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Hope, Straight Talk and Despair Amid the Ruins

Obama to the Rescue; Hartwig on the Banks; Davos Devotees Duck Blame for instigating the current economic mess starts with the banks. Munich Re’s recent webinar gave Dr. Robert P. Hartwig, president of...

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Declarations

Slow and Uneven “We will not wake up one morning and say thank goodness this crisis is over. It will be slow. It will be uneven. It will be two steps forward and one step back. That’s how recoveries...

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Clichéd, But True

Stick to your knitting. Sell on value, not on price. Return to the basics. Achieve growth through disciplined underwriting. The above are just a few of the mantras, some might say clichés, being...

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P&C Insurance Industry Will Be Smaller at End of Financial Crisis

I.I.I. President Says Recovery Will Be Slow, Uneven While property and casualty insurance companies remain somewhat insulated from what happens in the general economy, the industry is projected to be...

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Rates, Claim Frequency Still Declining in Workers’ Comp; Medical Costs Rise

States Are Not Equal in Handling Worker Injuries Prices for workers’ compensation insurance in the United States declined in 2008 and, in general, that trend is likely to continue in throughout 2009,...

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Michigan Auto Insurance Bills Stall As Senate Adjourns Without Acting

The Michigan Senate adjourned before Christmas without taking action on a property/casualty insurance bill package already passed by the House of Representatives. The package would, among other things,...

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CNA Chief Motamed: What’s Ahead for CNA, Economy, Industry

After 30 years at Chubb Corp, Thomas Motamed joined Chicago-based commercial lines insurer CNA Financial in January 2009 as chairman and CEO. In this edited interview with Insurance Journal’s Andrew...

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Uneven Expectations

Economy to Recover in Some States Before Others The most recent reports of property/casualty insurers indicate a return to profits, thanks in large measure to a quiet hurricane season. But behind the...

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Resolution Time

Happy New Year. It’s time to rewind, re-evaluate how you did in 2009, and make resolutions for 2010. I’m not big on making resolutions I know I won’t keep — like sticking to an exercise regime (when I...

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Resolution Time

Happy New Year. It’s time to rewind, re-evaluate how you did in 2009, and make resolutions for 2010. I’m not big on making resolutions I know I won’t keep — like sticking to an overly ambitious...

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P/C Industry Must Strengthen Underwriting to Counter Weak Investments

The most recent reports of property/casualty insurers indicate a return to profits, thanks in large measure to a quiet hurricane season. But behind the rosy reports is a thorny problem — lower...

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Private Insurance Market in Haiti Small

Haiti’s private insurance market is very small but its government did provide a level of insurance coverage to its citizens by participating in a regional risk sharing pool. “Haiti is the poorest...

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Tragedy in Haiti; XL Moves to Ireland; NYC Exchange Doesn’t Worry London; WEF...

The tragedy in Haiti is a reminder of how fragile life can be in developing countries.Despite the massive loss of life and widespread destruction in and around the capital Port-au-Prince, vital rescue...

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Declarations

Little Property Coverage “Haiti is the poorest country in the Western Hemisphere and poor countries tend to purchase very little property insurance coverage. The fact that there is very little...

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Bank Style Regulations Would Raise Insurance Costs, Analyst Says

Bank style regulation on property/casualty insurers would lead to significant policy error, says a leading insurance industry econmist. “Bank style regulation would needlessly raise insurance costs for...

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Insurers’ Gulf Coast Oil Spill Losses Estimated at $1.4B

Companies with exposure to the sinking of the Deepwater Horizon oil rig in the Gulf of Mexico are insured for losses totaling about $1.4 billion, according to initial reports. “The insurance losses...

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Insurance Expert to Testify at Hearing on Oil Spill Liability Today

Dr. Robert Hartwig, an economist and president of the Insurance Information Institute, will testify today at a hearing before the Committee on Transportation and Infrastructure, U.S. House of...

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Insurer Group NAMIC Honors Hartwig

The National Association of Mutual Insurance Companies (NAMIC) named Robert P. Hartwig, Ph.D., president/CEO of the Insurance Information Institute, New York, N.Y., as the association’s 2011 Chairman’s...

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P/C Industry Should Not Expect Traditional Hard Market Soon: Hartwig

Although insurance rates have been drifting upward in recent months, the property/casualty industry is unlikely to see a return to the traditional hard market this year or next, an insurance expert...

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‘Big One’ Looms in Minds of Experts Before California ShakeOut

A day before more than 9 million people in California took part in a massive nationwide earthquake drill on Thursday, U.S. Geological Survey seismologist Lucy Jones stood in a room full of risk...

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TRIA Debate Heats Up with Charge ‘Nervous Nelly’ P/C Insurers Enjoy $7B...

A consumer advocacy group says the property/casualty insurance industry has been getting a sweet deal worth about $7 billion as a result of the federal government’s program to help pay terrorism...

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Big Brains at Big ‘I’, Insurance Information Institute Give Their Take on 2014

Most economists are upbeat about next year, but just what does that mean for insurance agents in 2014? For independent agents 2013 was a year in which one entity forecasted their eventual demise, and...

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Twenty Years Later Big Lesson From Northridge Quake Lost

Twenty years ago today a big one hit the Los Angeles area, killing several people and injuring thousands, damaging tens of thousands of properties, shutting down businesses, putting out of operation...

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Oklahoma, Texas Had Costliest Natural Disasters in 2013: Hartwig

The Oklahoma tornadoes of May 2013 not only caused significant loss of life but also contributed to its designation last year as the costliest state for natural disaster related insurance payouts,...

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Various Factors Contributing to Stability in Property/Casualty Insurance Market

The federal terrorism risk insurance backstop, in place in one form or another since 2002, will likely be reauthorized by Congress, and in the absence of a major catastrophe — man-made or otherwise —...

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How On-Demand Economy Is Changing Workers’ Compensation

The workers’ compensation industry must contend with a fast-growing on-demand economy where jobs are filled via apps and more employees are temporary contractors. “Technology is changing how we think...

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The Price of Price Optimization in Insurance

The use of price optimization in insurance pricing is drawing increased attention and could be the next big industry battle. Or it could not be. Consumer groups and a growing contingent of states are...

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Hartwig to Leave I.I.I. for University of South Carolina Faculty Post

Dr. Robert Hartwig, an economist and the president of the industry’s Insurance Information Institute (I.I.I.) since 2007, is leaving this summer to join the faculty of the University of South...

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What About Cuba as an Insurance Market?

There may be opportunities for some businesses including insurers in Cuba as the U.S. restores diplomatic ties but there are also significant cultural and regulatory challenges, according to a report...

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Zurich’s Kevelighan to Succeed Hartwig as Insurance Information Institute CEO

The Insurance Information Institute (I.I.I.) announced that Sean Kevelighan, most recently with Zurich Insurance, has been named president and chief executive officer, effective Aug. 8. Kevelighan...

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