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Two years ago this month, Hurricane Katrina devastated the Gulf Coast, resulting in the single largest loss in the history of the insurance industry — nearly $41 billion in insured damage. Today, according to the Insurance Information Institute (III), 99 percent of more than one million homeowners insurance claims are settled and few remain in… Continue reading Billions of Dollars Later: Hurricane Katrina and Insurance, a Study in Claims and Recovery

Progressive Corp. and GMAC Insurance have teamed to offer discounted rates to customers who drive fewer miles, according to a report in The Wall Street Journal. Under the program, the fewer miles drivers log, the more dollars they save — a reflection of the reduced chance of an accident occurring (and thus, the less risk… Continue reading Drive Less, Save More: Discount Offered to Infrequent Drivers

Florida Governor Charlie Crist signed legislation six months ago aimed at lowering property insurance premiums, telling homeowners they would finally see some relief from insurance bills that have spiraled out of control due to hurricanes. Instead, proposed average rate increases offer anything but relief: 30 percent from Florida Farm Bureau, 94.8 percent from Sentry Insurance… Continue reading Florida Rate Cut Doesn’t Materialize

The past month saw a significant rise in insurance industry jobs to a record 2.360 million. The jump totaled 6,200, compared with revised June numbers that indicated a 5,400 payroll increase, according to data released by the Bureau of Labor Statistics. For the month of July, total nonfarm payrolls increased by a seasonally adjusted 92,000… Continue reading Insurance Industry Jobs on the Increase

The National Association of Mutual Insurance Companies (NAMIC) has commended the decision of a U.S. appellate court to uphold flood exclusions insurance contracts. The ruling by the U.S. Circuit Court of Appeals for the Fifth Circuit reversed a district court decision that held that the flood clauses in most homeowners’ policies covering residents of Louisiana… Continue reading Ass’n in Tune with Appellate Court Decision Upholding Validity of Flood Exclusions in Homeowners’ Policies

The Independent Insurance Agents & Brokers of America (the Big “I”) is cheering Reps. Ron Klein (D-Fla.) and Tim Mahoney (D-Fla.) for their sponsorship of the Homeowners’ Defense Act of 2007, a new bill targeted at the increasingly frequent problem of natural disasters.      The Klein/Mahoney bill contains two titles, one to create a National… Continue reading New Act to Address Increasing Problem of Natural Disasters

Florida lawmakers are looking for answers from homeowners insurers in the state. State Sen. Steven Geller on Thursday urged Senate President Ken Pruitt to launch hearings, as early as possible, to bring insurance executives to Tallahassee and put them under oath to explain why the promised premium reductions haven’t materialized.    ”We found that people’s… Continue reading FL Lawmakers Want Answers from Carriers

After the Terrorism Risk Insurance Revision and Extension Act was approved by the House Financial Services Committee on Wednesday, the Bush administration issued a statement voicing its disappointment. Assistant Treasury Secretary for Financial Institutions David G. Nason stated: “We are particularly disappointed with the committee’s decision to extend the program for 15 additional years. This… Continue reading Administration Voices Opposition to TRIA Extension

It was announced on Thursday that a three-judge federal appeals court ruled that the flood exclusion in Louisiana commercial and homeowners policies excluded recovery for water damage sustained when levees failed after Hurricane Katrina struck New Orleans in September 2005.    A group of about 40 policyholders held that the exclusion should not apply because… Continue reading LA Appeals Court Decision in Katrina Levee Case Good for Insurers

Citi announced on Wednesday the completion of its acquisition of the Investment Services Division of BISYS Group, Inc for $1.44 billion in an all-cash transaction. In the transaction BISYS shareholders will receive merger consideration of $11.85 per share, and a special dividend of $0.15 per share in cash. In addition, also on Wednesday, it was… Continue reading Citi Acquires BISYS; J.C. Flowers Buys BISYS Divisions