Market Forum
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New York’s Answer to Lloyd’s of London
A proposal by regulators in New York to re-launch the New York Insurance Exchange and create a U.S.-based Lloyd’s of London competitor, is one of the most closely watched stories in the industry. Maria Filipakis, special counsel for the New York State Insurance Department is overseeing the plan, which is in the process of being [...]
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The Climate for Pay-As-You-Drive Insurance
Insurance companies and regulators are exploring usage-based car insurance — also known as “Pay as You Drive” — a voluntary system that promises to to modify driving behavior and, perhaps, even the climate.
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Fast Food Chain Battles Fraudulent Claims
Based in San Diego, Jack in the Box Inc. was founded in 1951 and is the first major fast-food chain that started as a drive-thru. Today, it has approximately 43,000 employees with more than 2,200 quick-serve restaurants in 18 states. In this episode, Jack in the Box deputy general counsel of 12 years, [...]
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Economy Has Long Way to Go, CNA Chief Says
Recent property/casualty insurer financials showed improvement but Thomas Motamed, CNA Financial’s CEO and chairman, isn’t jumping for joy yet. Investment income is down and underwriting results aren’t improving, he says in this interview with Insurance Journal’s Andrew Simpson. That means companies like his have to stress pricing and underwriting discipline even though the economy continues [...]
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States, Insurers Grapple with Subsidized Property Insurance Markets
The exposure of various states’ residual markets for property insurance has grown from $55 billion to nearly $700 billion in the last two decades. Dr. Robert Hartwig, president and economist of the Insurance Information Institute, discusses how this has become a serious problem, particularly in Florida, for both public officials and private industry.
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Insurance Opportunities In the New Decade
The recession has taken its toll on many traditional businesses. But the good news is that, as these businesses recover along with the economy, there will also be opportunity for insurers to address the needs of some new growth industries over the next decade, according to Dr. Robert Hartwig, economist with the Insurance Information Institute. [...]
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Insurance Innovation: An Oxymoron?
Insurance innovation…is it an oxymoron? That was the provocative title of a panel at the Professional Liability Underwriters Society meeting in Chicago. One of the panelists, Leib Dodell, now with the new ThinkRisk Underwriting in Kansas City and formerly president and CEO of Media Professional Insurance, discusses why and how the insurance industry should embrace [...]
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CEO Motamed Says Changes Underway at CNA
Thomas Motamed joined CNA Financial as Chairman and CEO in January, 2009 after 30 years at Chubb Corp. In this interview, he talks about the changes he has in store at CNA.
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Media, Tech Markets Converge: Dodell On Keeping Up
The world is changing, with virtually every business now facing both media and technology exposures. Insurance needs to keep up, says Leib Dodell , former president and CEO of Media Professional Insurance, who is now part of the team launching a new specialty E&O facility based in Kansas City called ThinkRisk Underwriting Agency. In this [...]
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Product Recall 101
Whether it’s for food or manufactured goods, hardly a week passes without news that somewhere, a recall on a product has been issued. Understandably, Product Recall insurance is a fast-growing market for liability coverage for many insurers. Jane McCarthy, vice president of Liberty International Underwriters, talks about the basics of product recall, and why many [...]
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Key to Environmental Liability
Every business, regardless of size, should be considering its environmental exposures. According to William McElroy, senior vice president, Environmental, Liberty International Underwriters, there is no avoiding the fact that environmental liability is a highly technical area. Thus, a close working relationship between the broker and an experienced environmental carrier is the key to getting the [...]
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From Vine to Wine
Don Reha is the winemaker for Orfila Vineyards and Winery in Escondido, California where he oversees the winemaking process from vine to bottle. In this episode of Watching the Risks, Reha talks about insuring and protecting the product and business income through its various stages.
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Smart Growth in the P/C World
Being too big to fail is not really an issue in most of the property/casualty business, says Bob Restrepo, CEO of State Auto Insurance, a super regional carrier that is looking to grow and balance its personal and commercial book. Restrepo discusses growth and the pricing, acquisition and competitive environment in these excerpts from a [...]
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How a Midwest-Based Insurer Copes with Catastrophes
Not all catastrophe insurance losses are on the coast. State Auto Insurance CEO Bob Restrepo discusses how his Super Regional company has been hit hard by cat losses and what it is doing to mitigate these losses.
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What’s Keeping D&O Clients, Brokers Awake At Night
Securities class actions are not the only worry for Directors & Officers Liability clients and brokers today. They are also being kept awake by expected bankruptcies, heightened regulatory action and even foreign practices, Denise Amantea, a partner with Woodruff Sawyer Insurance in San Francisco, tells Insurance Journal from the 2009 Professional Liability Underwriting Society (PLUS) [...]
Featured
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Young Agent, Young Owner
Amy Bryan, owner of Bryan Insurance Agency in New Windsor, N.Y. opened her own independent insurance agency at the age of 22. She had no carrier appointments and no customers when she launched her agency in 2004, ut it didn’t take long for Amy to attract quality carriers and customers. Now, at just 28 [...]
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Creating Online Connections
To the 77 percent of independent insurance agencies that don’t have a social media presence, creating a profile and trying to form “friendships” via a computer can be daunting. Once you get online, however, tools such as blogs, Facebook, LinkedIn and RSS feeds actually can help an agency build more thoughtful relationships with other agents [...]
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London Calling
London Based specialty insurer Hiscox, which launched a significantly expanded US presence in 2006, saw its gross profits reach record levels of 481 million dollars last year. Recently, the company’s chief underwriting 0fficer, Rob Childs, sat down to discuss the profitability for the company and what he sees as the outlook and obstacles for [...]
Popular
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Insurance Risks at Gatorland Theme Park
Opened in 1949, Gatorland is central Florida’s oldest theme park. The 110-acre attraction is home to a multitude of animals, including the powerful alpha predators that are the park’s namesake.
With over 100 employee roles, ranging from custodial and food handling to gator wrestling, the potential for injury is great; however, the incident of harm at [...] -
From Vine to Wine
Don Reha is the winemaker for Orfila Vineyards and Winery in Escondido, California where he oversees the winemaking process from vine to bottle. In this episode of Watching the Risks, Reha talks about insuring and protecting the product and business income through its various stages.
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Fast Food Chain Battles Fraudulent Claims
Based in San Diego, Jack in the Box Inc. was founded in 1951 and is the first major fast-food chain that started as a drive-thru. Today, it has approximately 43,000 employees with more than 2,200 quick-serve restaurants in 18 states. In this episode, Jack in the Box deputy general counsel of 12 years, [...]
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CEO Motamed Says Changes Underway at CNA
Thomas Motamed joined CNA Financial as Chairman and CEO in January, 2009 after 30 years at Chubb Corp. In this interview, he talks about the changes he has in store at CNA.
Random
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Calif. Commissioner Announces New Emergency Regs for Homeowners
California Insurance Commissioner John Garamendi reiterated that homeowners are in crisis
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Educating Professionals
David Bell, chief operating and administrative officer of Allied World Assurance, who also serves as the 2009 president of the Professional Liability Underwriters Society (PLUS), says that while PLUS has always brought education opportunities to its members, in 2009 the organization will expand those opportunities to younger professionals and students. Through newly completed PLUS education [...]
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Insurance Risks at Gatorland Theme Park
Opened in 1949, Gatorland is central Florida’s oldest theme park. The 110-acre attraction is home to a multitude of animals, including the powerful alpha predators that are the park’s namesake.
With over 100 employee roles, ranging from custodial and food handling to gator wrestling, the potential for injury is great; however, the incident of harm at [...] -
Garamendi’s Crisis in Homeowners Coverage
According to Marshall & Swift/Boeckh, a Los Angeles-based residential and commercial property
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