Commercial Lines

A day after a Chartis executive questioned whether micro cycles might replace traditional market turns, analyst firm ALIRT Insurance Research weighed in on the question of whether the traditional cycle might be a thing of the past.

The largest of Texas 2011 wildfires, the Bastrop fire, is now expected to cause $325 million in insured losses, up from previous estimates of $250 million, according to the Insurance Council of Texas.

The Senate last night unanimously passed legislation extending the National Flood Insurance Program until May 31, 2012.

Insurers could be looking at losses of between $5 billion and $50 billion if even a moderate series of earthquakes was to occur adjacent to major urban areas in the New Madrid region, according to a Risk Management Solutions analysis.

Chances are next year will be another active hurricane season in the Atlantic if an El Nio does not develop, say forecasters at Colorado State University.

Property and casualty carriers shed 900 jobs in October compared to September, continuing a trend seen since July 2008, but the insurance industry overall added 4,900 positions in October.