Risk

In a collection of essays, actuaries ponder the role of risk management in the financial crisis.

Spun off from Fiserv, the well-known insurance tech giant will take the name StoneRiver—a brand signifying “strength and transformation,” and akin to its adoptive parents, Stone Point Capital LLC.

According to a new Impact Forecasting LLC report, approximately 86% of Californian homeowners do not have earthquake coverage, despite most of them having mortgaged their homes.

For the time being, tech takes a back seat to cost minimization and operational efficiency, which are at the top of the operational agenda for many in financial services, according to the New York research firm.

Allegations of mismanagement at the life insurer are incurring the wrath of state regulators.

Insurance association says ordering insurers to surrender customer data poses a risk.

A group of insurers says that more needs to be done to enable insurers to fairly present their financial statements for year-end 2008.

With the financial services meltdown as a catalyst, insurers will wage legislative battles on the front.

National Association of Mutual Insurance Companies (NAMIC) says the Federal Trade Commission’s (FTC) decision to order nine major insurance companies to provide data for a study of credit-based insurance scoring and homeowners insurance is unnecessary and a waste of money.

The 10-year moving average of insured catastrophe losses costs continued to rise in 2008, increasing by 7% over 2007—from $35.5 billion to $38 billion.

Some of the new statutes are designed to reduce claims for accidents or medical needs, push the current limits of employee benefits and refresh the staid regulatory rating environment.

Swiss Re says the catastrophes led to overall financial losses of $61 billion across the globe, with property insurers contending with losses totaling $25 billion.

London - According to the latest report by independent market analyst Datamonitor, global financial institutions, in response to evolving marketing conditions, are beginning to view operational risk (OpRisk) as a means of providing a more proactive management decision-making framework.

Waltham , Mass. – For the second consecutive year, worries about bribery topped the list of crucial concerns addressed by global corporations, according to a 2008 study conducted by Integrity Interactive Corp., a Waltham , Mass. , firm that helps global corporations manage and reduce risk of compliance failures.

Reston , Va. — NAVA, the association for insured retirement solutions, is praising the selection of former Securities and Exchange Commissioner Mary Schapiro to lead the Securities and Exchange Commission (SEC).

Indianapolis — California insurance consumers and the state’s economy could be severely harmed if proposed changes are made to the state’s insurance rate approval structure. That was the message delivered in written comments to California insurance officials last week by the National Association of Mutual Insurance Companies (NAMIC).

Chicago — Taking a step toward putting its financial house in order, New York-based American International Group (AIG) has sold its specialty insurance subsidiary HSB Group to Munich Re for $742 million in cash. The transaction marks the first major divestiture for beleaguered AIG after it agreed to accept a bailout from the U.S. Treasury.

Zurich, Switzerland — Acknowledging the need to improve its capital position, insurance giant Swiss Re has secured $1.5 billion in loans from New York-based JP Morgan. The insurer says the loan will guarantee it access to financing at competitive rates for years to come.

Currently, Rob Howard is Farmers’ AVP, national auto physical damage operations.

MGAs and wholesale brokers see opportunities to apply more of the technologies that the standard market is implementing, such as the ACORD XML electronic standards, Real Time workflows and the use of ACORD forms.