Author: Farkas Laura

III Reports Nearly 14,000 Claims Filed in So CA Fires

According to the Insurance Information Institute (III), a research group for the P/C industry, about 14,000 insurance claims have been filed from last week’s fire and wind storms in California.    The III stated that insurers may have to pay up to $1.6 billion in claims for fires that ravaged the state’s homes, farms, vehicles… Continue reading III Reports Nearly 14,000 Claims Filed in So CA Fires

Insurer Failures in FL to Cost Homeowners in Surcharges

The board of the Florida Insurance Guaranty Association has approved another 2 percent surcharge on all homeowner policies, including Citizens Property Insurance Corp. policies for the first time, to pay for the failure of the Tampa-based Poe Financial Group’s three insurers: Atlantic Preferred, Florida Preferred and Southern Family Insurance companies. State Insurance Commissioner Kevin McCarty… Continue reading Insurer Failures in FL to Cost Homeowners in Surcharges

U.S. Sub-Prime Market Leads European Bank UBS to Quarterly Losses

Europe’s largest bank by assets, UBS AG, announced its first quarterly loss in almost five years after declines in the U.S. sub-prime mortgage market led to $4.4 billion in losses and write-downs on fixed-income securities. The third-quarter net loss was 830 million Swiss francs ($712 million), or 49 centimes a share, compared with net income… Continue reading U.S. Sub-Prime Market Leads European Bank UBS to Quarterly Losses

Housing Prices Down for the Eighth Consecutive Month

According to the S&P/Case-Shiller index released Tuesday, U.S. home prices fell nationwide in August for the eighth consecutive month. “There is really no positive news in today’s report,” said Mr. Robert Shiller, chief economist for MacroMarkets LLC which collaborated with S&P on the indicator. Home prices as measured by the index have fallen by more… Continue reading Housing Prices Down for the Eighth Consecutive Month

Congressman Wants for 120-day Extension for Further Discussions on TRIA with Senate

Congressman Barney Frank (D-MA), chairman of the House Financial Services Committee ,in a meeting of the Property Casualty Insurers Assn. of America (PCI) on Monday stated that he has asked his committee staff to prepare a bill asking for a 120-day extension for the federal backstop for terrorism coverage, which is due to expire at… Continue reading Congressman Wants for 120-day Extension for Further Discussions on TRIA with Senate

Safeco Donates $250,00 to Support Relief Efforts in So Ca Fires

Seattle-based Safeco announced it is donating a package of up to $250,000 to support relief efforts for victims of the Southern California wildfires. A $50,000 grant will be donated immediately to the San Diego/Imperial County Red Cross. In addition, the company is encouraging its employees and independent agent partners to contribute to relief efforts by… Continue reading Safeco Donates $250,00 to Support Relief Efforts in So Ca Fires

CNA Reports Forty-Four Percent Decline in Third-Quarter Profits

Commercial insurer CNA Financial Corp, whose majority owner is Loews Corp, announced today that its third-quarter profit fell 44 percent. Profit dropped to $174 million, or 64 cents per share, from $311 million, or $1.15, a year earlier. Profit dropped to $174 million, or 64 cents per share, from $311 million, or $1.15, a year… Continue reading CNA Reports Forty-Four Percent Decline in Third-Quarter Profits

So Carolina WC Commissioners Reject Governor’s Directive

On Friday, state workers’ compensation commissioners rejected South Carolina’s Gov. Mark Sanford’s executive order directing them to use more limited guidelines in determining settlements for injured workers.      The seven members, appointed by the governor, ruled unanimously that their judicial code of conduct required them to remain “independent, impartial, and faithful to the law” in… Continue reading So Carolina WC Commissioners Reject Governor’s Directive