Industry News

Headlines

Insurance Journal - 29 July 2010 - Florida Citizens' Rate Increases Way Below Actuaries' Indications
If insurance actuaries had their way, rates for homeowners insured through Florida's public insurer Citizens Property Insurance would be going up 55.9 percent on average. But state law caps how muc

Business Insurance - 29 July 2010 - Munich Re expects second-half cat bond sales to match first
MUNICH (Bloomberg)—Munich Reinsurance Co., the world's biggest reinsurer, expects catastrophe bond sales in the second half of this year to match the $2.4 billion sold in the first six months as buyers broaden their risk coverage.

Reactions - 29 July 2010 - Offshore energy costs to increase "modestly"

Large losses sustained in the Gulf of Mexico will not have the same market-changing impact on the upstream energy insurance market as other events such as Hurricane Katrina, according to a new report published by Marsh. 

Following Hurricane Katrina, the market experienced great...

Financial

Business Insurance - 29 July 2010 - RenaissanceRe posts higher profit, sells ChannelRe stake
PEMBROKE, Bermuda—RenaissanceRe Holdings Ltd. reported net income of $375 million for the first half of 2010, up 2% from the prior-year period, and also said it has sold its stake in ChannelRe Holdings Ltd.

Reports & Comments

Business Insurance - 29 July 2010 - ACE CEO calls broker fees a 'conflict of interest'
ZURICH (Bloomberg)—Contingent commissions, the once-banned payments that insurers pay to entice brokers, create a conflict of interest and ought not to become prevalent again, ACE Ltd. CEO Evan Greenberg said.

And Finally

Insurance Journal - 29 July 2010 - Oakland Large-Scale Pot Farms Will Require $2M in Liability Insurance
The Oakland City Council has given final approval to a plan that makes Oakland the first city in the country to authorize large-scale industrial pot cultivation. The city intends to license

Deepwater Horizon

Reactions - 29 July 2010 - Oil rig legal costs could be costliest ever

With such a diverse range of damages and costs, legal experts and attorneys have predicted the Deepwater Horizon disaster could be one of the most drawn-out and costly battles in US legal history, the Associated Press reports.

The Associated Press reported that at least 300 federal...

Insurance Journal - 29 July 2010 - Congress Set to Tackle Oil Spill Liability, Drilling Safety
U.S. Senate Democrats are set to unveil a slimmed-down energy bill Tuesday aimed at reforming offshore drilling, but House lawmakers are taking up a tougher bill on Friday that adds another hurdle