When insurance firms launched social media initiatives, the results were rewarding.
"I think everyone in the industry would be interested in reducing the complexity of models, making things more transparent and thus easier to understand. We ought to have learnt in the years since the financial crisis that our economic capital models need to be more dynamic and more insightful. "
- Markus Stricker, director of the Willis Economic Capital Forum, on how the insurance industry uses models
TOP 20 REINSURANCE COMPANIES
In September, A.M. Best ranked the world's reinsurers based on gross premiums written (to unaffiliated assumed business, based on 201 1 results).
1. Munich Reinsurance Company - $33.7 billion
2. Swiss Reinsurance Company Limited - $28.6 billion
3. Hannover Rueckversicherun^ AG - $15.7 billion
4. Berkshire Hathaway Inc. - $15.0 billion
5. Lloyd's- $13.6 billion
6. SCOR S.E- $9.8 billion
7. Reinsurance Group of America Inc. - $7.7 billion
8. China Reinsurance (Group) Corporation - $6.2 billion
9. PartnerRe Ltd.- $4.6 billion
10. Korean Reinsurance Company - $4.6 billion
11 . Everest Re Group Ltd. - $4.3 billion
12. Transatlantic Holdings, Inc. - $4.0 billion
13. MAPFRE RE, Compania de Reaseguros, S.A. - $3.4 billion
14. London Reinsurance Group Inc. - $3.1 billion
15. Assicurazioni Generali SpA - $2.7 billion
16. General Insurance Corporation of India - $2.6 billion
17. XL Group pic - $2.5 billion
18. QBE Insurance Group Limited - $2.3 billion
19. The Toa Reinsurance Company, Limited - $2.2 billion
20. Axis Capital Holdings Limited - $2.0 billion
Source: A.M. Best
After Hurricane Sandy hit in the Northeast, reports of local businesses price gouging customers became rampant in New York and New Jersey. Of more than 400 complaints the New York Attorney General's office received, some reported paying $1C for a box of matches and for a loaf of bread. The Division of Consumer Affairs in New Jersey issued subpoenas to some companies across the state for price gouging in an investigation that included at least 1,200 consumer complaints.
Our office has zero tolerance for price gouging " said NY State Attorney General Eric Schneiderman in a statement days after the storm. "We are actively investigating hundreds of complaints we've received from consumers of businesses preying on victims of Hurricane Sandy, and will do everything we can to stop unscrupulous individuals from taking advantage of New Yorkers trying to rebuild their lives."
Source: NBC News