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In the News
Cybersecurity Measure Defeated in Senate Amid Procedural Spat
Senate Democrats defeated a bill designed to strengthen cybersecurity measures, objecting to Republican efforts to attach the proposal to a larger defense-policy bill, The New York Times reports. The Times article, “Senate Rejects Measure to Strengthen Cybersecurity,” written by Jennifer Steinhauer, notes that the cyber measure is similar to one that passed the House in […]
Higher Losses Hit P&C Insurers in 2014; Results Still Strong
U.S. property and casualty insurers posted their second-highest yearly profit since the recession in 2014, but results deteriorated some compared to 2013 due in part to higher losses. Net income after taxes in 2014 was $55.5 billion, down from $63.4 billion in 2013, according to an ISO and Property Casualty Insurers Association of America analysis. […]
U.S. Insurance Industry Shows Employment Gains in April
Insurance-industry employment was up across most sub-sectors in April compared to March, according to an analysis of the latest U.S. Labor Department’s Bureau of Labor Statistics (BLS) figures. Health/medical direct insurers, life insurers and agents and brokers showed the strongest monthly gains. For life insurers, employment over the last year has at last reversed a […]
Hurricane Risk Rising Along with Property Values; Sea Levels
Take the growing number and value of coastal properties, add in rising sea levels and you have a recipe for a major and increasing risk associated with hurricane storm surge, a recent AIR Worldwide report outlines. “Because hurricane storm surge—which is an abnormal and often substantial increase in sea level—can penetrate miles inland from the […]
Albanese to Succeed Lawsky at NYDFS on Interim Basis
Anthony Albanese will become interim superintendent of the New York Department of Financial Services Superintendent when current Superintendent Benjamin Lawsky departs this week. Albanese joined the department in 2011 and was Lawsky’s chief of staff. In a memo from Lawsky to his staff, published by The New York Times, Lawsky says, “Most of you know […]
Willis Bolsters FINEX Cyber Practice with 5 Appointments
Willis North America added five senior appointments to its FINEX (financial and executive risk) Cyber/ E&O Practice: Adeola Adele is executive vice president and cyber thought leader, based in New York. She is responsible for thought leadership strategy and developing relevant content highlighting trends, issues and advice to help organizations manage cyber risk exposure. She […]
Senate Banking Committee Report: No Systemic NFIP Underpayments for Sandy Claims
The Senate Banking Committee issued a report on the National Flood Insurance Program (NFIP) finding there were no structural flaws in the program that led to systemic underpaying of flood claims after Superstorm Sandy. “Despite widespread concerns, it does not appear that systematic incentives exist for any participant in the program to underpay on claims,” the […]
Commercial Lines Flat in May; Auto Climbs 2%
Commercial auto led the way for commercial-lines rate increases in May — a month where rates overall were flat year-over-year, according to MarketScout’s latest Market Barometer. “A lot of business renewed in May 2015,” says Richard Kerr, CEO of MarketScout, in a statement. “Overall, rates largely continue in a holding pattern. It seems both insureds and […]
