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Small pickups aren’t providing as much protection in side crashes as many new cars and SUVs. The Toyota Tacoma was the only one of five small pickup trucks, all 2008 models, to earn the highest rating of good for occupant protection in recent side crash tests conducted by the Insurance Institute for Highway Safety. The… Continue reading Insurance Safety Group Finds Small Pick-Ups Not As Safe

For the month of June, existing home sales continued to fall and the median price also dropped as inventories crept higher. The National Association of Realtors (NAR) reported today that home resales slid to a 4.86 million annual rate, a 2.6% decrease from May’s unrevised 4.99 million annual pace. The median home price was $215,100… Continue reading Existing Home Sales Fell in June

Professional Insurance Agents of New York State Inc. past President John W. Bailey, CIC, of the George Bailey Agency, Dryden, N.Y., testified on behalf of the association at a joint public hearing on producer compensation and disclosure. The hearing was the second in a series of three this month held by the New York State… Continue reading Past PIANY President Bailey Testfies at Second Compensation Hearing

As banks attempt to stem their real-estate exposure and preserve sorely needed capital, they are triggering lawsuits from builders that say the lenders have unfairly cut off their construction financing, stopped their projects midstream and forced their companies to the brink of bankruptcy.    “Lender-liability lawsuits are coming. It’s only just beginning,” says Michael Hackard,… Continue reading WSJ: Lender-Liability Lawsuits on the Horizon

Lester B. Knight, an independent director since 1999, has been elected non-Executive Chairman of the Board of Aon Corporation. Knight, 50, succeeds Patrick G. Ryan, Aon’s Executive Chairman and founder, who previously announced his intention to retire on August 1, 2008. Aon is the world’s largest insurance and reinsurance intermediary, and a global leader in… Continue reading AON Names Knight as Non-Executive Chairman to Succeed Ryan

Rising prices at the gas pump seem to be affecting the number of traffic deaths, similar to what occurred during the Arab oil embargo three decades ago. Researchers with the National Safety Council report a 9 percent drop in motor vehicle deaths overall through May compared with the first five months of 2007, including a… Continue reading Traffic Death Toll Decreases as Gas Prices Rise

The Travelers Companies, Inc. today reported net income of $942 million, or $1.57 per basic share and $1.54 per diluted share, for the quarter ended June 30, 2008, compared to $1.254 billion, or $1.90 per basic share and $1.86 per diluted share, for the quarter ended June 30, 2007. Operating income in the current quarter… Continue reading Travelers Reports Net Income of $942M for 2nd Quarter

Despite opposing part of the legislation, the White House said on Wednesday that President George W. Bush will sign a housing rescue package into law, providing the measures to help the worst U.S. home market since the Great Depression. The dropping of the presidential veto threat spurred investors to buy shares and bonds of mortgage… Continue reading President to Sign Housing Rescue Package

The U.S. National Hurricane Center said on Wednesday that Dolly has strengthened to a Category 2 hurricane with winds of 100 miles per hour (160 kph) as it neared the Texas coast.     The petrochemical ports along the Texas coast, according to the U.S. Coast Guard and ship pilots associations said, were closed in… Continue reading Dolly Nears Texas Coast as A Category 2 Hurricane

The commercial property/casualty market remained mired in soft market conditions during the second quarter of 2008, but there were some signs that the steepest decline in rates may be over, according to the latest commercial property/casualty market survey released by The Council of Insurance Agents & Brokers. Agents and brokers responding to the survey said… Continue reading CIAB 2nd Quarter Study Shows Premium Drop Not as Steep