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| News for property casualty insurers |
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- Insurers are boosting investments in closed-end funds, Fitch says
Low interest rates have made closed-end funds an appealing option for the insurance industry, with insurers' investments in the funds rising to $46.9 billion, according to Fitch Ratings. "Institutional lending to CEFs has been gaining wider acceptance, and the entry of new lenders and new lending products has generally resulted in reduced costs for CEFs. Moreover, institutional borrowing is more efficient and less time consuming for CEFs than the process of marketing securities to retail investors," Fitch said in a statement. Insurance Networking News
(5/3)      
| Industry News | | |
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- Marsh execs: Insurers are not seeing broad-based market hardening
The property/casualty insurance market is experiencing a "targeted correction" of rates and not a price hardening across all insurance lines and geographical areas, according to Marsh executives. "Is it a hard market? I think not in the definitions we apply," Marsh CEO Brian Duperreault says. "... There is some benefit in some areas for carriers in terms of rate, but it is not across the board." Insurance Journal
(5/3)
- Airline insurers still face a soft market, Aon says
The airline insurance market remains soft partly because of the industry's ample capacity, but exposures are on the rise, according to a report from Aon Risk Solutions. Year-to-date results show premium volumes are down 10% because of an airline acquisition and that average lead hull and liability premium are up 1%, the report said. More than 50% of programs this year, however, have seen a decrease in lead hull and liability premiums, the report added. PropertyCasualty360
(5/3)
- Experts: Commercial coverage gaps pose a concern for risk managers
Risk managers are challenged by major coverage gaps in commercial casualty insurance policies and are offered limited services to mitigate their exposures, although market conditions are mostly favorable, a panel of risk managers said at an industry conference. "As more American companies move into service-oriented business models and away from manufacturing, I'm not sure insurers are keeping up with that. ... It's really a challenge to design an insurance program that is creative enough to meet those needs," said Maria Diaz of Xerox. Business Insurance (tiered subscription model)
(5/3)
| Catastrophic Risk | | |
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| Policy and Law | | |
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- Fed plans for oversight of insurers with savings and loans
The Federal Reserve Board is planning to oversee insurers that have savings-and-loan operations as it develops a process to identify insurance carriers and other financial institutions with significant banking assets. The process, which is being supervised by Frank Tarullo, the Fed's representative to the Financial Stability Oversight Council, is aimed at enabling the Fed to better understand the insurance business and how it differs from banking, officials said. PropertyCasualty360
(5/3)
- FEMA voices support for NFIP reauthorization bill
The Federal Emergency Management Agency is urging Congress to act on legislation to reauthorize the National Flood Insurance Program, which is set to expire May 31. "A lapse in the NFIP has a rippling effect. Property owners are unable to complete their mortgage transactions," FEMA's Dave Miller says. Reuters
(5/2)
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