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Now that investors are pulling back from risk due to the credit market mess and higher borrowing costs, consumers and businesses are beginning to follow suit, increasing the odds of a recession according to some economists. “While there is no basis for predicting a recession right now, the risks have surely gone up,” says former… Continue reading Tighter Credit, Lower Consumer Confidence and Talk of Recession

Chief Executive Officer James Schiro of Switzerland’s largest insurer, Zurich Financial Services AG, said that the carrier has a goal of getting 1,000 distribution agents in China by 2009 to sell its own and competitors’ policies. The company has gained an insurance brokering license by buying a 24.5 percent stake in Beijing-based Best Harmonious Insurance… Continue reading Plans Are for Zurich to Hire 1,000 Agents in China by 2009

Last week President Bush announced his decision to ask for legislation to allow the Federal Housing Administration (FH) to provide homeowners on the verge of defaulting on loans with an option to refinance with better terms. This plan is seen by investors saddled with soaring mortgage-related losses as too little too late. Bush’s decision to… Continue reading Bush Mortgage Plan Seen as Too Little Too Late

Marsh Inc., the world’s leading insurance broker and risk advisor, has been named “Best Global Insurance Broker” by Reactions Magazine. The award was given to Marsh at a ceremony held in New York on August 28 after Reactions spent months conducting an extensive poll throughout the industry to identify the best firms and people from… Continue reading Marsh Named Best Broker by Reactions Magazine

Under the California Earthquake Authority, established in 1996, two years after the Northridge earthquake, California homeowners who buy earthquake insurance from the state program could see their premiums rise under a bill that passed an Assembly committee Thursday over opposition from the state treasurer and consumer advocates.       When the California Earthquake Authority was… Continue reading CA Policyholders Could Face Higher Earthquake Premiums as State Program is Set to Expire

BancorpSouth Insurance Services Inc., a unit of BancorpSouth Inc., said Friday it will acquire Insurance Network of Jonesboro, Ark. The termsof the deal, set to close Saturday, have not been disclosed. Insurance Network will become part of BancorpSouth’s Little Rock, Arkansas-based insurance division, Ramsey, Krug, Farrell and Lensing.Insurance Network employees will remain with the company.… Continue reading Bancorp to Acquire Insurance Network

According to the J.D. Power and Associates 2007 National Auto Insurance Study released today, a customer’s experience with their carrier is the most important element in policy renewal, outweighing brand image.    The study measures customer satisfaction with auto insurance carriers across five factors. In order of importance, they are: interaction, policy offerings, billing and… Continue reading Survey Says Customer Service Tops When It Comes to Auto Renewals

Discussion regarding Florida’s no-fault auto insurance when legislators meet in September in a special session is not on the table. Yet there is one more proposal to revamp the law in the works by Florida Senator Bill Posey that may make the discussion.    Sen. Bill Posey is drafting a bill that’s very similar to… Continue reading Florida Senator Has Plan to Revamp State’s No-Fault Law

A survey by the Mortgage Bankers Association (MBA) found that mortgages on properties that aren’t owner-occupied (mostly investment homes) account for between 21% and 32% of the defaults on prime-quality home loans in Arizona, California, Florida and Nevada, states where overdue payments are mounting fast. During the housing boom, these four states were among the… Continue reading AZ, CA, FL, NV among States Where Investor Loan Defaults Mount

According to London-based Fitch Ratings Ltd, the sub-prime investment crisis is not likely to have a large effect on the global reinsurance market. If the current problems cause a wider lack of confidence in investment markets, then there could be some impact, but overall reinsurers’ exposure to sub-prime mortgage losses is “modest,” noted Mark Nicholson,… Continue reading London-based Fitch Says Sub-Prime Market Unlikely to Have Big Effect on Global Reinsurance Market