Author: Farkas Laura

According to a report released by Fitch Ratings on Tuesday, the establishment of an office for federal insurance regulation is “inevitable,” but the likelihood of this happening any time soon is slim. Fitch in its report “Optional Federal Charter: Will Treasury Support Promote Passage?” stated that “continued strong opposition from several influential constituencies, election-year uncertainties… Continue reading Fitch: Insurance OFC Inevitable But Unlikely in Near Term

Georgia drivers won a landmark legislative victory today as SB 276 went into law with Governor Sonny Perdue’s signature, according to the Property Casualty Insurers Association of America (PCI). Under SB 276, Georgia drivers could soon see cost savings and more product selection now that state lawmakers have passed a bill to make the state’s… Continue reading PCI Praises GA Auto Insurance Legislation as Consumer-Driven

A deal that would expand a government program to insure hundreds of billions of dollars in refinanced mortgages could be reached by Senate lawmakers today, after meeting last night to hash out their differences. The deal, if finalized later Thursday morning, could breathe new life into congressional efforts to stabilize the rocky housing sector. The… Continue reading Senate Works through Night, Closer to Mortgage Deal

Zurich Financial Services Group posted a three percent rise in first-quarter net profit despite higher claims, beating expectations. The results showed Zurich had braved choppy financial markets as well as competitive insurance markets, where prices paid for premiums are dropping, the group’s Chief Financial Officer Dieter Wemmer said on Thursday. “(We are) mainly talking about… Continue reading Zurich Beats First-Quarter Expectations

The Chinese state media said that more than 50,000 people may have died in the earthquake that devastated parts of the country on Monday. The warning came after the government confirmed the death toll had risen to 19,500, as rescue efforts continue to search for thousands still trapped. About 10 million people across Sichuan province… Continue reading Government Fears Quake Death Toll in China Could Reach 50,000

The Senate on Tuesday passed legislation to extend and reform the National Flood Insurance Program (S.2284 – Flood Insurance Reform and Modernization Act of 2008). The bill provides for a five-year reauthorization of the National Flood Insurance Program (NFIP) beyond its September 30 expiration and includes several reforms. In response to the Senate’s legislation, the… Continue reading Industry Applauds Legislation to Extend and Reform Flood Program

As the nation braces for the hurricanes, wildfires, tornadoes and floods that accompany the spring and summer disaster season, nearly half of U.S. consumers are insufficiently prepared — in terms of their insurance coverage — to deal with potential losses, according to new research by the National Association of Insurance Commissioners (NAIC).      The NAIC’s… Continue reading NAIC Survey: Nearly Half of Americans Unprepared for Disasters

Maurice “Hank” Greenberg, the former chief executive of American International Group (AIG), is skipping today’s annual shareholders meeting after calling for its postponement in light of the insurer’s problems.    Greenberg had said yesterday that AIG is in “crisis,” adding pressure on successor Martin Sullivan to turn the company around after two quarterly losses. Greenberg’s… Continue reading Greenberg to Skip AIG’s Annual Meeting After Calling for Delay

The second-biggest provider of funding for U.S. residential mortgages, Freddie Mac, reported a loss that was narrower than analysts estimated. Additionally, the company said it will raise $5.5 billion in capital to help overcome rising credit costs.    The company said it lost $151 million, or 66 cents per share in the quarter, compared with… Continue reading First-Quarter Loss for Freddie Mac Less than Expected

Georgia Insurance and Safety Fire Commissioner John W. Oxendine on Tuesday reported that the state was hit with more than $50 million in insured property damage from last weekend’s storm.    “Our preliminary estimate today is more than $50 million in damage across Georgia,” said Mr. Oxendine. “That figure may rise as new claims are… Continue reading Storm Hits Georgia with $50+ Million in Insured Damages