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Daily NewsFlash : June 28, 2013

Daily NewsFlash
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Friday, June 28, 2013

New Rules Expected for Insurance Accounting May Lead to Erratic Earnings

FASB new accounting rulesThe Financial Accounting Standards Board on Thursday will propose new rules for insurance accounting that seem likely to increase volatility in reported profits for many insurers and lower reported revenue for rapidly growing companies.

Some of the largest p...

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Global Cat Bond Issuance to Hit Record for January through June

Cat bond surgeGlobal catastrophe bond issuance is expected to surge 11% in the January-June period on the year to about 3.8 billion dollars (about 370 billion yen), the largest amount on record on a half-year basis.

On an annual basis, the amount of newly issued catastrophe bonds around the world is als...

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Ernst & Young Report Highlights Top 10 Risks for Insurers

Ernst & Young reportAs insurers adjust to a new environment of lower asset returns and stricter regulation, macroeconomic trends and a slow growth rate top the industry's risk agenda, according to a new report released today by Ernst & YoungBusiness Pulse: Exploring the dual perspectives of the t...

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Corzine, O'Brien Charged in MF Global Collapse

Charges in MF Global caseFederal regulators on Thursday filed civil charges against former MF Global Holdings Ltd. Chief Executive Jon S. Corzine and a top lieutenant for overseeing the misuse of almost $1 billion in customer funds, saying Mr. Corzine "bears responsibility" for the New York commodities brokerage's 2011 demi...

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CSB Finds Lax Oversight in West, Texas, Fertilizer Facility Explosion

Texas fertilizer explosionThe U.S. Chemical Safety Board said Thursday a West, Texas, fertilizer facility that exploded earlier this year fell between the cracks of the U.S. safety regulation network that needs to be updated.

"The CSB has determined that ammonium nitrate fertilizer storage falls under a patchwo...

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Insurance Program Manager Hires Sharon Handel as Account Executive for their Fabricare Dry Cleaner Insurance Advantage Program

IWAIWA, Inc. announced that Sharon Handel has been added to their staff as Account Executive in our Fabricare Advantage Insurance Programs Department working with Dry Cleaning Insurance and Commercial Launderer Insurance. Sharon Handel brings 6 years of experience in the commercial insurance industry to

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Citizens' Board Okays Rate Hikes for 2014

Citizen rate hikes 2014Insurance rates at Citizens Property Insurance Corp., Florida's state-run insurer of last resort, are headed higher. Citizens' board, met on Wednesday in Miami, and voted to boost overall rates by a total of 7.5 percent next year.

Overall personal insurance rates will jump 6.6 percent, with homeow...

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