Commercial Lines

The downward trend in property and casualty insurer employment that began in 2008 may finally be reversing, says Insurance Information Institute President Robert Hartwig, as May 2012 becomes the third straight month with positive employment figures for carriers.

Insurers face claims of almost $2 billion from fires, hail and thunderstorms that hit parts of the United States last month, broker Aon Benfield said, though the impact of natural catastrophes so far in 2012 remains well below last year.

Insurers are rewarding general contractors with a history of running effective wrap-up programs, but are hiking others rates.

Insurers suffered sizable Contingent Business Interruption (CBI) losses last year, as catastrophes such as the Japan earthquake and Thai flooding wreaked havoc on supply chains worldwide. CBI losses, in fact, likely accounted for a substantial portion of the massive cat claims in 2011.

When underwriting contractor-controlled insurance programs (CCIPs) as opposed to owner-controlled insurance programs (OCIPs), do insurers favor one type over the other? They do indeed.

Some insurers cover Business Interruption or Contingent Business Interruption (CBI) losses that do not result from actual physical damage to a policyholders or its suppliers property.