Commercial Lines

Wildfires in New Jersey and New York are prompting warnings of an active fire season because of unusually dry conditions along the East coast coupled with record high temperatures in March.

Commercial, P&C and specialty carrier CNA says it has developed a new kidnap, ransom and extortion product to cover a wide range of security-related risks.

Commercial, P&C and specialty carrier CNA says it has developed a new kidnap, ransom and extortion product to cover a wide range of security-related risks.

Unfavorable prior accident-year reserve development and $10 million in catastrophe losses forced Progressive Corp. income down 44 percent for the month of March.

As weather disasters strike with more frequency, U.S. homeowners first get hit with the destruction or total loss of property. Many are then hit with the unexpected loss of homeowners insurance policies as insurance companies re-evaluate their financial liabilities.

Raging wildfires fueled by strong winds scorched thousands of acres in New Jersey and on New York's Long Island on Tuesday as firefighters scrambled aircraft to contain the blazes.

While the general consensus for global property-insurance rates has been that rates in catastrophe-exposed areas are rising while rates in areas without such exposures are remaining flat, pricing during the 2012 first quarter is showing property rates climbing across the board, according to Marsh.

Evan G. Greenberg, chairman and chief executive officer of ACE, says governments in the United States and Europe erroneously believe they can create prosperity in the private sector.