Marsh & McLennan Companies Inc. will pay the state of Connecticut $2.4 million to settle allegations of bid-rigging, price-fixing and illegally steering business to insurers .
With carriers struggling to remain profitable even with a hardening market, there is an increased focus on performance improvement across all operational areas. This is especially true in claims, typically an insurer's largest expense area.
Despite talk of a hardening market on the horizon, commercial insurance rates continue to fall, down by an average of 7 percent in April--matching March's experience, according to Dallas-based MarketScout, an online insurance exchange.
Fear was the most prevalent topic at the IIABA conference in Washington, with inflation, the deepening recession, federal regulation, health care reform and swine flu among the bogeymen raised.
The financially troubled and taxpayer-financed American International Group Inc. last week reported a net loss for 2009's first quarter of $4.35 billion, an improvement from the $7.81 billion net loss in the same period a year earlier.
A research firm's finding that closing a loophole for offshore insurers could cost U.S. consumers over $10 billion per year has sparked a heated debate involving some of the nation's biggest coverage buyers and sellers.
Florida Gov. Charlie Crist has vowed to sign legislation that could raise home coverage rates up to 10 percent for more than one million policyholders with the state-created Citizens Insurance Corp.
Part of the fallout of the financial crisis and recession is a drop in business, which can leave warehouses, factories and office buildings vacant, creating new risks, a property insurance expert warns.
Empty or partially vacant buildings are becoming increasingly common in both urban and suburban communities, with office vacancy rates in most cities exceeding 10 percent--projected to rise to 16.7 percent in 2009.