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Insured Mortgage Defaults Rose Significantly in April

According to Mortgage Insurance Cos of America (MCIA), defaults on privately insured mortgages rose sharply in April, reflecting the continued struggle homeowners are having to make their loan payments. However, a one-time change in some of the data may have painted a worse picture than reality, says MCIA, which compiles the data from information provided… Continue reading Insured Mortgage Defaults Rose Significantly in April

S&P: Decreasing Underwriting Margins Could Hurt U.S. Commercial Lines Insurer Ratings, Outlook Says

The past few years have been good ones for most U.S. commercial lines insurers, according to an article published today by Standard & Poor’s Ratings Services. The article, which is titled “Midyear 2008 U.S. Commercial Lines Outlook: Declining Underwriting Margins Could Mean Future Downgrades,” says that the robust price increases that began in earnest in… Continue reading S&P: Decreasing Underwriting Margins Could Hurt U.S. Commercial Lines Insurer Ratings, Outlook Says

Up to $147M in Insured Losses Expected as a Result of CO Tornado

Colorado insurers can expect up to $147 million in insured losses from a tornado and hail on May 22, which would rank the storm fourth among the state’s costliest insured disasters.     According to the Rocky Mountain Insurance Information Association, about 20,000 claims for damage to homes and automobiles are expected from the tornado,… Continue reading Up to $147M in Insured Losses Expected as a Result of CO Tornado

Homeowners in Some Areas of CA Discouraged from Putting Homes on the Market

In some areas of California, there are so many foreclosed homes available for people to purchase cheaply that real estate agents are discouraging prospective sellers from even putting their houses on the market.     The most extreme example of this is perhaps in Stockton, about 85 miles east of San Francisco, where roughly three… Continue reading Homeowners in Some Areas of CA Discouraged from Putting Homes on the Market

Clearwater Insurance Company

A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘A-‘ (Excellent) from ‘A’ (Excellent) and issuer credit rating to “a-” from “a” of Delaware-based Clearwater Insurance Company. Best has also placed all of the ratings under review with negative implications due to Best’s “view of implicit and explicit support provided by its parent… Continue reading Clearwater Insurance Company

Do Higher Gas Prices Result in Few Car Accidents?

Some see the increasing cost of gasoline as a possible silver lining for auto insurers, as U.S. drivers cool their love affair with their cars, stay off the road and get into fewer accidents.      Lehman Brothers analyst Jay Gelb thinks so. He upgraded third-largest auto insurer Progressive and raised earnings estimates on Progressive and… Continue reading Do Higher Gas Prices Result in Few Car Accidents?

AIA Challenges the NAIC’s Effort to Collect Confidential Insurer Info at Upcoming Meeting

The American Insurance Association (AIA) will continue voicing strong opposition to efforts by the National Association of Insurance Commissioners (NAIC) to collect confidential and proprietary insurer information, during the NAIC’s national meeting May 31 to June 2 in San Francisco.      “The NAIC is a non-profit, non-governmental entity. As such, it should not collect proprietary… Continue reading AIA Challenges the NAIC’s Effort to Collect Confidential Insurer Info at Upcoming Meeting

Florida Governor Beefs Up Insurer Penalties in Homeowners’ Bill of Rights Legislation

On Wednesday Florida Governor Charlie Crist signed legislation that beefs-up penalties for insurers that violate state regulations and extends a freeze on Citizens Property Insurance Corp.’s rates.     Touted as a “homeowners’ bill of rights,” the sweeping property insurance bill was made up of about 25 parts. The governor approved all but one: a… Continue reading Florida Governor Beefs Up Insurer Penalties in Homeowners’ Bill of Rights Legislation

FBI Releases Financial Crimes Report, Including Insurance Fraud

The FBI last week released the “Financial Crimes Report to the Public Fiscal Year 2007,” in which the bureau announced that it investigated 209 cases of insurance fraud resulting in 39 indictments and 47 convictions of insurance fraud criminals. Additionally, the report showed that the FBI’s investigations resulted in $27.2 million in restitutions and $427,000… Continue reading FBI Releases Financial Crimes Report, Including Insurance Fraud