Natural disasters cost insurance companies more than $32 billion in direct insured losses in the first nine months of 2011, nearly double the average of other years, according to the Insurance Information Institute.

Subjecting property-casualty insurers to bank-style regulation would increase insurance costs for consumers and penalize insurance companies for the sins of other entities within the broader financial services arena, according to an industry economist.

Previous talk about the extinction of the insurance agent should be put aside, an industry expert said, noting the resilience and adaptability of producers in response to new technology.

Citing rising fraud and rising insurance costs in his home state, New York Sen. Charles E. Schumer is proposing a bill to impose federal penalties against those who commit auto insurance fraud.

Several insurance trade groups spoke to New York legislators about the need for no-fault auto insurance reform as state residents deal with record increases, spurred by an “epidemic” of fraud.

The hurricane season that ended Nov. 30 was the calmest in 12 years, according to a national insurance research organization.

No-fault payments for medical care for New York accident victims rose 56% in the second quarter, leading one state insurance group to seek reform in the state’s laws.

An insurance group is sounding a warning to “hurricane-exposed states,” saying their residual market property plans may be vulnerable.

The U.S. property-casualty industry is in a stronger capital position now than before any major catastrophic event, including the Sept. 11, 2001, terrorist attacks and 2005′s Hurricane Katrina, over the …  Read →

A collective of insurance trade groups joined credit information and economic experts seeking to promote to state regulators the benefits to consumers when they use credit-based insurance scoring, even in …  Read →