March 26th, 2013
Chart Room: Reserve Cycle, General Liability Claims Made and Products Liability Claims Made
Posted at 1:00 AM ET
The lines have begun to show deteriorating results in the most recent accident years.
Posts Tagged ‘general liability’
October 16th, 2012
Assessing Future Reserve Development
Posted at 9:01 AM ET
Jessica Leong, Lead Casualty Specialty Actuary
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By extrapolating reserving trends, it may be possible to assess the sector’s reserve adequacy. Two cyclical patterns are clear.
October 11th, 2012
Why Did Carriers Release More Reserves in 2011 than in 2010?
Posted at 1:00 AM ET
Jessica Leong, Lead Casualty Specialty Actuary
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As demonstrated in Figure 1, carriers released more reserves in 2011 than in 2010. This was in contrast to the general expectation for reserve releases to taper off from their peak in 2008. By analyzing the data closely, it becomes apparent that much of the 2011 calendar year redundancy was from the general liability - claims occurring line of business, shown in Figure 2 (the dotted lines again represent the movement in 2011). Accident years 2008 and 2009 for the general liability - claims occurring line show an unexpected downward turn in 2011, indicating more reserve releases than expected. This is similar to the downward turn for accident year 1992 in 1995.
August 2nd, 2012
Asia Pacific Casualty at the July 1 2012 Reinsurance Renewal
Posted at 1:00 AM ET
Australia & New Zealand
The handful of casualty placements in Australia/New Zealand at the July 1, 2012, renewal continued to operate against a backdrop of a benign claims environment. As a result, reinsurers were constrained in their efforts to increase rates to offset their declines in investment interest income. General casualty lines renewed within a range of down 4 percent to up 3 percent, with reinsurers seeking rate increases of 3 percent to 5 percent.
August 1st, 2012
European General Liability and Professional Lines at the July 1 2012 Reinsurance Renewal
Posted at 1:00 AM ET
Employers Liability/General Casualty - United Kingdom:
Reinsurance rate reductions were achieved on accounts with good performance. Those accounts with a notable PPO exposure and where reinsurance purchasing was at a higher attachment point were subjected to higher volatility loadings.
May 3rd, 2012
Continental European Legislative and Judicial Trends: Motor Liability in Norway
Posted at 1:00 AM ET
David Lewin, Managing Director
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Introduction
Motor liability insurance is legally defined as being part of general liability insurance coverages in Norway. In order to have a valid claim in Norway under the rules of general liability, three cumulative conditions must be fulfilled: a basis of liability must be established, the claimant must prove an economic loss, and such economic loss must be caused by the act that is the basis of liability. The following is a discussion about how motor liability is regulated in Norway.
February 9th, 2012
January 2012 Reinsurance Renewal: UK Employers Liability/General Liability
Posted at 1:00 AM ET
Primary rates have plateaued on employers liability (EL), but downward pressure continues to be applied to third-party accounts - both UK and international small and medium enterprise sector. For the larger, more complex international accounts rates are more stable. The third-party account continues to compliment the EL results of many insurers. With the general increase in bodily injury awards, lack of investment returns, pressure on discount rates, PPO effect and general recessionary factors, EL insurance must be subjected to rate increases in the near future.
February 9th, 2012
January 2012 Reinsurance Renewal: Continental European General Third Party Liability
Posted at 1:00 AM ET
In the primary market, rates are still declining in over-supplied sectors of commercial and mid-sized industrial liability. However, some major industrial insureds with difficult loss histories have renewed at significant premium increases or with increased self-insured retentions. Overall, however, the primary market is flat. In 2012, consolidation is likely to accelerate if price-to book ratios improve, as weaker carriers seek capital support. If this does occur, premiums will begin to increase.
February 6th, 2012
January 2012 Reinsurance Renewal: United States Casualty Lines
Posted at 1:01 AM ET
Automobile and General Liability
Primary insurance rates in the commercial sectors have stabilized with underlying exposure stabilizing as well. The majority of general and automobile liability renewals renewed flat or with rate increases in the 1 percent to 5 percent range. Some favorable primary risks, however, continue to experience rate decreases in the single digits. The overall impact has been a slight increase in liability subject premiums in the low single digits. Underwriters of medium to large US liability businesses have been requiring more data than in the past. They are acquiring additional details on loss data and trends, safety reports and risk management practices. Direct commercial liability markets continue to show general improvement in their profitability as underwriting practices improve and increased portfolio analytics, such as predictive modeling, continue to be implemented.
November 10th, 2011
Continental European Legislative and Judicial Trends: Federal Court of Justice of Germany Decision: Binding Effect of Liability Judgment for Coverage Proceedings
Posted at 1:00 AM ET
David Lewin, Managing Director
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Introduction
In German liability law, the injured party may bring a claim against the injuring party (the insured), but not against the injuring party’s liability insurer. Questions of liability and insurance coverage are handled separately. First, the liability judgment must include a determination of whether, and to what extent, the injuring party (the insured) is liable for causing the injury to the injured party. Once determined, this liability cannot be questioned in the court of the coverage proceedings. This is referred to as the “binding effect of the liability judgment for the coverage proceedings.”
