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June 30, 2010 Wednesday
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BestWeek: Net Premiums Decline Again, Another Drop Expected
While net premiums written declined for the third straight year in 2009, yet another drop is expected in 2010, according to the latest issue of BestWeek U.S./Canada. Net premiums written fell 4.3 percent to $426.4 billion in 2009, according to BestLink, which provides online access to A.M. Best’s Global Insurance & Banking Database. It marked the first time in A.M. Best’s recorded history that net premiums have declined for three successive years, BestWeek reports.And in BestWeek Europe, the U.K. insurance sector is looking with interest at the momentum that is building to stop employers from forcing people to retire at 65, and its implications for pensions business growth. Paul Goodwin, head of pensions at Aviva plc, said he sees opportunities for financial advisers, who would tend to be well-placed to provide comparisons between people’s assets and what they would need to generate in income and inheritable wealth.In BestWeek U.S./Canada, regulatory changes under discussion in Europe, the United Kingdom and the United States are the biggest concern for Sean McGovern, director of Lloyd’s North America and general counsel. The reforms facing the insurance and financial services industry right now are “mind blowing,” McGovern told BestWeek. “There’s the potential to be game changing depending on how it comes out.”BestWeek is published by A.M. Best Co. for insurance professionals.A.M. Best Co. is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.More information:ambest.com/sales/BestWeek((Comments on this story may be sent to newsdesk@closeupmedia.com))
June 30, 2010
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