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Traders on the Chicago Mercantile Exchange (CME0) expect home prices in 10 major drop an average of about 10% from mid-2007 to November 2011, according to an analysis by Tradition Financial Services Inc., New York, of prices for housing futures traded on the exchange.       The contracts have been trading since May 2006 but… Continue reading Ten Major Cities to See Drop in Home Prices

Aon Corp. announced that Christa Davies, a Microsoft Corp. executive, will be joining the insurer as executive vp and chief financial officer. Ms. Davies will succeed current Aon CFO David P. Bolger in March 2008. Mr. Bolger earlier this year announced his intention to leave the company. Recently, he was named chief operations officer for… Continue reading AON Names Microsoft Exec as CFO

The National Association of Insurance Commissioners (NAIC) also testified at the hearing held on October 3 by the U.S. House Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises on insurance regulation. Here is NAIC President and Alabama Insurance Commissioner Walter Bell’s testimony:     “Every day, state insurance departments make certain that insurers meet the… Continue reading NAIC Wants Modernization of Insurance Regulation, Not Federalization

The House Financial Services Committee’s Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises held a hearing yesterday, Wednesday, October 3, to review proposals on modernizing insurance regulation and the possibility of creating a federal insurance regulator.     Following are excerpts of testimonies at the hearings by three of the insurance agency associations: PIA, AIA,… Continue reading Agency Associations Address Congress on Federal Insurance Regulation

A.M. Best Co. has upgraded the financial strength ratings (FSR) to A+ (Superior) from A (Excellent) and issuer credit ratings (ICR) to “aa-” from “a” for Northland Insurance Co. (St. Paul, Minn.), Northfield Insurance Co. (West Des Moines, Iowa), Northland Casualty Co. (St. Paul, Minn.), American Equity Specialty Insurance Co. (Hartford, Conn.) and American Equity… Continue reading Ratings Round Up: Travelers, Atlantic American

On Tuesday, Colorado State University (CSU) hurricane forecasters have downgraded predictions for this year, saying that they expect four named storms in the Atlantic the rest of the season. Earlier in the year, the forecasters had predicted five named storms for the period, though October and November still are expected to see above-average activity.Two of… Continue reading Hurricanes Downgraded for Remainder of 2007

Nationwide of America cut its homeowners insurance rates in California by an average of 9.4 percent on Tuesday. The company also said it will offer a 20 percent discount for people who insure both their home and their car with Nationwide. Nationwide Insurance is owned by Columbus, Ohio-based Nationwide Mutual Insurance Co., which has $160… Continue reading Nationwide Cuts Homeowners Rates in CA

On Tuesday, the House Committee questioned carriers on the practice of basing auto insurance premiums on a customer’s credit rating. Critics are asking whether this practice disproportionately hurts young people and minorities.    “If I got my credit score up, would that make me a better driver?” asked Rep. Mel Watt, D-N.C., chairman of the… Continue reading Carriers Questioned by House on Auto Premiums and Credit Rating Link

On Tuesday, the U.S. Senate panel came closer to reforming the National Flood Insurance Program amid broad agreement that better flood maps are badly needed and with at least one senator backing a plan to add wind damage coverage.    Last week, the House of Representatives voted to overhaul the nearly 40-year-old federal program, which… Continue reading Senate Gets Closer to Reforming Flood Insurance

President George W. Bush, in a confrontation with Congress today vetoed a bipartisan bill that would have dramatically expanded children’s health insurance. He told Congress that they should send him a version that will cost less and focus on low-income families. It was only the fourth veto of Bush’s presidency, and one that some Republicans… Continue reading Bush Vetoes SCHIP