July 2008 News

U.S. Natural Catastrophe Events Approaching Record Year
This year may prove to be a record-setting one in terms of insurance losses as natural catastrophe events hit numbers not seen in decades, but that would not necessarily translate into a market turning event, insurance representatives said.

Market Barometer Report: Composite Rate Decline Continues to Moderate
The average property and casualty premium rates declined eleven percent in June 2008 as compared to a decline of fourteen percent in June 2007. This is the largest year on year rate moderation in the last three years.

Hot, Drier Weather Developing on California Firelines
Firefighters are making progress in California's siege of wildfires, but forecasters warned that weather was turning back in favor of the flames.

"A high pressure system is setting up over the entire West," said Mike Smith, a meteorologist with the National Weather Service in Sacramento.

U.S. Reinsurance Players Uncertain How Market Conditions Will Add Up
Despite the fact that mergers and acquisitions among primary insurers, new capacity, a softening market and bigger retentions are forcing U.S. reinsurers to work harder to retain accounts and attract new business, major players are vowing to hold the line in this renewal season, maintaining that in spite of such growth challenges, relaxing underwriting standards will not pay in the long term.

N.J. extends age cap for children on parents' cover
TRENTON, N.J.—Legislation signed into law Monday by New Jersey Gov. Jon Corzine will allow employees' children to retain coverage through a parent's group health insurance plan until age 31.

Rhode Island Court Throws Out Jury Finding in Lead Case
The highest court in Rhode Island on Tuesday overturned a jury decision that would have forced three paint manufacturers to pay billions of dollars to clean up contaminated homes.

California high court clarifies comp denial duties
SAN FRANCISCO—Self-insured employers and insurers must conduct utilization review when disputing employee requests for workers compensation medical treatment, California's Supreme court ruled Thursday.

Market Updates

New Statistics on Disability
Disability Insurance protects your most valuable assets and your ability to earn an income. Without this coverage, your financial means for continuing your daily financial lifestyle could be in serious doubt. Follow the link below for some interesting facts regarding individual disability.
Click here on more information about American Disability

PartnerOne Offers 4 New Environmental Insurance Products
PartnerOne Environmental -- Beacon Hill Associates' underwriting division -- has partnered with ACE Westchester to offer four new environmental insurance products for agents pursuing environmental protection for their clients.
Click here for more information

2008 eInsurance Symposium Presented by MarketScout: THE TIME IS NOW!
The 2008 eInsurance Symposium will examine the entrepreneurialism, innovation and optimization that successful and proven industry leaders are utilizing to survive and thrive in the current economy.
Click here to read more about the Symposium

Industry Updates

Congrats to Kim Martin
CSR of the Year in Maryland!