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Cost of Tianjin Explosions Could Reach $3.3 Billion: Guy Carpenter

The two massive explosions which hit China’s Port of Tianjin last month could generate insurance losses of up $3.3 billion, according to a report published by Guy Carpenter. The report estimates damages between $1.6 billion and $3.3 billion, which could … Continue reading

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Surplus Lines Posts Record-Breaking Year for 2014

The surplus lines industry broke records in 2014, growing direct premium written (DPW) in 2014 to $40.2 billion — the highest point in history, reports A.M. Best’s “2014 Special Report U.S. Surplus Lines – Segment Review.” Surplus lines insurers grew … Continue reading

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AIG to Freeze Employee Pension Plan, Switch to 401(k)s

American International Group Inc., the insurer seeking to cut costs under Chief Executive Officer Peter Hancock, said it will halt employees’ existing pension program in the U.S. and instead focus on 401(k) accounts. Pensions will freeze on Jan. 1, 2016, … Continue reading

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Lloyd’s: Cities Hurt More by Market Crashes Than Natural Disasters

A stock-market crash could erase as much as $170.3 billion from major cities’ gross domestic product in the U.S. and Canada and is the biggest threat to their economies, Lloyd’s of London said. The losses, which represent about 2 percent … Continue reading

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Lacker: It’s Time for Fed to End Era of Zero Interest Rates

Federal Reserve Bank of Richmond President Jeffrey Lacker said it’s time for the central bank to end the era of record-low interest rates, now that the impacts from winter weather and energy prices have passed. The Richmond Fed president, who’s … Continue reading

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Futures hold lower after big jobs miss

U.S. stock index futures pointed to a sharply lower open on Friday as traders digested nonfarm payrolls-one of the most significant data releases of the summer for its implications on the timing of the first rate hike since 2006. Dow … Continue reading

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Payrolls Rose 173,000 in August as Jobless Rate Drops to 5.1%

Employers added 173,000 workers in August and the jobless rate dropped to 5.1 percent, a level that the Federal Reserve considers to be full employment. The gain in payrolls, while less than forecast, followed advances in July and June that … Continue reading

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Live: Jobs data; is the ‘force’ with consumers?; Cheap gas fueling holiday travel

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OSHA Fines Wisconsin Scrap Yard $42K after Worker Death

A federal safety agency is proposing $42,000 in fines against a Waukesha, Wis., scrap yard where an employee was killed when he was struck by a forklift truck. The Occupational Safety and Health Administration cited Waukesha Iron Metal Inc. with … Continue reading

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Delaware Compensation Rating Bureau Seeks Loss Costs Increase

The Delaware Compensation Rating Bureau (DCRB) announced that it has submitted to the Delaware Department of Insurance a filing of revisions to the state’s Residual Market Plan, voluntary market loss costs and related rating values with a proposed effective date … Continue reading

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