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Daily NewsFlash : January 09, 2013

Daily NewsFlash
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Wednesday, January 09, 2013

Fitch: Sandy-Related Insured Losses Likely to Exceed $20 Billion

Fitch Sandy lossesInsured losses attributable to Superstorm Sandy will exceed $20 billion, according to an update from Fitch Ratings, and based on loss estimates from individual companies totaling $16 to $17 billion so far, or just below insured loss estimates from third-party catastrophe modelers.

Credible los...

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MarketScout: Transportation and Commercial Auto Exposures Lead Rate Increases in December

Commercial insurance rates upAfter seven plus years of a soft market, the property and casualty industry finally showed consistent rate increases in 2012. Beginning January 2012, the composite rate was up 1 percent but steadily increased over the course of the year. By year end, the average rate...

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World Economic Forum: Economic, Climate Crises Raise Global Risks

Global risksWith rising economic strains on one side and ever more environmental concerns on the other, the world could soon find itself in "the perfect global storm", the World Economic Forum (WEF) warned in a ...

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S&P Says Outlook for U.S. Insurance Sectors Stable for 2013

Standard & Poor's outlook on P/C industryU.S. insurance sectors are generally poised for stable credit trends in 2013, resulting from strong balance sheets, a stable business climate, and improved enterprise risk management, according to a report released today by Standard & Poor's Ratings Services titled, "U.S. Insurers' Sound Fundamentals Should Counteract Sluggish...

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Sandy Destroyed 95,000 Structures on Long Island

Sandy destroys LI structuresSandy damaged or destroyed more than 95,000 buildings on Long Island and left behind 4.4 million cubic years of debris. That's according to FEMA statistics obtained by Newsday.

Of the 948,540 households, 10 percent had some flooding or storm damage. More than 38,000 structures had da...

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AIG Says It Has to Consider Suing the Government Due to Fiduciary Obligations

AIG suing governmentAmerican International Group Inc. (AIG) said it has a duty to weigh joining a suit by former Chief Executive Officer Maurice "Hank" Greenberg that claims the insurer's 2008 U.S. bailout was unconstitutional.

"The board of directors has...

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Manhattan Ferry Crash Injures Dozens

Ferry crash in ManhattanA crowded rush-hour ferry from New Jersey collided with a dock in Manhattan on Wednesday, leaving 58 people injured with two passengers in serious condition.

There were 326 passengers and five crew members on board the privately operated Seastreak vessel at the time of the accident, acco...

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Marsh Launches Comprehensive Risk Transfer Solution to Rising Wage and Hour Claim Exposure

Marsh EPLI claimsWith the number of wage and hour claims against employers on the rise, Marsh today announced the availability of a new, comprehensive insurance solution that reimburses companies for defense costs, settlements, ...

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CNA’s Thomas F. Motamed to Chair 2nd Annual Insurance Industry Charitable Foundation – Midwest Benefit Dinner

IICFThomas F. Motamed, Chairman and Chief Executive Officer of CNA Financial Corporation will act as Chairman of the Insurance Industry Charitable Foundation (IICF) - Midwest's 2nd Annual Blazing the Trail Benefit Dinner, according to Kathleen Savio, President, Programs & Direct Markets of Zurich North America and IICF Midwest...

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