Best's Review articles from October 2004

Best's Review archives from October 2004

Turning up the heat.(Editor's Prologue)(Editorial)
October 1, 2004... Although every national election ends up with winners and losers, some are more affected than others, and this year insurers have a great deal at stake. Since the industry's entire legislative agenda failed in 2004, the new composition of...

The hat trick and then some.(Comment)(Letter to the Editor)
October 1, 2004... Nice going on the bronze award and three silvers from the American Society of Business Publication Editors (Best's Review, August 2004). What makes your awards so impressive--and reflects so well on Best's Review--is that they cover so many...

Juries doing what they do best.(Comment)(Letter to the Editor)
October 1, 2004... The article on "Tort Reform: More Than Damage Caps" in the June issue of Best's Review rehashes many of the complex issues that separate the interests of insurance companies and tort lawyers. The article does not suggest any remedies that do...

Quote/unquote *.(Comment)
October 1, 2004... "I don't know how many times the agent's been declared dead, but they're kind of a Rasputin-like character-they just keep coming and coming and coming." Mike McGavick Chairman, President and Chief Executive Officer Safeco Corp....

National Association of Mutual Insurance Cos.(People in Insurance)(Brief Article)
October 1, 2004... The Chairman's Award of the National Association of Mutual Insurance Cos. was presented to Henry H. Gibbel, president of Lititz Mutual Insurance Co., Lititz, Pa., during the Opening General Session of the association's 109th annual convention...

Prudential Financial Inc.(People in Insurance)(Brief Article)
October 1, 2004... Prudential Financial Inc. named Peter Sayre controller of the company. Sayre replaces Anthony Piszel, who is now with Health Net Inc. Sayre, a 19-year veteran of Prudential, will continue to serve as the company's chief tax officer in...

Crawford & Co.(People in Insurance)(Brief Article)
October 1, 2004... Crawford & Co., based in Atlanta, named Thomas W. Crawford chief executive officer. Crawford has more than 40 years of experience in the insurance industry. Most recently, Crawford was president of Prudential Insurance Company of America's...

Benfield: Bermuda writers post 6-months premium growth.(Briefing)(Industry Overview)
October 1, 2004... The Bermuda market's top insurers -and reinsurers saw a 21% aggregate growth in premium and strong earnings for the first half of 2004, but the premium growth rate had slowed significantly, suggesting a "softening but generally disciplined...

Ace Far East.(People in Insurance)(Brief Article)
October 1, 2004... Ace Overseas General named Nell C. Smith president of Ace Far East. Smith succeeds Scott Pickering who was named country manager of Ace New t Zealand. In his new role, Smith, based in Japan, will be responsible for the growth and...

Aegon N.V.(People in Insurance)(Brief Article)
October 1, 2004... Aegon N.V. named Otto Thoresen chief executive of Aegon U.K., effective April 1, 2005. Thoresen succeeds David Henderson who is scheduled to retire in March 2005. Currently, Thoresen is finance director of Aegon U.K., a role he has held...

Kaiser poll: health care top worry for Americans.(By the Numbers)
October 1, 2004... The Henry J. Kaiser Family Foundation's Health Poll Report conducted a national random sample survey of 1,200 adults in early August to measure the public's attitudes toward and experiences with their health plans, The poll also asked if...

Meetings.(Calendar)
October 1, 2004... Oct. 17-19 LIMRA: Annual Meeting, Hilton New York, New York. Phone: (860) 285-7838. Web site: www.limra.com. Oct. 17-19 E-Fusion 2004: A.M. Best Company's Annual Insurance & Technology Conference, Hyatt Regency Hotel,...

Best's rating changes.(Ratings)
October 1, 2004... This summary of Best's Rating Changes includes life, health-care and property/casualty insurers domiciled in North America, as well as international insurers that had ratings assigned, changed or placed under review since this section last...

Hot buttons: candidates' opposing views on key issues mean high stakes for insurers in the 2004 election.(Presidential Election)(Cover Story)
October 1, 2004... With pollsters predicting the 2004 presidential election to be the closest in years, insurers are on tenterhooks about the outcome. Though it's no secret that the insurance industry--and most of corporate America--reliably back Republican...

Outside influences: state elections may bring fresh faces to the NAIC and impact insurers on a range of issues from reforming "judicial hellholes" to abolishing state insurance funds.(State Elections)
October 1, 2004... November elections bring the potential for changes at the top in 10 state insurance departments, but how much change will happen is about as certain as undecided voters. Five insurance commissioner contests offer the possibility for new...

O Canada! The Canadian auto market has undergone some turmoil in recent years, but industry leaders are hopeful that new regulations will help return the market to profitability.(Auto)
October 1, 2004... Some insurers are optimistic that recent reforms in Canada's most troubled auto markets will soon bear fruit, allowing the industry to reverse the unprofitable trends of the past few years. In particular, industry watchers point to changes...

Auto, top writers, Canada--2003.(Auto Top Writers)(Illustration)
October 1, 2004... Auto, Top Writers, Canada--2003 Rank is based upon direct premiums written in 2003 (C$ Thousands) Rank Company Name AMB # 1 ING Ins Co of Canada ...

Total auto, top writers, United States--2003.(Auto Top Writers)(Illustration)
October 1, 2004... Total Auto, Top Writers, United States--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct ...

Auto physical damage, top writers, United States--2003.(Auto Top Writers)(Illustration)
October 1, 2004... Auto Physical Damage, Top Writers, United States--2003 Rank is based on direct premiums written in 2003. ($ Thousands) % ...

Auto liability, top writers, United States--2003.(Auto Top Writers)(Illustration)
October 1, 2004... Auto Liability, Top Writers, United States--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct % ...

All private--passenger auto, top writers, United States--2003.(Auto Top Writers)(Illustration)
October 1, 2004... All Private-Passenger Auto, Top Writers, United States--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct % Change ...

All commercial auto, top writers, United States--2003.(Auto Top Writers)(Illustration)
October 1, 2004... All Commercial Auto, Top Writers, United States--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct % Change ...

Total all auto, top writers by States--2003.(Auto Top Writers)(Illustration)
October 1, 2004... Total All Auto, Top Writers by State--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct % of No. of Premiums U.S. Premium...

All commercial auto, top writers by state--2003.(Auto Top Writers)(Illustration)
October 1, 2004... All Commercial Auto, Top Writers by State--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct % of No. of Premiums U.S. Premium...

Auto liability, top writers by state--2003.(Auto Top Writers)(Illustration)
October 1, 2004... Auto Liability, Top Writers by State--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct % of No. of Premiums U.S. Premium...

All private-passenger auto, top writers by states--2003.(Auto Top Writers)(Illustration)
October 1, 2004... All Private-Passenger Auto, Top Writers by State--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct % of No. of Premiums U.S. ...

Auto physical damage, top writers by state--2003.(Auto Top Writers)(Illustration)
October 1, 2004... Auto Physical Damage, Top Writers by State--2003 Rank is based on direct premiums written in 2003. ($ Thousands) Direct % of No. of Premiums U.S. ...

Claiming the future: technological gizmos can help insurers reduce claim costs and retain customers.(Auto)
October 1, 2004... Property/casualty insurers continue to battle the same claims processing demons: how to control losses, reduce cycle times, cut costs, increase productivity, maximize technology investments and detect fraud. For years insurers have been...

Fighting fraud with technology: carriers need to equip themselves with integrated tools and technologies to ward off fraud.(Technology Insight)
October 1, 2004... Many carriers are struggling to combat the growing challenge of fraud. Aging technology and inefficient processes hinder the detection and prevention of fraudulent claims, resulting in higher costs for insurers, businesses and consumers. ...

House of cards: seniors aren't grabbing up Medicare drug discount cards as enthusiastically as expected, but card sponsors, who are still seeing significant savings, think they know why.(Medicare)
October 1, 2004... In an online chatroom shared largely by senior citizens, Medicare discount drug cards are a topic of dispute. Some Medicare beneficiaries say they like the cards and have clear-cut savings from using them. Others are either confused or...

Forging new branding irons: life insurers are trying different approaches to capture the attention of agents, brokers and even consumers.(Marketing)
October 1, 2004... Most people watching "Monday Night Football" on television aren't consciously thinking about life insurance--but they could be becoming familiar with a specific life insurance company's name. So hopes Lincoln Financial Group, which has...

Elephant in the living room: you can't sell life insurance without talking about death, but many boomers--and agents--seem to think death is optional and would rather talk about mutual funds.(Selling Insight)
October 1, 2004... We talk a lot about selling in the life insurance business and we take pride in our ability to present persuasively. With all the speakers, articles, books, seminars and training programs for financial advisers, any outsiders would think we're...

2004 Rendez-Vous de Septembre: international flavor increases at the annual gathering of insurers and reinsurers at Monte Carlo.(Rendez-Vous de Septembre)
October 1, 2004... For Marie-Louise Rossi, this year's Rendez-Vous, Sept. 11-16, was the most international gathering ever. Rossi, chief executive of the London-based International Underwriting Association, said that a major contributor to the broadening of...

Guy Carpenter sees regulation shaping future of European reinsurance sector.(Rendez-Vous de Septembre)
October 1, 2004... The Rendez-Vous de Septembre gives brokers an ideal vantage point from which to study the sparring between insurers and reinsurers. "There's a lot going on" said David H. Priebe, London-based president for Europe and the United Kingdom of...

A better grip: technology can help insurers turn undeveloped distribution processes into tools to help producers boost sales.(Distribution)
October 1, 2004... Distributing profitable insurance products and services depends upon attracting and retaining high-value producers. Value begins with recruiting good producers and ends with delivering services to support them and their customers. To reach and...

Breaking the code: to grow business profitably over the long term, agents have to change the way they look at their business.(Selling Insight)
October 1, 2004... After 30 years in the insurance industry, I've observed three types of independent agencies: "harvest" agents, who reap as much profit as possible for the short term; "growth" agents, who want to attract as many customers as possible, usually...

A question of coverage: California clarifies the ability of corporations to obtain coverage from policies issued to predecessor corporations.(Legal Insight)
October 1, 2004... For two decades, corporate America has witnessed a dizzying array of mergers, acquisitions and divestitures. While this frenetic activity may present opportunity for investment bankers, it creates complex coverage problems for insurers in...

Charley runs up big tab in Florida.(Catastrophe)
October 1, 2004... US. property/casualty insurers are expected to pay between $6.8 billion and $7.4 billion for insured property losses from Hurricane Charley, according to industry estimates. Initially, the Insurance Information Institute set Charley's price tag...

Frances delivers more commercial claims.
October 1, 2004... Hurricane Frances is expected to bring in more than the 135,000 commercial claims Hurricane Charley brought in, but the claims from Frances are expected to be at a smaller dollar value, according to the Property Casualty Insurers Association of...

Cat modelers: Ivan's losses estimated up to $10 billion.(Brief Article)
October 1, 2004... Initial estimated insured losses from Hurricane Ivan range from about $2 billion to about $10 billion, according to catastrophe modelers. The estimated range of insured losses takes into account Category 3 Ivan's landfall between Mobile, Ala.,...

Hurricane-stricken Florida puts strain on 15,000 adjusters.(Catastrophe)
October 1, 2004... In the wake of back-to-back hurricanes Charley and Frances, some 15,000 insurance adjusters from throughout the country are on the ground in Florida to speed the settlement process for thousands of commercial and residential claims, according...

Reinsurance: hurricanes may stop slide in rates.(Catastrophe)(Brief Article)
October 1, 2004... Although it appears reinsurers will not carry a heavy loss burden from the double-hit of hurricanes Charley and Frances, the storms may at least help to stop the slide in property reinsurance pricing going into the fall renewals negotiating...

Charley, Frances Cost crop insurers millions.(Catastrophe)
October 1, 2004... Florida crops took a hard hit from Hurricane Charley on Aug. 13, and while the U.S. Department of Agriculture's preliminary figures show the impact to the state's citrus growers could reach nearly $150 million, insurers say it's too early to...

The numbers count: whatever the assignment, forensic accountants are always on the lookout for fraud.(Fidelity and Surety)
October 1, 2004... Forensic accountants are not ordinary number crunchers. In past lives, many were agents in law enforcement, the Internal Revenue Service's Criminal Investigation Division, the Department of Labor's Organized Crime and Racketeering Section or...

Technology detects anomalies.(Fidelity and Surety)
October 1, 2004... Deloitte & Touche LLE, the professional services firm, has its own forensic unit that assists corporate clients with fraud investigations, said William O'Connell, national leader of the firm's Forensic and Dispute Consulting Services practice....

Without borders.(Loss/Risk Management Notes)(AIG Small Business launches WorldRisk TravelPak)(Brief Article)
October 1, 2004... AIG Small Business, a unit of American International Group, has launched WorldRisk TravelPak, a comprehensive package of international coverages designed for U.S.-based commercial businesses with employees traveling abroad. The coverage...

Bank on coverage.(Loss/Risk Management Notes)(Brief Article)
October 1, 2004... Scarborough, a subsidiary of Aon Corp., said it's joined with CNA to offer property and casualty insurance to financial institutions on a national basis. Scarborough, a managing general agent, specializes in coverage tailored to commercial...

Pull the plug.(Loss/Risk Management Notes)(Brief Article)
October 1, 2004... Ace USA is offering a new policy to protect chemical plants and refineries in case they need to shut down their operations due to the threat of a hurricane. Unlike traditional property damage, the policy, called "Storm Tracker," will be...

Expert: commercial buildings should reduce bomb risks.(Loss/Risk Management Notes)(Brief Article)
October 1, 2004... While tougher building codes may help new construction withstand bomb attacks, existing buildings also can take steps to lessen the damage of potential bombs, said Darrell Barker, vice president of extreme loads and structural risks for ABS...

Aggressive accounting practice may lead to increased lawsuits.(Loss/Risk Management Notes)(Brief Article)
October 1, 2004... Companies that are the most aggressive in booking the noncash component of their earnings are four times as likely to be sued by their shareholders, according to a study released by Criterion Research Group LLC. Criterion, an independent...

At your command: technology is the lifeblood of auto insurers' concierge services--a claims tool that keeps customers happy while cutting costs.(Auto)
October 1, 2004... Just as hotel concierges cater to guests' needs with everything from making dinner reservations to hooking theater tickets, some property/casualty insurers are also providing the personal touch to help policyholders involved in automobile...

Still recovering: life insurers' portfolio net drops for the third consecutive year.(Life Asset Distribution)
October 1, 2004... The life insurance industry continued to recover in 2003 from the effect of the "Perfect Storm" during which low interest rates, weak equity market returns, worsening corporate credit, declining fee income and large investment losses negatively...

Following the market: improved equity market performance boosts property/casualty company assets.(P/C Asset Distribution)(Illustration)
October 1, 2004... The property/casualty insurance industry recorded almost a 13% increase in total admitted assets, primarily reflective of improved stock market performance and the resulting greater appreciation of common stock portfolios. However, the...

A three-pronged solution: it takes management commitment, error evaluation and mobilization of new technologies to control rating error.(Underwriting Insight)
October 1, 2004... Rating error in personal auto lines costs the property/casualty industry nearly $14 billion every year. In my April 2004 column, I presented an overview of the problem and the associated financial, risk-management and moral hazard costs. Now, I...

New name for ERC.(Marketplace)(Brief Article)
October 1, 2004... In what one company leader called an important point of "demarcation" for its restructuring and rebranding efforts, General Electric's insurance operations have adopted the name GE Insurance Solutions for all of the company's reinsurance and...

Ideas from the U.K.(Marketplace)(Brief Article)
October 1, 2004... * First Alternative Woman, a new venture aimed at taking advantage of the better safety record of women drivers, has entered the U.K. market. The company is a joint venture between HBOS plc, the U.K. financial-services group, and Peter...

Ads brand independent agents as advisers worthy of trust.(Marketplace)(Brief Article)
October 1, 2004... The Independent Insurance Agents of America's Trusted Choice commercials will be hitting the airwaves again in October and December. Trusted Choice is a marketing initiative the IIAA is using to brand the distribution system of independent...

P/C agents learn to cross-sell.(Marketplace)(Brief Article)
October 1, 2004... Few agents who sell mostly personal auto and homeowners insurance have had success in financial services. Mutual funds, variable annuities and variable life are foreign territory to them, and few property/casualty insurers have been able to...

A new measuring stick: the performance management initiative is helping group disability carriers evaluate their claim operations.(Disability)
October 1, 2004... Today many group disability-insurance carriers try to chart a course for their claim operations based on dead reckoning and their own experience and internal metrics. They might regularly attempt to re-engineer their claim operation simply...

Turning the table: the 2001 mortality table promises to spawn new life product designs.(New Products)
October 1, 2004... The magic threshold has been crossed. As of Sept. 1, 32 states--six more than the requisite 26--had adopted the use of the 2001 Commissioners Standard Ordinary Table or a similar model. This means that as of Jan. 1, 2008, the U.S. Treasury...

A fresh approach: the life industry is looking at ways to improve the assessment of mortality risk in elderly applicants.(Underwriting Insight)
October 1, 2004... Today the most common question asked by insurers about elderly applicants is not whether the industry should begin screening for functional impairments, but how we can screen most efficiently and what screening tools are most effective. ...

Aflac's quacking duck selected one of America's favorite ad icons.(Marketplace)
October 1, 2004... The Aflac Duck was voted one of America's Favorite Ad Icons in a nationwide online poll. The poll results were announced Sept. 20, at the beginning of Advertising Week in New York City. The M&M Talking Candies took first place, the Aflac Duck...

Genworth Financial.(New Products and Services)(Brief Article)
October 1, 2004... Genworth Financial launched Lifetime Protector 50+, which offers baby boomers and seniors lifetime guarantee premiums and flexible "catch up" options. The product augments Genworth Financial's universal life insurance product portfolio,...

Jefferson Pilot Financial.(New Products and Services)(Brief Article)
October 1, 2004... Jefferson Pilot Financial introduced its newest universal life product, JPF Legend 300 LR, which is tailored for loan roll-over situations in which clients with older permanent life products could benefit from the lower loan interest rates,...

Lincoln Benefit Life Co.(New Products and Services)(Brief Article)
October 1, 2004... Lincoln Benefit Life Co., a member of Allstate Financial Group, introduced two new universal life insurance products--Legacy Secure UL and Legacy Choice UL. The Coverage Protection Rider is included in both products, and it offers customers...

MetLife.(New Products and Services)(Brief Article)
October 1, 2004... MetLife introduced Best Practices For Life, a new online employer tool, that helps employers understand and implement best practices for group life benefits plan design, administration, enrollment and employee communications. The tool can be...

Fire screen: new tools give insurers better information for underwriting areas prone to brush and forest fires.(Underwriting Tools)
October 1, 2004... The property losses in recent years in California due to terrible brush and forest fires have insurers wondering if their underwriting practices are sufficient. The loss of homes and businesses in areas previously considered safe brings into...

Data recovery still a major vulnerability in insurance realm.(Technology Notes)
October 1, 2004... A lot of attention has been paid to data recovery following the Sept. 11 terrorist attacks, yet it remains a big vulnerability for policyholders and the insurers that sell the business interruption policies to cover those losses, according to a...

Nebraska companies to form Assurity Security Group.(Companies)(Brief Article)
October 1, 2004... The heads of two Lincoln, Neb., life insurance holding companies have decided to merge their companies. Security Mutual Life Nebraska Holding Co. and Lincoln Insurance Group Inc., both headquartered in Lincoln for more than a century, will...

Axa Financial renames its U.S. Equitable Life business.(Companies)(Brief Article)
October 1, 2004... Axa Financial Inc., a subsidiary of French insurer Axa Group, said it has renamed a wholly owned U.S. life insurer to reflect the Axa brand. Equitable Life Assurance Society of the United States, a life insurance and annuity business, was...

Japan's Mitsui to buy Aviva's Asian general businesses.(Companies)(Brief Article)
October 1, 2004... British insurer Aviva plc said it will sell its Asian general insurance businesses to Japan's Mitsui Sumitomo Insurance Co. Ltd., as Aviva focuses on its long-term savings segment in the region. Aviva said that, after a "strategic review"...

U.K. Insurer, soccer team form insurance company.(Companies)(Brief Article)
October 1, 2004... The announcement that the English soccer team Manchester City and specialist affinity broker Endsleigh Insurance Services Ltd. have formed an insurance company suggests a potentially lucrative source of revenue for both sports teams and...

Tower Ltd. to spin off wealth management unit.(Companies)(Brief Article)
October 1, 2004... Australian specialty insurer and wealth-management company Tower Ltd. said it will spin off its wealth-management business in Australia through a separate listing on the Australian Stock Exchange, as the group continues to reassess its...

Stepping backward to go forward: SIAA's new headquarters includes a New England homestead that is 271 years old.(The Last Word)
October 1, 2004... The Strategic Independent Agents Alliance recently added a touch of history to its operation by moving to a landmark house in Hampton, N.H. In mid-August, the SIAA moved its operations into a completely renovated, 13,000-square-foot...