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First it was the fishermen in France and Spain who went on strike, protesting the soaring price of fuel. Now tens of thousands of Spanish truck drivers have begun an indefinite strike over the soaring price of diesel, which has risen by 20% this year.    After stopping work at midnight on Sunday, many disrupted… Continue reading Oil Prices Spark Strikes in France, Spain

Around the world inflation worries are heating up and jolting financial markets in the process. On Tuesday, China’s stock market was the latest to feel the blow, with the benchmark Shanghai Composite Index tumbling by 7.7%, to its lowest close this year. The drop came after the government announced steps to remove cash from the… Continue reading Inflation Worries Felt Globally

The acquisition of HBA Insurance Group by Brown & Brown was announced yesterday as the trend toward industry consolidation continues. Miami-based HBA, an agency that places commercial insurance, employee benefits and personal lines coverage, reported $18.6 million in revenues last year. HBA will operate under its own name as a part of Daytona Beach, Fla.-based… Continue reading Another Insurance Acquisition as Brown & Brown Buys HBA

llinois Insurance Director Michael T. McRaith, on behalf of the National Association of Insurance Commissioners (NAIC), testified yesterday before the U.S. House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises about H.R. 5840, the Insurance Information Act of 2008.     H.R. 5840 would establish the Office of Insurance Information (OII) within the U.S.… Continue reading NAIC Also Weighs in on Federal Office of Insurance Information; Gives Conditional Support

David A. Sampson, president and CEO of the Property Casualty Insurers Association of America, on Tuesday told a Congressional subcommittee that legislation to establish a federal insurance information office needs additional clarity.      In his testimony before the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, Sampson praised the subcommittee and… Continue reading PCI Wants Further Clarity in Establishing Federal Insurance Information Office

Bouncing back from the lowest level in more than six years and overcoming a rise in home loan rates, mortgage applications in the U.S. rose after falling for three straight weeks, according to the Mortgage Bankers Association.     The industry group said its seasonally adjusted mortgage application index, boosted by increased demand for both… Continue reading Mortgage Apps Up for the Week

Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Willis Group Holdings Ltd. to ‘BBB-‘ from ‘BBB’ following the recent announcement that it will acquire Richmond, Va.-based insurance broker Hilb Rogal & Hobbs (HRH) for a total purchase price of $2.1 billion. (See IJ web site – http://www.insurancejournal.com/news/national/2008/06/09/90764.htm). S&P has also assigned… Continue reading S&P Lowers Willis Ratings to ‘BBB-‘; Outlook Negative

Governor Marc Racicot, president, American Insurance Association, today commended the House Subcommittee on Capitol Markets for its continued focus on legislation to establish an Office of Insurance Information within the Federal Government. Gov. Racicot’s statement follows: “There is an immediate need for experts at the federal level to collect, analyze and interpret publically available data… Continue reading AIA Continues its Support for OFC

According to a new study to be released today by the Commonwealth Fund, about 25 million Americans — or approximately one of every five adults younger than age 65 with health insurance — did not have sufficient coverage last year to shield them from financial hardship if they ended up in the emergency room or… Continue reading Study Reports Underinsured Americans on the Rise

According to the seasonally adjusted data released by the U.S. Bureau of Labor Statistics, U.S. insurance industry payrolls added 3,200 positions from April to May, marking the third consecutive positive monthly move. But unemployment surged and total U.S. non-farm payrolls continued to shrink. For the month, the industry’s payrolls rose to 2.323 million from 2.321… Continue reading Insurance Jobs Added While Unemployment Surges in April-May