to blame for the prolonged soft market....

Researchers delivered good news to directors and officers liability insurers who cover defendants in securities lawsuits this year, revealing that the number of securities class actions plummeted in 2009....

Surplus lines insurer executives are tackling the challenges of 2010 with a broad range of strategies, but whatever individual approaches they may adopt, all say their main focus is on strengthening wholesaler relationships....

Veteran surplus lines insurance industry executives say they’ll know a market turn when they see one, but so far, all the barometers they check to predict the proximity of a turn are stuck in soft market territory. ...

For the second straight year, captive owners said securing collateral from banks to satisfy their fronting companies is their top concern, a survey by the Captive Insurance Companies Association has revealed....

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