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In an attempt to improve patient safety and cut health-care costs, major health insurers such as Aetna Inc., WellPoint Inc. and others are increasingly refusing to pay (or allow their patients to be billed) for serious hospital errors such as operations on the wrong limb, giving patients incorrect doses or drugs, or treating patients with… Continue reading Aetna, Others Refusing to Pay for Hospital Mistakes

For the first time in weeks, MBIA Inc. investors are breathing sighs of relief after the bond insurer pulled off a big debt offering to help escape a possible credit downgrade. While the stock is up more than 50% from a 52-week low hit just five days ago, investors should consider a few outstanding issues… Continue reading Troubled Bond Insurer Sidesteps Downgrade

According to results from the Risk & Insurance Management Society (RIMS) Inc.’s fourth-quarter benchmark survey Risk managers continue to pay lower premiums across the board for their commercial insurance policies.    Leading the downward trend in premiums, Directors and officers liability premiums declined an average 11% in the fourth quarter. The sharp price cut occurred… Continue reading And the Survey Says: Lower Premiums Continue

Catastrophes last year cost U.S. property/casualty insurers an estimated $6.5 billion ($1.7 billion during fourth-quarter 2007 alone), the eighth-lowest catastrophe loss amount posted in the last 10 years, according to the Insurance Services Office Inc.’s Property Claim Services (PCS).    PCS found a total of 23 catastrophes (defined as an event causing $25 million or… Continue reading Billions in Catastrophe Losses for P/C insurers

According to London-based Aon Ltd., the airline insurance market looks increasingly likely to have made a loss in 2007. As a result, insurers are likely to use the first quarter of 2008 to reassess their positions. Aon’s January market overview found the amount of losses, which includes attritional losses, is now estimated at $1.7 billion… Continue reading Airline Insurers Likely to Rethink Losses

Homeowners insurance could be a thing of the past for homeowners in three Florida cities after they discovered – after purchasing their property –their homes were built on the fringe of a former World War II-ear bombing range. In the past several months, live bombs as well as bomb debris have been found at a… Continue reading Florida Families Face Loss of Coverage After Bomb Site Discovery

Bank of America’s recently announced buyout of Countrywide Financial is being seen by some as an indicator that the financial crisis created by the subprime mortgage market woes may have bottomed out. Financial stocks were among the few winners in last Friday’s rocky market performance. As many financial firms prepare to release earnings reports this… Continue reading Are Thoughts of a Recovery Premature?

In related Fed news, in response to sharp criticism that central bank has sent confusing messages about interest rates in recent months, Federal Reserve Chairman Ben Bernanke announced plans to speak more forcefully and more frequently about the outlook for the nation’s economy. Illustrating the commitment to greater communication, Bernanke indicated in a speech last… Continue reading Fed to Overhaul Communications Stance

Amid speculation that for the first time in three years U.S. interest rates will fall below those of the 15 nations that share the euro, the dollar fell to a seven-week low against the euro. The battered dollar endured three weeks of extended declines while Federal Reserve Chairman Ben S. Bernanke and other Fed officials… Continue reading Dollar Declines to Seven-week Low Against Euro

Federal Reserve officials, including Chairman Ben Bernanke, are signaling a more aggressive response to the increasing risk of recession. Bernanke is slated to testify before Congress on January 17, two days following a government report that economists predict will show retail sales stalled last month after a gain of 1.2 percent in November. The Fed… Continue reading Lagging Expansion Gets Greater Fed Response