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Daily NewsFlash : August 06, 2013

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Tuesday, August 06, 2013

July Property and Casualty Composite Rate Index Plus 4%: MarketScout

P/C rates for JulyAfter four months of rate increases at 5 percent, the property and casualty insurance market has moderated. The July 2013 rate increase was promulgated at plus 4 percent.

Rate increases for commercial auto,

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BP Accused of Manipulating U.S. Natural Gas Prices

BP accused of manipulating natural gas pricesA U.S. energy regulator Monday proposed to fine oil giant BP $28 million for allegedly manipulating the natural gas market in 2008.

The Federal Energy Regulatory Commission charged that a team of Texas-based traders for BP America undertook a number of trades in late 2008...

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New Tools to Boost Hurricane Forecasts

New hurricane modelsArmed with a supercomputer capable of conducting 213 trillion calculations per second and an amped-up weather model, the National Hurricane Center hopes to improve tropical predictions up to 15 percent this season.

The two powerful forecasting tools should allow the center to better deter...

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S&P Reports on Challenges Facing XOL Insurance Policies

S&PExcess capacity, leading to lower rates, has hit some types of reinsurance harder than others. Because excess-of-loss (XOL) reinsurance pricing is more sensitive to supply and demand fundamentals, rates could decline more quickly than those for proportional contracts. This could lead to credit fundamentals deteri...

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Munich Re on Track to Hit 2013 Profit Target

Munich Re profitsIn the second quarter of 2013, Munich Re achieved a consolidated profit of €543m (same period last year: €812m). Performance in primary insurance and reinsurance was good as a whole, although the second quarter was marked by claims burdens of €230m from the floods in Germany an...

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FBI Finds Holes in System Protecting Economic Data

FBI The Federal Bureau of Investigation has discovered vulnerabilities in the government's system for preventing market-moving economic reports from leaking to traders before public release.

Law-enforcement officials found "a number of operational vulnerabilities" involving "black boxes" used by several departments to c...

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Michael Harden Named CEO of Willis Re Bermuda

Michael Harden of WillisWillis Group Holdings, the global risk advisor, insurance and reinsurance broker, has announced an important change to the leadership team at Willis Re Bermuda Limited, effective January 1, 2014.

Michael Harden, currently Chairman of Willis Re Australia, has been appointed CEO of Willis Re Bermud...

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Aon Hewitt Survey Shows Growing Number of Companies Favoring Individual Market-Based Strategies for Post-65 Retirees

Aon Hewitt retirement surveyIn response to rising health care costs and mandated changes brought about by the Patient Protection and Affordable Care Act (PPACA), a new survey from Aon Hewitt, the global talent, retirement and health solutions business of Aon plc, shows that many U.S. organizations have or are seriously consideri...

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