Market Forum
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Markets in Motion: Solar Manufacturer Warranties
The alternative energy market has many complicated angles to it, including solar warranties, which are essential to solar manufacturers as well as to the development and funding of solar projects.
According to Mike McMullen, president of PowerGuard Specialty Insurance Services, banks are hesitant to lend against some larger solar projects because of the severe credit [...] -
Markets in Motion: Going Green
One of today’s biggest insurance trends is green insurance as businesses look at ways to become more sustainable and cut costs. According to underwriters, the regulatory environment for green is changing dramatically as well. For example, the Securities and Exchange Commission (SEC) is requiring publicly traded businesses now disclose their climate risks and what they’re [...]
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Some Florida Insurers Get a Break on Citizens Take-Out Policies
For a number of years, Florida has had a program allowing insurers to take policies out of the state-backed Citizens Property Insurance. The original deal was that they took them out and had to stay on the policies for three years. Insurance Commissioner Kevin McCarty is relaxing that rule and allowing some of the insurers [...]
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Florida’s Mitigation Credit Program: What Went Wrong?
Florida’s program of premium credits for storm-proofed homes has been one of the contributors to the financial woes of some property insurers. The program appears to have encouraged fraud with millions of dollars in credits being awarded based on questionable inspections. Re-inspections found error rates as high as 80%. So how did such a well-intentioned [...]
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Florida’s Property Insurance Market 1 Year From Now
Florida insurance leaders are asked to look beyond current legislation and the hurricane season to what they would like to see in the state’s property insurance market a year from now. Insurance Commissioner Kevin McCarty would like to see the state tackle some fundamental issues including coastal development, building codes and the government’s role in [...]
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Why Florida Is Rethinking Its 1-in-100 Reinsurance Requirement
Reinsurance for that 1-in-100 year storm. That’s a criterion that the Florida Office of Insurance Regulation has used for years in assessing property insurers’ reinsurance programs. It’s also a standard that some rating agencies use. But Florida Insurance Commissioner Kevin McCarty has decided to take a fresh look. He wants to look not just vertically [...]
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MGAs Called Critical for Florida Property Market
In Florida it’s not uncommon for an insurance holding company to have an affiliated managing general agency to which it pays fees. Those fees have come in for some criticism lately by some who think that insurance companies that say they are losing money are actually funneling profits to their MGAs. State officials have looked [...]
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Florida Insurance Chief: 85% Medical Ratio Will Hurt Agents
Federal healthcare reforms call for major group health insurers to be held to an 85% loss ratio while insurers in the small and individual markets would have to achieve 80%. The government has some flexibility in setting the final ratios. Florida Insurance Commissioner Kevin McCarty is among those who thinks the ratio needs to be [...]
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Web 2.0 Fuels Growth in Cyber, Privacy Liability Insurance
Cyber and privacy liability insurance is poised for growth, with more players coming into the market to cover a growing number of businesses. Insurance Journal recently spoke with Graeme Newman, CFC Underwriting’s business development director, about increasing data security and privacy risks, given the surge in social media.
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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 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. [...]
Featured
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Markets in Motion: Solar Manufacturer Warranties
The alternative energy market has many complicated angles to it, including solar warranties, which are essential to solar manufacturers as well as to the development and funding of solar projects.
According to Mike McMullen, president of PowerGuard Specialty Insurance Services, banks are hesitant to lend against some larger solar projects because of the severe credit [...] -
Excellent Claims Service when Clients Need it Most
Engle Martin & Associates is an independent adjusting firm providing claims services to the insurance industry. In this interview with Claims Journal, Susan Froman, Engle Martin’s Director of Sales, discusses the growth of the company and providing service to their clients when they need it most.
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‘Uncomfortable Change’ Paves Road to Perpetuation
Too often agency principals find themselves facing a forced sale as a result of not having a proper perpetuation plan. In this podcast, MarshBerry president John Wepler discusses the many difficult and “uncomfortable” decisions required of an owner seeking to properly–and profitably–perpetuate the firm. Listen to this frank conversation as John offers some good news: [...]
Popular
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Get Smart About Insuring Intellectual Property
The Internet makes it easier to get into business but it also makes it easier to steal others’ ideas. The Web is also expanding the notion of what materials, images and designs need to be protected. Intellectual property attorney David Branfman advises agents on questions to ask clients about intellectual property exposures and warns about [...]
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Risk Management’s a Priority for Moving Company
Moving companies face a number of exposures in their daily operations, including workers compensation, cargo, fleet and general liability. Priority Moving in San Diego, Calif. is no exception. A Wheaton Van Lines agent, Priority Moving has created a series of internal procedures, reinforced by a strong employee screening process and training program. Analytics software [...]
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Cyber Breaks, Insurance and Data Breach Response Advice
Stroz Friedberg is a consulting firm that does computer forensics, mobile phone forensics, electronic discovery and cyber crime response, operating at the intersection of law, technology and behavioral sciences. David Garrett, managing director of Stroz Friedberg’s San Francisco office, explains why clients may or may not have cyber risk insurance, whether those that have the [...]
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Helicopter Business Revolves Around Safety
Corporate Helicopters is a San Diego business focusing on charter, tours, aerial filming and helicopter sales. In this episode of Watching the Risks, Corporate Helicopters president Ivor Shier explains how looking through the lens of risk analysis from the formative years to the present has led to a safer company.
Random
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William Reese, National Insurance Professionals Corp. / IIABA 2003 InfoXchange
Interview with National Insurance Professionals Corp. President, William Reese, at the IIABA
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Peak Performance is a Business Bonanza
Jeff and Larry Neilson inherited Peak Performance four years ago and redesigned the event
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Gushing Smoke from California wildfires
Footage of October 2007 wildfires as sky fills with orange-grey smoke
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Personality through Branding
On Point with Peter van Aartrijk and Rick Morgan is an audio conversation with insurance industry leaders who champion change and challenge all of us to think.
In the eighth episode, Peter and Rick talk with Anson Thompson of The Thompson Group located in Parker City, Indiana, about branding and the importance of personality on the [...]
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