Personal Lines

The European Parliament yesterday approved a Solvency II agreement that would take effect in 2012, providing a broad legal framework strengthening insurer capital requirements and supervision.

The insurance industry will need to improve risk management, technology and cost-cutting strategies to survive the "deepest financial crisis and recession in two generations," a consulting firm is advising.

A coalition of insurers and other groups announced a seven point plan they said could cut hurricane losses dramatically, if public officials and the private sector see to its adoption.

Consumer watchdogs are urging a closer look at insurers' estimation of post-catastrophe material and labor price increases, citing a study questioning demand surge figures used to set insurance rates.

While the majority of auto insurance customers stick with their carrier, many customers shop for insurance, and keeping current customers is critical to the long-term health of insurers, a J.D. Power and Associates survey finds.

Columbus, Ohio-based Nationwide Insurance announced today that it has created a free application for the Apple iPhone, titled Nationwide Mobile, to help process claims after an auto accident.

A.M. Best and Standard & Poor's both said there will be no rating changes in the wake of the American International Group decision to spin off its property-casualty subsidiaries into a separate unit that will ultimately become a separate company.

Insurers bracing for potential losses from the installation of defective Chinese drywall in homes in the Southeast may find themselves named directly in lawsuits, according to legal experts.