Full Business Insurance

Underwriting, rates drive Zurich profits for 2009

February 3, 2010 – 11:20 am

The Zurich-based insurer’s focus on strict underwriting meant volume was down in its general insurance business, the company said in a Thursday statement. Gross written premiums and policy fees for general insurance fell 8% in 2009 to $34.16 billion. The combined ratio for that business, though, improved to 96.8% from 98.1% in 2008.

Rates were up an average of 4% for the year on Zurich’s commercial business, the insurer said.

Zurich’s gross written life premiums, policy fees and insurance deposits rose 19% in 2009 to $26.03 billion.

The insurer said it met its expense-saving target of $400 million for 2009.

“2009 was an excellent year for Zurich,” the insurer’s CEO, Martin Senn, said in the statement. “We

Read full post…

Posted in Insurance General | No Comments »

President’s Budget Plan Raises Concern

February 1, 2010 – 9:27 pm

The Risk & Insurance Management Society (RIMS) issued a statement yesterday questioning and criticizing certain aspects of President Obama’s proposed budget.

Two proposed measures in the budget will directly affect the insurance industry according to RIMS. In addition, RIMS claims the two measures conflict conceptually with each other.

The first budget proposal reduces by $250 million the governments commitment to terrorism insurance. Scott Clark, RIMS secretary and director of RIMS External Affairs Committee stated, “TRIA (Terrorism Risk Insurance Act) and the federal government’s commitment to act as the ultimate backstop for terrorism insurance served to stabilize the market for policy holders,” cutting the government’s commitment will create instability in the terrorism insurance market, according to Clark.

The second source of contention is a bit more complex.

Read full post…

Posted in Insurance General | No Comments »

HELI-EXPO 2010 – February 20th-23rd in Houston

February 1, 2010 – 6:21 pm

As we’ve previously mentioned, Xinsurance will be at the 2010 HELI-EXPO located in Houston, Texas. The event runs from February 21st-23rd and will provide you with all the information you need to know for your business.

Stop by Booth #4520 to visit Xinsurance and learn how we can provide you with custom liability insurance to help keep you covered. Our coverage areas include: fractional & shared ownership, owners & operators, experimental & homebuilt, and much more! Plus, you can learn about our Heli-Expo DISCOUNTS & SPECIALS!

Have questions? Can’t make the show? Giv

Read full post…

Posted in Insurance General | No Comments »

Private Detective Liability Insurance

January 31, 2010 – 8:21 pm

No matter how big the case, there’s always going to be a need for private detectives as businesses and individuals need more information they can uncover by themselves. Whether it’s to investigate insurance fraud or infidelity, private detectives can end up putting themselves at risk, both physically and financially. While exercise and caution can help a PI keep their body safe, you can’t always predict what will happen financially, specifically with lawsuits. Clients might think you manipulated information or people you’re investing might claim an invasion of privacy, so you need to make sure you’re protected.

This is why it’s important to have private detective liability insurance to keep yourself covered in the event of a lawsuit filed against you or your company. Even if you

Read full post…

Posted in Insurance General | No Comments »

Business and Jobs First…Then, Insurance

January 28, 2010 – 11:56 pm

President Obama’s State of the Union Address last night addressed a number of topics from education, the environment, the future, jobs, banking, business. There was one other topic. Now, what was it? Yes, health insurance reform.

The President acknowledged that taking on health insurance reform was not “good politics.” And, while the President addressed health insurance reform, that topic took a back seat to economic issues. Particularly, the president laid out ideas to help out the middle class.

Now, does this mean that fundamental changes–affecting our businesses–to America’s health care system are no longer a priority of this President or that those efforts are “dead” as some predicted after the recent election in Massachusetts?

Read full post…

Posted in Insurance General | No Comments »

E.U. insurance watchdog’s annuity report due mid-Feb

January 28, 2010 – 4:48 pm

Regulators want insurers to put more cash aside to cover against any slide in the value of assets used to fund the annuities, but insurers believe the proposed rules would be unnecessarily restrictive.

A special task force at the insurance watchdog Committee of European Insurance and Occupational Pensions Supervisors is honing the rules in light of concerns at big annuity writers like Legal & General Group P.L.C., Prudential P.L.C.

Read full post…

Posted in Insurance General | No Comments »