Author: Farkas Laura

The NAMIC today released a statement to Florida state regulators regarding a rule change proposed for the state’s insurance system, indicating that the proposal could further dissuade insurance companies from doing business there. The statement is as follows:    The proposed “Informal Conferences; Repeal” addresses the required procedure for insurers to review and raise concerns… Continue reading NAMIC: FL Proposal Could Dissuade Carriers from Insuring in the State

The National Association of Insurance Commissioners (NAIC) commends the U.S. House Financial Services Committee for reporting out of committee H.R. 1746, the Holocaust Insurance Accountability Act of 2008. In particular, the NAIC thanks Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.) for their leadership in shepherding this legislation through the committee. The… Continue reading NAIC Supports Holocaust Insurance Accountability Act

Legislation designed to encourage communities to establish and enforce strong building codes by offering federal grants was adopted yesterday by the House Financial Services Committee and has garnered the support of the National Association of Mutual Insurance Companies (NAMIC) and the Independent Insurance Agents of America (IIAA). The PCI had also voiced its support of… Continue reading NAMIC, IIAA Join in Support for Stronger Building Code Legislation

According to ISO and the Property Casualty Insurers Association of America (PCI), the U.S. property/casualty insurance industry’s net income after taxes fell to $8.2 billion in first-quarter 2008 from $16.2 billion in first-quarter 2007 and a cyclical peak of $17.7 billion in first-quarter 2005. Reflecting the declines in net income, the property/casualty industry’s annualized rate… Continue reading ISO: P/C Industry Net Income and Profitability Down

In an effort to reduce delays in receiving treatment or awards and strengthen the ability to enforce the requirement for employers to provide coverage, changes to New Jersey’s workers compensation law were passed yesterday.     The package of six bills strengthens the authority of workers’ compensation judges to enforce their relief orders and imposes… Continue reading Changes in Workers Comp Pass NJ

According to the Insurance Information Institute (I.I.I.), the cost of homeowners claims for damage due to lightning strikes has increased dramatically—up 28 percent over the last four years.    An analysis of homeowners insurance data by the I.I.I. found there were more than 177,000 lightning claims in 2007, causing nearly $1 billion in insured losses.… Continue reading III Report: Lightning Strikes Big When it Comes to Homeowners Claims

Every two seconds identity theft claims another victim, one of the troubling statistics of the technology age. Today, nearly every week brings news reports of another breach of personally identifiable information. Between January 2005 and October 2007, a staggering 215 million personal records were breached, according to the Privacy Rights Clearinghouse. Amid this threat, the… Continue reading The Hartford Expands Indentity Recovery Coverage for Businesses

Aon Corporation, the leading global risk and insurance firm, and SmartDrive, a global leader in driver safety and risk management solutions, have teamed up to provide a joint service called AonSmartDrive. The AonSmartDrive measured safety program is launching in the United States, the United Kingdom and Australia featuring a dual lens in-vehicle camera that records… Continue reading AonSmartDrive Measured Safety Program Reduces Auto Related Liability Costs by 50%

ACE Limited reported on Monday that, based on current estimates, the effects of the recent floods in the Midwestern United States on its crop insurance business will have a negligible impact on both second quarter and full-year earnings per share results.     Bermuda-based ACE is the second largest writer of crop insurance in the… Continue reading ACE Limited: Recent Floods to Have Neglible Impact on its Crop Insurance Business

The fire season has started earlier than usual in 2008 in California, with 30 active fires already blazing in the Golden State, causing insurers to be concerned.    “Until they get all these fire contained, we all walk on eggshells,” said State Farm spokesman Lonny Haskins, who was on his way to an evacuation center… Continue reading Early CA Wildfires Have Insurers on Alert