Commercial Lines

Warren Buffett bemoaned the continued competition of the soft market, making a critical assessment of chief executives who pursue market volume over underwriting profit as Berkshire Hathaway’s insurance business produced a profit of 38 percent.

While AIG reported a net profit of more than $11 billion, its property and casualty subsidiary Chartis came in with an underwriting loss of $5.2 billion, primarily becasue of its reserve charge.

Buyers of directors and officers liability are worried about regulatory claims, according to results of a recently released survey in which more than three-quarters of participants ranked such claims among their top three claims concerns.

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.

Bailed-out insurer AIG ended the year on a strong note, earning income of $11.2 billion in the fourth quarter.

The latest New Zealand earthquake is “absolutely not” the type of event to harden the reinsurance market, said the global head of business intelligence for Guy Carpenter.

The upheaval in the Middle East is rattling political risk clients who are relying on rumors and sparse pieces of information to determine if they will be subject to losses in the region, according to brokers familiar with the risk.

This spring the Insurance Agents & Brokers (IA&B) will offer courses in “Navigating Contractual Liability & Certificates of Insurance” and “Insuring Contractors.”