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Allstate Insurance Co. and nine of its affiliates were temporarily banned by the state insurance commissioner from selling new insurance policies in Florida. The suspension followed a ruling issued Wednesday by the First District Court of Appeal in Tallahassee denying Allstate’s request for another hearing in its court case with the state over property insurance… Continue reading Florida Bans Allstate, Nine Affiliates from Selling New Policies

The economic cost of the Sichuan, China earthquake may well exceed $20 billion, according to AIR Worldwide. However, the majority of these losses are not insured, estimated at no more than $1 billion by the risk consulting firm.     AIR Worldwide said in a statement that the purchase of insurance in the region struck… Continue reading Economic Fall-out from China Quake May Exceed $20B, Losses Largely Uninsured

Early Thursday we reported that the Senate worked through the night to hash out a plan that would help the housing market. Late evening on Thursday, leaders of the U.S. Senate Banking Committee reported indeed that they have agreed to the underpinnings of plan that will create a federal backstop for failing loans.      … Continue reading Senators Optimistic on Housing Rescue Plan

At a conference on bank structure and competition in Chicago this morning, Federal Reserve Chairman Ben Bernanke underscored the need for “generous” capital cushions in light of the financial market turmoil. He also iterated that banks need to actively raise money as needed. “I strongly urge financial institutions to remain proactive in their capital-raising efforts,”… Continue reading Bernanke Speaks on Banking Industry, Need to Actively Raise Capital

According to the latest data, the economy showed more signs of weakness in both manufacturing and employment. The number of U.S. workers filing claims for initial jobless benefits increased slightly more than expected in the latest week, with first-time jobless claims rising to 371,000 in the week ended May 10 from 365,000 for the prior… Continue reading Economic Data Shows More Weakness

According to a report released by Fitch Ratings on Tuesday, the establishment of an office for federal insurance regulation is “inevitable,” but the likelihood of this happening any time soon is slim. Fitch in its report “Optional Federal Charter: Will Treasury Support Promote Passage?” stated that “continued strong opposition from several influential constituencies, election-year uncertainties… Continue reading Fitch: Insurance OFC Inevitable But Unlikely in Near Term

Georgia drivers won a landmark legislative victory today as SB 276 went into law with Governor Sonny Perdue’s signature, according to the Property Casualty Insurers Association of America (PCI). Under SB 276, Georgia drivers could soon see cost savings and more product selection now that state lawmakers have passed a bill to make the state’s… Continue reading PCI Praises GA Auto Insurance Legislation as Consumer-Driven

A deal that would expand a government program to insure hundreds of billions of dollars in refinanced mortgages could be reached by Senate lawmakers today, after meeting last night to hash out their differences. The deal, if finalized later Thursday morning, could breathe new life into congressional efforts to stabilize the rocky housing sector. The… Continue reading Senate Works through Night, Closer to Mortgage Deal

Zurich Financial Services Group posted a three percent rise in first-quarter net profit despite higher claims, beating expectations. The results showed Zurich had braved choppy financial markets as well as competitive insurance markets, where prices paid for premiums are dropping, the group’s Chief Financial Officer Dieter Wemmer said on Thursday. “(We are) mainly talking about… Continue reading Zurich Beats First-Quarter Expectations

The Chinese state media said that more than 50,000 people may have died in the earthquake that devastated parts of the country on Monday. The warning came after the government confirmed the death toll had risen to 19,500, as rescue efforts continue to search for thousands still trapped. About 10 million people across Sichuan province… Continue reading Government Fears Quake Death Toll in China Could Reach 50,000