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New Jersey’s oldest and largest health insurer, Horizon Blue Cross Blue Shield of New Jersey (BCBSNJ), has filed an application to convert its status from a nonprofit health service corporation to a for-profit company. The insurer considered conversion originally five years ago but gave up after witnessing the difficulties its counterparts in other states were… Continue reading Horizon Blue Cross Blue Shield Files for Conversion to Turn Profit

Amid the growing specter of recession that is rising among many of the world’s leading economies, an increase in corporate bankruptcies is inevitable over the next year or so and casualties among the banking sector could represent a greater than expected portion of failing companies, say analysts. According to the Merrill Lynch Corporate Master Index,… Continue reading Bank Bond Yields May Point to Looming Corporate Bankruptcies

A lawsuit has been filed by Liberty Mutual Holding Co. and several subsidiaries against the New York State Insurance Fund (NYSIF), its commissioners and the New York State Workers Compensation Board regarding amendments made to New York’s workers compensation law. Liberty Mutual’s suit claims amendments made to the law, which will require insurers to make… Continue reading New York Sued Over Workers Comp Amendments

The deteriorating condition of commercial banks is intensifying a debate among government officials over how to respond, illustrating the likely difficulties facing regulators bracing for a wave of bank failures (see related story, “Bank Bond Yields May Point to Looming Corporate Bankruptcies”).    In private meetings, Federal Deposit Insurance Corp. officials have pushed other agencies… Continue reading Bank Regulators Resisting Push to Downgrade Confidential Rating

The U.S. Justice Department’s announcement last week that it had uncovered one of the largest identity theft schemes in U.S. history is a stark reminder for consumers to protect their financial information, according to the Insurance Information Institute (I.I.I.). “With the sophisticated computer hacking techniques being used today, consumers should carefully monitor their credit card… Continue reading Insurance, Vigilance, Key in Preventing Identity Theft

The National Highway Traffic Safety Administration (NHTSA) reported that traffic deaths in the nation were down substantially in 2007, at their lowest level in more than a decade. Last year 41,059 people were killed in highway crashes, down by more than 1,600 from 2006. It was the lowest number of highway deaths in a year… Continue reading Another Result of Higher Gas Prices? Traffic Deaths at Lowest in Years

Nippon Life Insurance, the largest private life insurance company in Japan, announced plans to raise 50 billion yen (US $455 million) from domestic institutional investors to strengthen its capital and to invest abroad. Due to Japan’s mature life market, Nippon Life has by necessity been looking outside the country for growth, forging foreign alliances and… Continue reading Japanese Insurer to Raise 50 Billion Yen

In a decision overturning rulings by a workers’ compensation commission and a compensation review board, the Connecticut Supreme Court has ruled that an employer is not responsible for the portion of a workers compensation claimant’s lung damage that is the result of smoking. In the asbestos case, the court found that apportionment of permanent partial… Continue reading Court Reduces Asbestos Claim for Smoker

Fitch Ratings Inc. has released a report finding that while U.S. property/casualty insurers currently have “healthy” loss reserve levels, that may soon change. The New York-based ratings group’s report takes a close look at the property/casualty insurance industry’s reserve adequacy, with analysts noting that the industry’s loss reserve position has benefited from the past hard… Continue reading Fitch Report Finds Soft Market Leaching Loss Reserves

Already-deadly tropical Storm Fay is on its way to Florida, and weather forecasters are predicting the storm may grow into hurricane proportions by the time it arrives. Fay has wreaked havoc in Cuba and killed four people in the Dominican Republic, said the country’s Emergency Operations Center. In Haiti more than seven have been killed… Continue reading Storm Makes Way to Florida with Hurricane Potential