Commercial Lines

People in emerging markets are recognizing the need to protect their basic assets—and the insurance industry is developing the infrastructure to deliver microinsurance. Can this be the model for small U.S. business, too?

Itasca, Ill.-based insurance broker Arthur J. Gallagher & Co. said it has acquired Risk Planners, Inc., a wholly owned subsidiary of SUPERVALU INC., a grocery store chain in Eden Prairie, Minn.

While debate rages over the future direction of the overall property and casualty insurance market, one recent broker survey of a niche market—architects and engineers professional liability—indicates rates could see upward momentum this year.

Construction-insurance pros see some signs for market improvements in 2012 and 2013, as the economy recovers and projects continue in key industries, such as health care and education. A second round of stimulus funding would also help.

Is a construction defect an occurrence covered by a commercial general liability policy? That’s the key question for homebuilders and contractors facing Chinese drywall damage claims. The insurance and liability issues are becoming increasingly complicated by conflicting state court rulings over the lingering coverage question.

Property and casualty carrier employment is at the lowest level in more than 20 years, according to data published by the U.S. Labor Department’s Bureau of Labor Statistics and compiled by the Insurance Information Institute.

MarketScout's barometer of U.S. property and casualty market shows minus-5 percent composite rate for the fourth straight month, with general liability still the most aggressively priced coverage.

MarketScout's barometer of U.S. property and casualty market shows minus-5 percent composite rate for the fourth straight month, with general liability still the most aggressively priced coverage.