Author: Farkas Laura

Medical malpractice claims have been on a steady decrease for the last five years, driven by significant drops in claims involving obstetrics and rehabilitation, finds a new report. Still, despite the decline, obstetrics claims accounted for 14 percent of overall hospital malpractice claims in 2005 and accounted for 32 percent of claim costs.    In… Continue reading Hospital Malpractice Claims Continue to Drop, Report Finds

With mounting challenges for agents and brokers on issues surrounding certificates of insurance, the Big “I” Board of Directors took the proactive step of adopting a board policy at a recent meeting to help the industry address the problem. “The critical role that certificates of insurance play in many business transactions underscores the importance of… Continue reading BIG “I” Adopts Certificates Of Insurance Policy

For the first time in three years, sales of U.S. Government Treasuries may possibly increase as the U.S. federal budget deficit expands, resulting in putting at risk what has been the biggest bond rally in five years. According to UBS Securities LLC, one of the 21 primary dealers that underwrite Treasury auctions, the government’s auctions… Continue reading Deficit Expands, May Prompt Rise in Treasury Sales

Banking industry giants Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. will be joining in an agreement to establish a fund totaling approximately $80 billion. The fund is designed to help revive the asset-backed commercial paper market, according to unnamed persons who are familiar with the discussions. The three banks may make… Continue reading Big Bankers May Bind to Back Billions

On Thursday, Florida Gov. Charlie Crist signed a bill into law reviving state’s no-fault automobile insurance law and the requirement that all motorists carry $10,000 in personal injury protection (PIP).      The changes restore mandatory personal injury protections, or PIP, as of Jan. 1. Between now and then, motorists can decide whether or not to… Continue reading FL Gov Signs Bill Reviving No-Fault in State in 2008

Insurance Services Office Inc.’s Property Claim Services (PCS) unit announced on Thursday that property/casualty insurers are expected to pay U.S. businesses and homeowners an estimated $1.13 billion for third-quarter property losses resulting from catastrophes. Six catastrophes in 11 states during the quarter generated 260,000 claims, estimates PCS. Sixty-two percent of the $1.13 billion in property… Continue reading P/C Carriers Estimated to Pay $1.13B in Catastrophe Losses

According to the Insurance Risk Study released today by Aon Re Global, a unit of Aon Corporation , all lines of insurance except personal auto have exhibited greater underwriting volatility than the one-year S&P 500 volatility for five years running.    For the C-suite and their risk managers, the risk-versus-return tradeoff is in an ever-moving… Continue reading AON STUDY: All Insurance Lines More Volatile than S&P, Excluding Auto

On Wednesday, the House Energy and Commerce Health Subcommittee approved mental health care benefits parity legislation on a voice vote, sending the bill to the full committee and moving the measure closer to a vote by the House of Representatives. The legislation approved by the panel, H.R. 1424, mirrors bills cleared earlier by the House… Continue reading House Committee Approve Mental Health Parity Legislation

According to an article in “The Wall Street Journal” today, an analysis conducted of more than 130 million home loans made over the past decade reveals that risky mortgages were made in nearly every corner of the nation, from small towns in the middle of nowhere to inner cities to affluent suburbs, not only to… Continue reading Credit Fall-Out: SubPrime Here, There, Everywhere

The development of final regulations governing managed competition in the Massachusetts automobile insurance market is an important milestone on the way to producing a healthier insurance market for consumers, according to the Property Casualty Insurers Association of America (PCI). On October 5, Insurance Commissioner Nonnie Burnes issued regulations that provide a framework for a smooth… Continue reading PCI Supports MA Efforts Towards a More Competitive Auto Insurance Market