Author: Farkas Laura

The world’s biggest home-improvement retailer Home Depot Inc. announced today that it has put the brakes on opening nearly 50 U.S. stores, some that have been in the pipeline for more than 10 years, and will close 15 under-performing stores as it cuts capital spending to improve returns. The closings will eliminate or move 1,300… Continue reading Troubled Housing Market Slows Down Home Depot’s US Plans

Hurricane season begins June 1, and officials of the Federal Emergency Management Agency (FEMA) are stepping up awareness from now, urging Americans to prepare their homes and businesses for the heightened flood risks associated with hurricanes and tropical storms.     In the past, the consequences of seasonal flooding as a result of hurricanes have… Continue reading As Hurricane Season Nears, FEMA Urges Americans to Prepare, Have Flood Insurance

The National Association of Insurance Commissioners (NAIC) recognizes the National Conference of State Legislatures (NCSL) for their commitment to state-based insurance regulation and important consumer-protection measures.    At their Spring Forum, NCSL members approved adoption of the Resolution in Opposition to S. 40/H.R. 3200 – the National Insurance Act of 2007. The resolution opposes the… Continue reading NAIC Commends NCSL’s Commitment for Ongoing State-based Regulation

Allstate Corp will lower auto rates by 15.9 percent by May 12th, the deadline set in compliance with an order by the state’s insurance regulator that the carrier had previously challenged.     “Yes, we are complying with the reduction and we expect to have it in advance of the May 12 deadline,” said Peter… Continue reading Allstate to Comply with CA Regulator, Will Cut Auto Rates

Philadelphia-based health carrier Cigna Corp. posted an 80 percent drop in first-quarter profits due to softness in its core health care unit and hefty charges in its annuities business.    The company earned $58 million, or 21 cents per share, in the quarter, compared with $289 million, or 98 cents, in the quarter a year… Continue reading CIGNA Posts Significant Drop in First-Quarter Profits

The Federal Reserve has cut its key interest rate from 2.25% to 2.0% as it aims to avoid a possible US recession. It is the seventh rate cut since last September, when the federal funds rate was cut from 5.25% to 4.75%. The economy has been hit by a housing market downturn and some analysts… Continue reading BREAKING NEWS: Fed Cuts Interest Rate

Three tornadoes touched down in central and southeastern Virginia on Monday, injuring at least 200 people throughout the Commonwealth. By Tuesday night, preliminary damage estimates in the city of Suffolk, where the tornadoes ripped through, topped $20 million for the city after assessing 342 properties.     The twister, a category EF-3 with winds reaching… Continue reading VA Tornado Damage Could Reach More than $20 Million

Gov. Marc Racicot, president of the American Insurance Association (AIA), assured the residents of southeastern Virginia who were battered by three tornadoes yesterday that the insurance industry would be focused on a quick and targeted response in helping them recover.     “The insurance industry is on the scene and we are focused on helping… Continue reading AIA Assures Victims of VA Tornadoes

Shifting away from job-based coverage to an open market where people can choose from competing policies is what Republican presidential nominee and Senator John McCain is proposing to change the health insurance crisis facing many Americans.    On Tuesday during a speech at the H. Lee Moffitt Cancer Center & Research Institute in Tampa, McCain… Continue reading McCain Talks Tax Credits for Health Coverage

A study by researchers at the State Health Access Data Assistance Center at the University of Minnesota reveals that health insurance premiums have increased 10 times faster than incomes in recent years.    Workers with job-based coverage for their families saw earnings rise 3% from 2001 to 2005, while their health insurance premium contribution increased… Continue reading Workers’ Contribution for Health Coverage Rose Significantly in Recent Years