commercial insurance News

Lloyd’s of London Sees Global Pandemic Insurance Losses Above Previous Estimate

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that …

Zurich Insurance Plays Down Impact of COVID-19 Claims

ZURICH — Zurich Insurance Group does not expect property claims triggered by the COVID-19 pandemic to materially affect the group, Europe’s fifth-largest insurer said on Thursday, adding that it planned to maintain its dividend policy. Insurers have been hit across …

Liberty Mutual Insurance Unit Appoints Mike Martin to Lead Property Practice

Liberty Mutual Insurance’s Commercial Insurance strategic business unit has appointed Mike Martin as executive vice president and general manager, National Insurance Property. Martin will lead a unit that provides a full range of property insurance, inland marine and equipment breakdown …

Some State Farm Workers Could Lose Jobs in Lincoln

Some State Farm Insurance workers in Lincoln, Neb., could lose their jobs. The Lincoln Journal Star reports the jobs could be lost as State Farm relocates a commercial insurance unit from Lincoln. The company says in a statement Friday that …

Commercial Insurance Reserve Deficiency Supports Continued Rate Increases

A study compiled by Aon Benfield Analytics reveals that commercial lines moved to an overall deficiency position of $0.9 billion at year end 2012 compared to an estimated $4.1 billion redundancy at year end 2011. Within the commercial lines sector, …

Most Commercial Insurance Buyers Accept Coverage Changes, Price Hikes: Survey

The vast majority of commercial insurance buyers renewing their policies appear willing to accept coverage adjustments, moderate price increases, or both, according to a new survey. Still, the survey of risk managers and other corporate insurance buyers by Hanover Stone …

Survey: Commercial Insurance Prices Remain Flat

Commercial insurance prices remained flat for the ninth consecutive quarter, and new data confirm the deterioration of loss ratios in accident-year 2010, according to global professional services company Towers Watson’s most recent Commercial Lines Insurance Pricing Survey (CLIPS). Price reductions …