Insurance Journal TV » Market Forum

Markets in Motion: Going Green

creese — Thu, 29 Jul 2010 15:29:15 +0000

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 doing about climate change. The Environmental Protection Agency (EPA) regulates greenhouse gas as a pollutant and is putting new and tougher restrictions on nearly all industries.

Some cities have adopted green building codes requiring that buildings be rebuilt as green. Some jurisdictions, including California, will soon require that office buildings, hotels and buildings that are for sale or lease must disclose their energy star score. These new green building regulations, as well as the actual task of going green, can be overwhelming for a business owner. Insurance companies and agents can work with them to help ease the process and make sure their green exposures are covered.

In this edition of Markets in Motion, MyNewMarkets.com Associate Editor Amy O’Connor talks with Fireman’s Fund about how agents can help insureds with the going green process and with a business owner who has successfully made the transition to a green business.

Some Florida Insurers Get a Break on Citizens Take-Out Policies

creese — Thu, 03 Jun 2010 00:25:40 +0000

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 to non-renew some of the riskiest take-out policies early. He estimates it will affect about 20,000 to 30,000 policies. Jeff Grady of the Florida Association of Insurance Agents says agents aren’t thrilled about this change. In fact, he thinks it’s an indication that the whole take out program is a failure.

Florida’s Mitigation Credit Program: What Went Wrong?

creese — Thu, 27 May 2010 21:25:35 +0000

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 program get out of control? The answers– and some fingerpointing– in this interview come from agency, carrier and regulatory points of view.

Florida’s Property Insurance Market 1 Year From Now

creese — Thu, 27 May 2010 18:36:31 +0000

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 risk sharing. Insurance Journal’s Andy Simpson also speaks with Jeff Grady, president/CEO, Florida Association of Insurance Agents; James Graganella, president/CEO, Southern Fidelity and Capitol Preferred; and Jay Newman, chairman, one-year old Sawgrass Mutual.

Why Florida Is Rethinking Its 1-in-100 Reinsurance Requirement

creese — Wed, 26 May 2010 23:42:00 +0000

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 at the exposure of the 1-in-100-year storm but also horizontally at the frequency of more moderate storms. Why the change now? McCarty, agents and two CEOs give their views.

MGAs Called Critical for Florida Property Market

creese — Mon, 24 May 2010 21:47:31 +0000

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 into two cases. However, even the critics agree that the model of the MGA has been important historically and will be critical to the future of the Florida property insurance market and any problems with it are really manageable.

Florida Insurance Chief: 85% Medical Ratio Will Hurt Agents

creese — Fri, 21 May 2010 16:46:46 +0000

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 carefully defined and possibly lowered to ensure availability of sufficient products to consumers and a role for insurance agents.

Web 2.0 Fuels Growth in Cyber, Privacy Liability Insurance

creese — Tue, 04 May 2010 09:04:57 +0000

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.

New York’s Answer to Lloyd’s of London

bpedroso — Mon, 01 Mar 2010 22:32:05 +0000

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 vetted by representatives from over 50 of the largest companies in the industry. She recently spoke with Insurance Journal about the progress of the plan, and how that new exchange could reshape the market.

The Climate for Pay-As-You-Drive Insurance

bpedroso — Thu, 25 Feb 2010 18:17:48 +0000

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.

Fast Food Chain Battles Fraudulent Claims

bpedroso — Wed, 10 Feb 2010 00:08:06 +0000

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, Ray Pepper, discusses the risks associated with fraudulent claims for the publicly-traded company.

Economy Has Long Way to Go, CNA Chief Says

creese — Tue, 22 Dec 2009 21:07:15 +0000

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 to make this difficult.

States, Insurers Grapple with Subsidized Property Insurance Markets

bpedroso — Tue, 22 Dec 2009 20:29:51 +0000

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.

Insurance Opportunities In the New Decade

bpedroso — Tue, 22 Dec 2009 19:52:14 +0000

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. The new decade will be about more than insuring windmills.

Insurance Innovation: An Oxymoron?

bpedroso — Tue, 22 Dec 2009 19:27:49 +0000

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 innovation.

CEO Motamed Says Changes Underway at CNA

bpedroso — Mon, 14 Dec 2009 21:48:24 +0000

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.

Media, Tech Markets Converge: Dodell On Keeping Up

bpedroso — Mon, 07 Dec 2009 19:51:27 +0000

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 interview with Insurance Journal’s Andrew Simpson, Dodell discusses how the insurance industry might adjust to keep up with the convergence of the media and technology marketplaces.

Product Recall 101

creese — Tue, 10 Nov 2009 00:02:13 +0000

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 buyers need it.

Key to Environmental Liability

creese — Tue, 03 Nov 2009 17:00:01 +0000

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 coverage right.

From Vine to Wine

bpedroso — Tue, 29 Sep 2009 00:11:11 +0000

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.

Smart Growth in the P/C World

bpedroso — Wed, 10 Jun 2009 22:01:03 +0000

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 wide-ranging interview with Insurance Journal’s Andrew Simpson.

How a Midwest-Based Insurer Copes with Catastrophes

bpedroso — Tue, 02 Jun 2009 16:35:48 +0000

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.

What’s Keeping D&O Clients, Brokers Awake At Night

bpedroso — Mon, 23 Mar 2009 01:42:21 +0000

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) D&O Symposium.

How Brokers Manage D&O Expectations

bpedroso — Mon, 23 Mar 2009 01:28:49 +0000

Carpenter Moore Senior Managing Director Norman Allen discusses a recent Professional Liability Underwriting Society (PLUS) survey on the role of brokers in the claims process for Directors & Officers Liability and where tensions may exist. Also, how a broker helps define expectations not only of the client but also of the carrier.

Bear Market Makes for D&O Difficulties

bpedroso — Thu, 19 Mar 2009 15:45:20 +0000

Bankruptcies, bailouts and a bear market are making it difficult to price and estimate claims for D&O insurance. In this exclusive interview with Insurance Journal’s Ken St. Onge, Michael Karmilowicz of The Hartford dishes on the state of the D&O marketplace, the new challenges of side A coverage and the problems in setting premiums amidst Wall Street’s collapse.

AIG on Today’s D&O Liability Climate

bpedroso — Fri, 06 Mar 2009 18:31:33 +0000

Given today’s headlines, directors and officers are questioning their liability exposure like never before. In this interview with Insurance Journal’s Andy Simpson at the recent PLUS convention in New York , Mike Smith, president of AIG Executive Liability, discusses the D&O market for financial and non-financial firms, and the importance of brokers, underwriters and relationships.

Even in ‘Soft Markets’ E&S Industry Shines

bpedroso — Thu, 09 Oct 2008 17:37:07 +0000

Tom Mulligan, executive vice president of Western World Insurance Company, talked with Insurance Journal’s Chris Boggs about the soft market and the continued importance of excess and surplus lines carriers and brokers. Mulligan relates the differences between this soft market compared to past soft markets pointing out that no two are ever alike; but, just like in past markets, the E&S industry is being called on to solve problems.

Times of Boom and Bust

bpedroso — Tue, 07 Oct 2008 18:12:42 +0000

The property/casualty industry has its times of boom and bust. How are surplus lines brokers in particular affected by this and what can they do to remain profitable? E.G. Lassiter, chairman and CEO of Atlanta-based RSUI Group Inc., answers that and other questions in this interview with Insurance Journal’s Andrea Wells at the recent National Association of Surplus Lines Offices’ annual convention in San Diego.

How Today’s Soft Market Differs from the Past

bpedroso — Thu, 02 Oct 2008 22:29:52 +0000

The soft market is here again and an over supply of capital is the main reason for the market’s turmoil, says Skip Cooper, president of AmWins Group Inc. In this interview with Insurance Journal’s Mark Wells at the recent NAPSLO Annual Convention in San Diego, Cooper says that while the capital is a bit more disciplined than past soft market cycles, carriers are still hurting. There’s also a big disconnect between carrier pricing and the terms of reinsurance, he adds, something unique to the current market cycle.

Liberty Mutual’s Personal Responsibility Campaign, Take 3: Out-Buzzing the Big Spenders

bpedroso — Tue, 22 Jul 2008 15:51:40 +0000

Not every insurance company is able or willing to spend billions on advertising to get business. Liberty Mutual’s Responsibility: What’s Your Policy Campaign and its Responsibility Project proves there is a way to outbuzz rather than outspend the competition and build relationships with prospects, contends Steve Sullivan, senior vice president of communications at Liberty Mutual, in this segment of an interview with Insurance Journal’s Andy Simpson.

Liberty Mutual’s Personal Responsibility Campaign, Take 2: Creating Values-Driven Relationships

bpedroso — Tue, 22 Jul 2008 15:40:23 +0000

Liberty Mutual’s Responsibility: What’s Your Policy Campaign is far more than an advertising campaign. It’s about the values of customers and a company, says Steve Sullivan, senior vice president of communications at Liberty Mutual, in this segment of an interview with Insurance Journal’s Andy Simpson.

Liberty Mutual’s Personal Responsibility Campaign, Take 1: Customer and Employee Research

bpedroso — Mon, 21 Jul 2008 19:34:24 +0000

Few insurance advertising and marketing efforts have create a stir like Liberty Mutual’s Responsibility: What’s Your Policy Campaign. Steve Sullivan, senior vice president of communications at Liberty Mutual, is one of the people responsible for the campaign. In this segment of an interview with Insurance Journal’s Andy Simpson, Sullivan discusses how important consumer and even employee research was in the development of the campaign.

Global Branding, Chubb Take 1: Lessons Lived and Learned

bpedroso — Thu, 10 Jul 2008 16:26:39 +0000

Over the past 20 years, Chubb has expanded its brand globally into Canada,
Brazil, Korea, China and other international markets. In this excerpt from
an interview with Insurance Journal’s Andy Simpson, Chubb Executive Vice
President and International Field Operations Manager Jan Tomlinson talks
about some of the lessons Chubb has learned about the value of using local
employees, the role of independent brokers abroad and what to do when
another company is using the Chubb name.

Global Branding, Chubb Take 2: The Insurance Promise of China

bpedroso — Tue, 08 Jul 2008 15:57:41 +0000

Chubb Insurance is growing in China but it has taken time, patience and an ability to adapt. Today what Chubb writes in China is not quite what it expected to be handling. In this interview with Insurance Journal’s Andy Simpson, Chubb Executive Vice President and International Field Operations Manager Jan Tomlinson talks about the obstacles and promise of bringing an insurance brand like Chubb China.

Tattoo Liability Now Designed for Removal

creese — Mon, 05 May 2008 16:56:33 +0000

It’s not your momma’s tattoo industry. It’s fast-growing and changing. Liability policies now cover removing tattoos as well as traditional applications. Susan Preston, an insurance expert with PPIB and a tattoo removal pioneer, explains the coverage and demonstrates the removal technique she helped develop.

Exclusive Video Interview with William R. Berkley, Take 3: Personal Lines, Politics and Florida

creese — Tue, 18 Mar 2008 20:24:18 +0000

William R. Berkley, founder of W.R. Berkley Corp., discusses his firm’s 1999 decision to get out of personal lines and how it is managing the property insurance situation in Florida in this excerpt from an exclusive video interview with Insurance Journal.

Watch the entire interview.

Exclusive Video Interview with William R. Berkley, Take 2: Diversity and decentralization

creese — Sat, 08 Mar 2008 01:13:13 +0000

William R. Berkley runs his giant insurance holding company of diverse specialty and regional insurers a lot like a family business where the parents trust their kids to behave. Diversity and decentralized management have worked well for W.R. Berkley Corp., the founder notes in this excerpt from an exclusive video interview with Insurance Journal.

Watch the entire interview.

D&O: The Role of Agents/Brokers

asimpson — Wed, 05 Mar 2008 16:38:49 +0000

Susanne Murray, Esq. is an executive vice president with insuance broker Hilb Rogal Hobbs and an expert in directors and officers liability coverage. Here she discusses the role of the insurance broker working with D&O clients after the sale, including when and how a broker should be involved if a client has, or thinks it has, a potential claim situation and in advising on procedures, renewal options and excess layers. She spoke with Insurance Journal’s Andy Simpson at the 2008 Professional Liability Underwriting Soicety’s 2008 D&O Symposium in New York.

W.R. Berkley Interview: Delivering Results through Diversity and Decentralization

creese — Mon, 03 Mar 2008 19:47:04 +0000

An Insurance Journal Exclusive Video Interview with William R. Berkley.

Exclusive Interview with William R. Berkley: Take 1- Why this cycle is different

creese — Mon, 03 Mar 2008 19:40:34 +0000

Every cycle is different, says William R. Berkley, and the current one has its own unique features. The founder of the giant insurance holding company that bears his name explains why this cycle is different, discusses the incursion into surplus lines by standard carriers, and offers his outlook for 2008, 2009 and 2010 in this excerpt from a longer exclusive video interview with Insurance Journal.

Watch the entire interview.

From five to 1,000 policies — it’s all in a day’s work for Tapco

creese — Wed, 19 Dec 2007 21:18:29 +0000

In 25 years, Tapco Underwriters has gone from writing five policies daily to 1,000 every day. In an interview with Insurance Journal’s Stephanie Jones, Tap Johnson discusses how the use of technology and his company’s unique service model has enabled it to go from a three-person operation with a typewriter to a dynamic company with expansion on its mind.

Florida Agents Under Pressure

creese — Sat, 15 Sep 2007 01:57:31 +0000

Florida insurance agents are under pressure to place property risks with the public insurer Citizens but they must also explain the risks of Citizens and explore private markets in what is a very emotional situation. FAIA’s Jeff Grady offers the agents’ viewpoint from the Demotech/Insurance Journal Florida Private Sector Summit.

Florida’s Property Insurance Law in Perspective

creese — Wed, 12 Sep 2007 18:27:55 +0000

Lobbyist and lawyer Thomas Maida puts Florida’s HB1A in insurance and legal perspective. From the Florida Private Sector Summit on Property Insurance sponsored by Demotech and Insurance Journal.

Small Florida Insurer Battles Big Storms

creese — Wed, 12 Sep 2007 18:25:00 +0000

Coral Insurance Co. writes only in Florida so its resources for coping with new state insurance mandates and regulations are limited. President Susan Straker talks about how her company is weathering the bad weather and political storms in the state from the Florida Private Sector Summit on Property Insurance sponsored by Demotech and Insurance Journal.

Florida’s Insurers Caught in Crisis

creese — Wed, 12 Sep 2007 18:23:19 +0000

How did the Florida property market turn into a crisis? Florida Insurance Council’s Sam Miller offers some history and insight from the Florida Private Sector Summit on Property Insurance sponsored by Demotech and Insurance Journal.

Should Your CEO Blog?

creese — Wed, 12 Sep 2007 17:43:55 +0000

The world of communications has dramatically changed and the insurance communications world must also. Communications consultant Roger Morris discusses new media techniques and why the insurance industry must embrace them if it wants to get out its message.

Florida Summit Focuses on Private Market Solutions

creese — Wed, 12 Sep 2007 17:39:55 +0000

As an actuary, Demotech’s Joseph Petrelli gets nervous when too much politics gets into insurance. So he did something to try to refocus Florida on private sector rather than public sector solutions to its property insurance crisis. He organized the Florida Private Sector Summit on Property Insurance.

Florida’s Political Hurricane: It’s All About Rates

creese — Fri, 07 Sep 2007 18:29:28 +0000

Property insurers in Florida are under political pressure to reduce prices and not many public officials are listening to what the private sector has to say to maintain a viable market, reports Andy Simpson from the Demotech/Insurance Journal Private Sector Summit in Orlando.

Interview with Big I’s Alex Soto, Take 3: Return Flood Coverage to Homeowners Policy

admin — Tue, 10 Jul 2007 03:00:00 +0000

Miami independent agent and IIABA President Alex Soto advocates spreading the risk of disasters across all HO policies in this excerpt from an interview with Insurance Journal’s Andy Simpson.

Sustainability for the Insurance Industry

creese — Tue, 05 Jun 2007 18:45:24 +0000

Former IBM executive Bob Willard, author of The Sustainability Advantage and The Next Sustainability Wave, discusses how sustainability can drive bottom-line opportunities and risk management. An interview from the Insurance Marketing and Communications Association’s 2007 annual meeting in Newport, R.I.