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The expected Senate vote reported yesterday on a bill to ban insurers and others from basing health care coverage on genetic information took place, with the bill passing handily. Under the Genetic Information Nondiscrimination Act, group health plans or issuers of individual health care policies would be barred from basing eligibility determinations or adjusting premiums… Continue reading Update: Genetic Discrimination Bill Advances in Senate

A San Francisco Superior Court judge denied Allstate’s bid to delay rate reductions by an average of 15.9% while the insurer appeals state action ordering the reduction. The ruling by Judge Peter Busch stalled Allstate’s attempt to keep current rates in place and could result in rate reductions beginning as soon as next Monday, say… Continue reading Allstate Denied in Cutting Auto Rates

A physician and an American veteran now find themselves under surveillance by authorities in the Philippines in connection with a fraud targeting a U.S. military health insurance program. According to attorney Claro de Castro, chief of the National Bureau of Investigation’s (NBI) Interpol division, the Department of Justice (DOJ) is preparing extradition requests and, once… Continue reading U.S. Military Health Insurance Scam: Fallout Continues

Richmond, Virginia-based Genworth Financial Inc. announced net income declined 64% in the first quarter of 2008, hurt like many other insurers by weakness in its mortgage insurance business and investment losses. The life and mortgage insurer company posted a profit of $116 million, down substantially from the $324 million it earned in the same period… Continue reading Profits Down for Genworth Financial

Chubb Corp, one of the largest U.S. business insurers, announced its earnings declined by 6.5 percent in the first quarter of 2008, reflecting a moderate decline in the value of policy sales. Chubb posted operating earnings of $620 million, down from $634 million, or $1.53 a share, in the same period a year ago. Chubb’s… Continue reading Earnings Fall at Chubb

The world’s fourth-largest broker, Arthur J. Gallagher & Co., posted a first-quarter loss of $6 million despite a more than 10% increase in revenue from its brokerage and risk management operations compared to the same period last year. In contrast, Gallagher reported profits of $19.8 million for the first quarter last year. Gallagher attributes the… Continue reading Gallagher Reports First-Quarter Loss

OLDWICK, N.J. April 24 (BestWire) — A.M. Best Co. has downgraded the financial strength rating (FSR) to A- (Excellent) from A (Excellent) and issuer credit ratings (ICR) to “a-” from “a” of First American Corporation Property Casualty Companies (First American P&C Group) (Santa Ana, CA) and its member companies, First American Property & Casualty Insurance… Continue reading A.M. Best Downgrades Ratings of First American Corporation Property Casualty Companies

The Senate plans to vote today on the Genetic Information Nondiscrimination Act, which would make it it illegal for employers and insurance companies to deny applicants jobs and health care coverage because DNA tests show they are genetically disposed to a disease. Supporters of the Act said the House also is likely to give quick… Continue reading Bill to Ban Genetic Discrimination Up for Vote

The nation’s largest publicly traded home and car insurer, Allstate Corp, reported a whopping 77 percent drop in first-quarter net income, affected by write-downs in its investments and larger-than-expected catastrophe losses. Northbrook, Illinois-based Allstate said it was forced to write down the value of fixed-income securities by $347 million due to instability in the global… Continue reading Allstate Posts Sharp Decline in Profits

Travelers Cos. reported first-quarter net income of $967 million, or $1.54 a shares compared with $1.09 billion, or $1.56 a share a year earlier, an 8 percent on a 12 percent dip in investment income, although the insurer did boost its operating earnings guidance for the year. Travelers Chairman and Chief Executive Jay Fishman said,… Continue reading Drop in Income for Travelers, Too