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Daily NewsFlash : July 24, 2013

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Wednesday, July 24, 2013

CIAB Survey: Commercial P/C Pricing Increases Slowed in Second Quarter

Commercial pricingCommercial property/casualty pricing continued to gently creep upwards in the second quarter, The Council of Insurance Agents & Brokers' quarterly Commercial P/C Market Index Survey revealed. On average, pricing rose at a rate of 4.3 percent compared with 5.2 percent in the first quarter of 2013, accordin...

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Q2 2013 Sees $2.2 Billion of New Non-Life Cat Bond Issuance: Willis Capital Markets & Advisory

Willis cat marketThe second quarter of 2013 saw $2.2 billion of non-life catastrophe bonds issued through 14 tranches (representing 10 deals), compared with $2.1 billion issued in Q2 2012 through 12 tranches (representing 7 deals), according to Willis Capital Markets & Advisory (WCMA), part of Willis Group Holdings, the ...

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NJ Governor Christie Announces $100M Home Elevation Program

New home elevation program in NJAs Debbie Fortier stood listening to Gov. Chris Christie on Monday morning explain the state's new $100 million home elevation grant program, she could not wait to get home to file her application.

Fortier's Monterey Drive home was completely destroyed when superstorm Sandy mad...

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CFA: Major Auto Insurers Charge Higher Rates to High School Graduates, Blue Collar Workers

Consumer Federation of AmericaDrivers who earn their living working in blue collar jobs and do not have a college education stand a greater likelihood of being charged higher rates for minimum liability coverage by several of the nation's largest automobile insurance companies, according to an analysis by the Consumer Federatio...

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PCI Responds to CFA Study, Notes that Insurers Charge Actuarially Justified Rates

PCI response to CFAAlex Hageli, director of personal lines policy for the Property Casualty Insurers Association of America (PCI), issued the following statement today in response to assertions by the Consumer Federation of America (CFA) about auto insurance pricing:

"Once again the CFA has released a study that it says ...

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William R. Berkley: Nobody Should be Afraid of Competition from New Berkshire Hathaway Company

A.M. BestBerkshire Hathaway's new surplus lines unit should not be viewed as competition, said William R. Berkley, chairman and chief executive officer of W.R. Berkley Corp.

"First of all, the skills and distribution required to write the kind of business we do is really quite different from what [Berkshire Hathaway...

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U.S. New Home Sales Surge 8.3%

New home salesSales of newly built homes rose to a five-year high in June, boosting a key sector driving the economic recovery.

New-home sales leapt 8.3% last month to a seasonally adjusted rate of 497,000, the Commerce Department said Wednesday. That was the highest level since May 2008. Sale...

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Nationwide Insurance Survey Reveals Homeowners' Habits Make it Easy for Thieves to Rob Homes

Homeowners theftAs many Americans enjoy summer vacations, day trips and barbeques, some will unfortunately return home to find they have been burglarized. According to Nationwide Insurance claims data and FBI statistics, home th...

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