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Daily NewsFlash : June 14, 2013

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Friday, June 14, 2013

U.S. Commercial Insurance Reserve Deficiency Supports Continued Rate Increases: Aon Benfield Study

AON ReportAon Benfield, the global reinsurance intermediary and capital advisor of Aon plc on Thursday announces the launch of its updated U.S. P&C Industry Statutory Reserve Study, to reflect year-end 2012 data.

The study, compiled by Aon Benfield Analytics, reveals that commercial lines moved to an overall deficien...

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Report Warns of Increasing Tornadoes in NY

Tornadoes in NYFederal data show tornadoes have increased across New York over the past 60 years, a state legislator said Thursday, calling for a better system to warn people to take shelter.

Assemblyman Marcos Crespo, a Bronx Democrat and member of the Committee on Environmental Conservation, issued a report citing ...

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Leak from the National Security Agency Prompts Risk Managers to Ask New Questions

Whistleblower casesNews reports on the leak of confidential information from the NSA by a government contractor may cause Risk Managers to ask themselves a new question: What happens when your employee acts as a whistleblower to either the government or another company with whom you have a contract? Until now, the po...

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Berkshire to Provide More Insurance Cost Details After SEC Request

Berkshire HathawayWarren Buffett's Berkshire Hathaway Inc. agreed to provide more detail to investors on the amount its insurance units pay out in claims after major disasters, following inquiries by securities regulators.

Mr. Buffett's company also agreed to provide additional detail about the reasons the insuranc...

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PCI Issues Statement on House Hearing on Impact of International Regulatory Standards on U.S. Insurers

PCIThe Property Casualty Insurers Association of America (PCI) issued the following statement at the conclusion of today's House Financial Services Subcommittee on Housing and Insurance hearing entitled "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers."

"The fact that the House Su...

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Risks for Insurance Creditors Increasing, Says Moody's

Moody'sThe global increase in cases of regulatory forbearance in the insurance industry exacerbates long-term risks for creditors, according to Moody's Investors Service.

It says that while temporary relaxation of conservative regulatory requirements is generally aimed at limiting market disruption, it is a high-risk str...

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