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While efforts to find common ground on reforming Florida’s no-fault auto insurance law intensified Wednesday, the debate focused on limiting medical costs after accidents.    Another meeting is set for Friday.    Since early this week, stakeholders in the negotiations over whether to revamp and extend the no-fault law or let it expire as planned… Continue reading PIP Debate in Florida Continues as Negotiations Ramp Up

Non-profit consumer group Families USA released a report based on data from last month’s U.S. Census Report, stating that more than one-third of the U.S. population under the age of 65 went without health insurance for all or part of the last two years.     The report found 47 million Americans went without health… Continue reading One-third of the Population under 65 Lack Health Coverage

Amidst one of the hot topics going on in the 2008 presidential campaign, the Administration and congressional Democrats are clashing over how much the government should help in providing coverage for uninsured children in the United States. At a news conference on Thursday, President Bush accused Democrats of playing politics with the 10-year-old State Children’s… Continue reading Administration Opposed to SCHIP, Bush Urges Democrats to Change Course

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