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On Thursday, Florida Gov. Charlie Crist signed a bill into law reviving state’s no-fault automobile insurance law and the requirement that all motorists carry $10,000 in personal injury protection (PIP).      The changes restore mandatory personal injury protections, or PIP, as of Jan. 1. Between now and then, motorists can decide whether or not to… Continue reading FL Gov Signs Bill Reviving No-Fault in State in 2008

Insurance Services Office Inc.’s Property Claim Services (PCS) unit announced on Thursday that property/casualty insurers are expected to pay U.S. businesses and homeowners an estimated $1.13 billion for third-quarter property losses resulting from catastrophes. Six catastrophes in 11 states during the quarter generated 260,000 claims, estimates PCS. Sixty-two percent of the $1.13 billion in property… Continue reading P/C Carriers Estimated to Pay $1.13B in Catastrophe Losses

According to the Insurance Risk Study released today by Aon Re Global, a unit of Aon Corporation , all lines of insurance except personal auto have exhibited greater underwriting volatility than the one-year S&P 500 volatility for five years running.    For the C-suite and their risk managers, the risk-versus-return tradeoff is in an ever-moving… Continue reading AON STUDY: All Insurance Lines More Volatile than S&P, Excluding Auto

On Wednesday, the House Energy and Commerce Health Subcommittee approved mental health care benefits parity legislation on a voice vote, sending the bill to the full committee and moving the measure closer to a vote by the House of Representatives. The legislation approved by the panel, H.R. 1424, mirrors bills cleared earlier by the House… Continue reading House Committee Approve Mental Health Parity Legislation

According to an article in “The Wall Street Journal” today, an analysis conducted of more than 130 million home loans made over the past decade reveals that risky mortgages were made in nearly every corner of the nation, from small towns in the middle of nowhere to inner cities to affluent suburbs, not only to… Continue reading Credit Fall-Out: SubPrime Here, There, Everywhere

The development of final regulations governing managed competition in the Massachusetts automobile insurance market is an important milestone on the way to producing a healthier insurance market for consumers, according to the Property Casualty Insurers Association of America (PCI). On October 5, Insurance Commissioner Nonnie Burnes issued regulations that provide a framework for a smooth… Continue reading PCI Supports MA Efforts Towards a More Competitive Auto Insurance Market

Beneficial Mutual Bancorp, Inc., parent company of Beneficial Bank, today announced that, through the Bank’s wholly owned subsidiary, Beneficial Insurance Services, LLC, it has acquired the business of the CLA Agency, Inc. Headquartered in Newtown Square, Pennsylvania, CLA Agency is a full-service property and casualty, and professional liability insurance brokerage company. The CLA Agency was… Continue reading Beneficial Insurance Acquires CLA Agency

A new proposal by Florida’s chief financial offer would give the state’s governor and cabinet the authority to set the reinsurance levels and pricing of the Florida Hurricane Catastrophe Fund’s optional coverages.    In January, Florida’s Legislature added a $12 billion optional layer to the catastrophe fund, which allows private insurers to buy state-backed reinsurance… Continue reading FL CFO Proposes Setting Reinsurance Levels, Pricing on CAT Fund Optional Coverages

According to tests released by the Insurance Institute of Highway Safety, sport utility vehicles don’t all provide the same protection in a side crash that one might expect from such large vehicles.    The Institute gave marginal scores in side-impact tests of 2008 versions of the Chevrolet TrailBlazer, Jeep Grand Cherokee and two SUVs built… Continue reading Tests Find SUVs Vary in Offering Protection in Side Impacts

Brooke Corp.’s network of more than 800 insurance agencies appears to be headed for its first $1 billion premium year, company executives said Tuesday. Based on the Overland Park financial services franchiser’s record $10.5 million share of those agencies’ premiums last month, “if September’s results continue for the next 11 months, we’ll reach that milestone,”… Continue reading Brooke Corp Heading for $1Billion Premium this Year