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Legislation designed to encourage communities to establish and enforce strong building codes by offering federal grants was adopted yesterday by the House Financial Services Committee and has garnered the support of the National Association of Mutual Insurance Companies (NAMIC) and the Independent Insurance Agents of America (IIAA). The PCI had also voiced its support of… Continue reading NAMIC, IIAA Join in Support for Stronger Building Code Legislation

According to ISO and the Property Casualty Insurers Association of America (PCI), the U.S. property/casualty insurance industry’s net income after taxes fell to $8.2 billion in first-quarter 2008 from $16.2 billion in first-quarter 2007 and a cyclical peak of $17.7 billion in first-quarter 2005. Reflecting the declines in net income, the property/casualty industry’s annualized rate… Continue reading ISO: P/C Industry Net Income and Profitability Down

In an effort to reduce delays in receiving treatment or awards and strengthen the ability to enforce the requirement for employers to provide coverage, changes to New Jersey’s workers compensation law were passed yesterday.     The package of six bills strengthens the authority of workers’ compensation judges to enforce their relief orders and imposes… Continue reading Changes in Workers Comp Pass NJ

According to the Insurance Information Institute (I.I.I.), the cost of homeowners claims for damage due to lightning strikes has increased dramatically—up 28 percent over the last four years.    An analysis of homeowners insurance data by the I.I.I. found there were more than 177,000 lightning claims in 2007, causing nearly $1 billion in insured losses.… Continue reading III Report: Lightning Strikes Big When it Comes to Homeowners Claims

Every two seconds identity theft claims another victim, one of the troubling statistics of the technology age. Today, nearly every week brings news reports of another breach of personally identifiable information. Between January 2005 and October 2007, a staggering 215 million personal records were breached, according to the Privacy Rights Clearinghouse. Amid this threat, the… Continue reading The Hartford Expands Indentity Recovery Coverage for Businesses

Aon Corporation, the leading global risk and insurance firm, and SmartDrive, a global leader in driver safety and risk management solutions, have teamed up to provide a joint service called AonSmartDrive. The AonSmartDrive measured safety program is launching in the United States, the United Kingdom and Australia featuring a dual lens in-vehicle camera that records… Continue reading AonSmartDrive Measured Safety Program Reduces Auto Related Liability Costs by 50%

ACE Limited reported on Monday that, based on current estimates, the effects of the recent floods in the Midwestern United States on its crop insurance business will have a negligible impact on both second quarter and full-year earnings per share results.     Bermuda-based ACE is the second largest writer of crop insurance in the… Continue reading ACE Limited: Recent Floods to Have Neglible Impact on its Crop Insurance Business

The fire season has started earlier than usual in 2008 in California, with 30 active fires already blazing in the Golden State, causing insurers to be concerned.    “Until they get all these fire contained, we all walk on eggshells,” said State Farm spokesman Lonny Haskins, who was on his way to an evacuation center… Continue reading Early CA Wildfires Have Insurers on Alert

The Property Casualty Insurers Association of America (PCI) supports H.R. 4461, the Community Building Code Administration Grant Act, which is scheduled for a markup in the House Financial Services Committee on Tuesday, June 24th. PCI urges House leadership to move this important bill to a floor vote expeditiously following committee consideration. This summer, many American… Continue reading PCI Supports Building Codes Legislation

The S&P/Case-Shiller home-price index indicated that home prices in 20 U.S. metropolitan areas fell in April by the most on record, signaling the housing recession is far from over.    The report indicates that the home-price index dropped 15.3 percent from a year earlier, less than forecast, after a 14.3 percent decline in March. The… Continue reading Home Price Index Fell in April