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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

In a New York appeals court ruling on Thursday, the New York’s attorney general can pursue bid-rigging charges against units of Liberty Mutual Group Inc., but all other claims relating to the insurer’s contingent commission agreements were thrown out.    The ruling is the latest action stemming from the May 2006 fraud and bid-rigging suit… Continue reading NY Attorney General Can Pursue Bid-Rigging Charges Against Liberty Mutual

According to a Financial Times (FT) report on Sunday, bond insurers such as Ambac Financial Group, MBIA Inc., and FGIC are in discussions with banks about wiping out $125 billion of insurance on risky debt securities to limit the damage to the insurers from the credit crisis.    Discussions about “commuting” these insurance contracts, which… Continue reading Bond Insurers Talking to Banks About Eliminating $125B in Insurance on Risky Debt Securities

Today software maker Oracle Corp announced that it agreed to buy the business management software business of privately held Skywire Software, adding programs for insurance companies. Financial terms were not disclosed. The acquisition will help U.S.-based Oracle beef up its offerings to financial services companies, one of several industries the company has targeted for growth.… Continue reading Oracle to Add Insurance Management Software with Purchase of Skywire

According to a new survey by FindLaw.com, the most-visited legal information web site, more than a quarter of American adults say they have been injured while working, often missing substantial time from work as a result.    In accordance with June being designated as National Safety Month by the National Safety Council, FindLaw.com sought to… Continue reading Study Shows More than 25% Americans Injured on the Job

According to the National Association of Mutual Insurance Companies (NAMIC), New York state lawmakers are expected to adopt legislation that could enhance competition in the state’s auto insurance market and aid homeowners insurance consumers living along the coastline. Legislation that would once again allow flex rating has reportedly been endorsed by the Assembly and Senate… Continue reading NAMIC Sees NY Flex-Rating Legislation as Progress