Author: Farkas Laura

A new survey, “State Estimates of Adults Driving Under the Influence of Alcohol and Illicit Drugs” by the Substance Abuse and Mental Health Services Administration, reveals that 15.1 percent of the nation’s drivers age 18 and older drove under the influence of alcohol at least once in the past year. The report says that in… Continue reading New Report on Drinking and Driving Reveals Sobering Statistics

The Wall Street Journal reported today that Federal Deposit Insurance Corp Chairman Sheila Bair is in the final stages of inking a legislative proposal that will let the Treasury Department issue direct loans for nearly one million homeowners.    The plan, which needs Congress approval, would permit new government loans so borrowers can repay up… Continue reading FDIC Putting the Final Ink on Direct Loan Plan for One Million Homeowners

According to the Mortgage Bankers Association, applications for U.S. home mortgages last week dropped to their lowest since December, further indication that the housing market is far from recovery.     The MBA said its seasonally adjusted index of mortgage application activity dropped 11.1 percent to 567.0 in the week ended April 25, its lowest… Continue reading Mortgage Applications Drop to New Low

On Tuesday, some of the biggest U.S. investors said that they expected the nation’s economy to get worse, but then work its way toward recovery later this year. On Wall Street, however, getting back to a healthy state will take much longer. “It is the Great Depression on Wall Street. It sure isn’t on Main… Continue reading Wall Street Feels “Depression” with Long Road Ahead for Recovery

According to the Property Claims Services (PCS), a unit of Insurance Services Office (ISO), insurance carriers will pay homeowners and businesses an estimated $3.35 billion for first-quarter property losses as a result of nine different catastrophes.     Eight of the catastrophes for first-quarter 2008 generated 615,000 claims in 22 states, according to PCS estimates.… Continue reading ISO: Catastrophes Cost Insurers an Estimated $3.35B in First-Quarter Losses

A comprehensive overview of the state of the insurance distribution system for 2008 and beyond has been released by Marsh, Berry & Company, Inc, documenting historical and projected insurance agency/broker value, merger & acquisition activity, and organic growth best practices that can help agencies and brokers exploit changing market dynamics.     Based upon current… Continue reading MarshBerry Releases Agent/Broker Value Forecast Repport

The Risk and Insurance Management Society (RIMS) and Advisen, Ltd. have announced the release of the Broker Services and Remuneration Study as part of the 2008 RIMS Benchmark Survey™ book. The study—based on data gathered in February from 1,519 participants—has found that insurance buyers are driving brokers to change their service offerings and the way… Continue reading Advisen & RIMS Study: Relationship between Insurance Buyers and Brokers Shifting

On Monday, The Hartford Financial Services Group Inc. said that its net income for the first quarter of 2008 dropped 83% from the same quarter one year ago to $145 million. According to The Hartford, Connecticut-based company, poor returns on investments were the cause of its $648 million after-tax loss.     “Similar to other… Continue reading The Hartford Also Sees First Quarter Decline

Calabasas, California-based mortgage lender Countrywide Financial announced today that it lost $893 million during the first quarter due to a sharp increase in its provision for loan losses.    The company says it lost $893 million, or $1.60 per share, during the first quarter. Countrywide has said it earned $434 million, or 72 cents per… Continue reading Trouble Times Still Plague Countrywide as it Posts $893 Million in Losses

According to the Standard & Poor’s/Case Shiller home price index released on Tuesday, prices of existing US single-family homes extended their slump in February, with 17 of the 20 measured regions posting record annual declines.    The composite month-over-month index of 20 metropolitan areas fell 2.6 percent to 175.94 in February from January, for an… Continue reading Home Prices Continue Decline