Author: Farkas Laura

Gen Re Defendents Denied Motion to Overturn their Guilty Convictions

On Thursday, a Connecticut federal judge Thursday denied a motion to overturn the convictions of five former executives of General Re Corp. and American International Group Inc. found guilty in March of helping AIG inflate its loss reserves with a bogus reinsurance deal.    U.S. District Judge Christopher Droney also denied a motion for a… Continue reading Gen Re Defendents Denied Motion to Overturn their Guilty Convictions

Proposed WC Payments Could Increase by 16% in CA Under New Changes

Changes proposed by the state Division of Workers’ Compensation could result in California’s workers’ compensation payments for permanent disability increasing by an average of 16%. According to Director Carrie Nevans, the division is proposing to change the formula it uses to determine payments to workers who suffer permanent disability on the job. The changes are… Continue reading Proposed WC Payments Could Increase by 16% in CA Under New Changes

Economists Outlook: Recession Mild, Recovery Slow

Forecasters in a survey to be released today by The National Association for Business Economics (NABE) feel that the economy will weaken further and unemployment will rise. Fifty-six percent of the economists think the economy has started or will enter a recession this year. That’s up from 45 percent in a survey in February. If… Continue reading Economists Outlook: Recession Mild, Recovery Slow

Senate Panel Faults Government WC Program for Civilian Employees in Iraq and Afghanistan

According to a report from the House Oversight and Government Reform Committee, a Pentagon program for providing workers’ compensation for civilian employees in Iraq and Afghanistan is being poorly run, and has allowed defense contractors and insurance companies to gouge American taxpayers.    A Democratic staff report from the committee cites that “insurance companies alone… Continue reading Senate Panel Faults Government WC Program for Civilian Employees in Iraq and Afghanistan

Survey Shows On-line Auto Insurance Quoting, Purchasing Cutting into Marketshare

Results of a study, “The 2008 comScore Online Automobile Insurance Report,” conducted by comScore, Inc., reveals that consumers are increasingly turning to the Internet to purchase auto insurance.     The study provides insights into the online auto insurance market and the behaviors and attitudes of auto insurance consumers. The report is based on behavioral… Continue reading Survey Shows On-line Auto Insurance Quoting, Purchasing Cutting into Marketshare

Florida Bans Allstate, Nine Affiliates from Selling New Policies

Allstate Insurance Co. and nine of its affiliates were temporarily banned by the state insurance commissioner from selling new insurance policies in Florida. The suspension followed a ruling issued Wednesday by the First District Court of Appeal in Tallahassee denying Allstate’s request for another hearing in its court case with the state over property insurance… Continue reading Florida Bans Allstate, Nine Affiliates from Selling New Policies

Economic Fall-out from China Quake May Exceed $20B, Losses Largely Uninsured

The economic cost of the Sichuan, China earthquake may well exceed $20 billion, according to AIR Worldwide. However, the majority of these losses are not insured, estimated at no more than $1 billion by the risk consulting firm.     AIR Worldwide said in a statement that the purchase of insurance in the region struck… Continue reading Economic Fall-out from China Quake May Exceed $20B, Losses Largely Uninsured

Bernanke Speaks on Banking Industry, Need to Actively Raise Capital

At a conference on bank structure and competition in Chicago this morning, Federal Reserve Chairman Ben Bernanke underscored the need for “generous” capital cushions in light of the financial market turmoil. He also iterated that banks need to actively raise money as needed. “I strongly urge financial institutions to remain proactive in their capital-raising efforts,”… Continue reading Bernanke Speaks on Banking Industry, Need to Actively Raise Capital