Category: Show on Homepage

PCI Responds to Comments before the Florida Cabinet The Property Casualty Insurers Association of America (PCI) issued the following statement in response to today’s Florida Cabinet meeting. The below statements can be attributed to William Stander, assistant vice president and regional manager for PCI. “This is a tough time for all Floridians. Property insurance affordability… Continue reading PCI Responds to Comments before the Florida Cabinet

In a speech in London on Wednesday, Lord Peter Levene, chairman of Lloyd’s of London, has called for a risk partnership between insurance companies, the business community and the government to address the emerging areas of terrorism risk. Lord Levene cited the threat to energy security, technology security and attacks from home-grown terrorists as emerging… Continue reading Lloyd’s Chairman Calls for Cooperation on Terror Risk

The Bush administration is working on a plan to help borrowers better comprehend the costs and fees associated with buying a home, all in the wake of the sub-prime mortgage meltdown. The irony is that a similar plan was initially proposed and shelved three years ago. The administration backed down amid fierce opposition from the… Continue reading Administration Looking at Plan for Better, Clearer Loan Disclosure

New York-based financial services firm Goldman Sachs Group Inc. announced a 79% increase in fiscal third-quarter net income as a result of record revenue at many of its segments, including the firm’s dominant bond, currencies and commodities franchise.    Ending with the third quarter, Goldman posted net income of $2.85 billion, or $6.13 a share,… Continue reading Goldman Sachs Reports Net Gains

On Wednesday, the House of Representatives approved a bill renewing and extending the federal terrorism insurance backstop for 15 years. The Senate has not yet acted on renewing TRIA and the clock is ticking. Originally passed as a stop-gap program in 2002, TRIA will expire on Dec. 31 unless it is extended by Congress. The… Continue reading House Approves TRIA Extension

At an IUMI Conference, Maurice ‘Hank’ Greenberg, former head of AIG, stated that it will be insurance companies who will face the biggest bill arising from the US sub-prime debt crisis.    Greenberg condemned rating agencies over their role in the sub-prime turmoil, which has badly damaged the financial markets in recent weeks, and said… Continue reading Greenberg Speaks Out on Sub-Prime Market and Effect on Insurers

It’s estimated that as many as half of the 450,000 sub-prime borrowers whose mortgage payments increase in the next three months may lose their homes because they can’t sell, refinance or qualify for help from the U.S. government.     “Short of the cavalry riding in over the hill, a lot of these people are… Continue reading Significantly More Sub-Prime Borrowers to Lose Homes

State Farm Fire & Casualty Co. announced that it has settled 103 cases with the Merlin Law Group over claims stemming from Hurricane Katrina.    Fraser Engerman, a State Farm spokesman, said: “We are pleased that we were able to settle these claims without further costly and lengthy litigation. We continue to hope we can… Continue reading State Farm Settles 103 Claims in Hurricane Katrina Losses

The Property Casualty Insurers Association of America (PCI) strongly supports an extension of the Terrorism Risk Insurance Act (TRIA), which is necessary to allow businesses to insure against terrorism risks and encourage continued economic growth in geographic areas that face these potential perils.    The program is scheduled to expire on Dec. 31, 2007, and… Continue reading PCI: TRIA Extension Vital to Economy

According to the Commerce Department, there was a 2.6 percent decline to a lower-than-forecast annual rate of 1.331 million houses built in August following July’s 1.367 million. Building permits dropped 5.9 percent in August to a 1.307 million pace, the lowest since 1995.       What’s more, the housing slump may deepen after borrowing costs… Continue reading Housing Construction Level Lowest in Twelve Years