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Daily NewsFlash : March 15, 2013

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Friday, March 15, 2013

Carnival Triumph Passengers File Federal Lawsuit

Carnival lawsuitA federal lawsuit has been filed seeking damages for 17 people who were passengers last month on the crippled Carnival Triumph cruise ship.

The plaintiffs in the suit filed Thursday are all Texas residents who claim they were physically harmed and fearful for their lives. The ship cruises out of the P...

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Marsh: Number of Companies Buying Cyber Insurance Up by One-Third in 2012

Marsh CyberMore companies are turning to cyber insurance to protect their organizations from the financial consequences of a data breach or cyber attack, according to a report issued today by Marsh. The number of Marsh US clients purchasing cyber insurance increased 33% in 2012 over 2011, with those in the services and educati...

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Improved Underwriting Results Helps Reinsurers Report a Net Income Gain of $1B in 2012 Over Last Year


Nineteen U.S. reinsurers comprising the Reinsurance Association of America (RAA) reported a gain of over $1 billion in 2012 net income compared to 2011, as written premiums increased and underwriting results improved.

The group's combined 2012 net income was $7.98 billion, up from $6.69 billion in 2011, RAA reports. ...

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McRaith: FIO Hopes to Release Reports by July

Federal Insurance OfficeThe Federal Insurance Office is set to release long-awaited reports on the U.S. insurance and reinsurance by early summer, said FIO Director Michael McRaith, during a March 13 meeting of the Federal Advisory Council on Insurance in Washington.

Under the Dodd-Frank financ...

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U.S. Drivers More Likely to Talk on Cell Phones

Driving and cell phonesMore U.S. drivers report talking on their cellphones behind the wheel than their counterparts in seven Europe countries, says a study released Thursday by the Centers for Disease Control and Prevention.

In a survey, nearly 69 percent of U.S. drivers said they had talked on a cellpho...

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AIG Formalizes Promise to Pay Large Property Claims in Seven Days

AIGAmerican International Group is formalizing a promise to begin paying major commercial property claims within seven days.

After a large loss, when the coverage is clear and there is an agreement on the scope of the property damage and costs incurred, AIG will pay up to 50% of the loss including property damage, clean...

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Florida Senate Panel Approves Bill to Slow Growth of Citizens

CitizensThe Florida Senate Banking and Insurance Committee passed property insurance reform legislation designed partly to reduce the market share of the state-backed Citizens Property Insurance Corp. by a near-unanimous vote.

The bill, SB 1700, contains several provisions that are designed to tackle the growth in C...

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Losses Spike for Allied Lines in NJ, NY in 2012

ClaimsMost of the largest allied lines writers in New York and New Jersey saw their adjusted loss ratios spike dramatically in 2012, according to insurance company annual data available in BestLink.

Allied lines are coverages written with property insurance, including glass, tornado, windstorm and hail ...

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