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Flood claims in the UK are set to go over 2 billion pounds ($4.12 billion) after rain left central, northern, and southern England under water. This is the biggest UK flood bill in 20 years. According to an Association of British Insurers (ABI) spokeswoman, the bill from flooding in recent days across the central counties… Continue reading Insurers in the UK Face 2 Billion Pound Flood Claims

According to the Florida Office of Insurance Regulation, the Chubb Group agreed to refund its workers compensation policyholders in Florida more than $13 million. The refund stems from premiums paid from 2002-2004. In the Office of Insurance Regulation’s statement, it discovered the “excess profits” during a review of annual financial data submitted by Chubb companies.… Continue reading Florida WC Insureds to Receive $13 Million from Chubb

Marsh Inc announced the establishment of its U.S. Nuclear Energy Center of Excellence, with J. Shannon Moyer at the center’s helm. The center will operate both within the firm’s Global Marine & Energy Practice as well as its Power & Utilities Industry Practice to help clients in those industries address the array of complex risks… Continue reading Marsh Sets Up U.S. Nuclear Energy Center Of Excellence

A Senate panel unanimously accepted a compromise to expand health insurance for children of low-income working families by sharply hiking tobacco taxes, despite President Bush’s threat to veto the bill. The 17-4 Finance Committee vote underscored the popularity of the program, which insures about 6 million children nationwide.       Six of the 10 Republicans… Continue reading Senate Approves Expansion of Health Insurance Bill for Children

On Thursday, Governor Marc Racicot, president of the American Insurance Association (AIA sent a letter to Massachusetts Rep. Barney Frank and Alababama Rep. Spencer Bachus expressing his appreciation for the Committee’s efforts in moving forward to mark-up the Terrorism Risk Insurance Revision and Extension Act of 2007 next week following a sobering National Intelligence Estimate… Continue reading AIA President Praises House Financial Services Committee for Action on Terrorism Insurance Legislation

The Minnesota Workers’ Compensation Reinsurance Assn. and the Minnesota Workers’ Compensation Insurers Assn. filed a lawsuit in the U.S. District Cournt for the District of Minnesota against American International Group Inc., seeking to recover more than $100 million in damages from the insurer due to underreported premiums throughout a 22-year period. The two comp organizations… Continue reading AIG Sued by Minnesota Comp Groups for Fraud, RICO Violations

According to a study by London-based insurance broker, Miller Insurance Services, Ltd., U.S. and U.K. risk managers’ concerns are sharply divided, despite both experiencing a soft market and sharing a willingness to retain more of their own risk.    Twenty-four percent of U.S. risk managers and 17% of U.K. risk managers plan to increase their… Continue reading Risk Managers’ Views from Both Sides of the Pond Differ

On Tuesday, Sandy Praeger, President-Elect of the National Association of Insurance Commissioners (NAIC) and Kansas Insurance Commissioner, testified before a key subcommitee of the U.S. House of Representatives on the merits of all-perils insurance coverage. Commissioner Praeger praised the Subcommittee on Housing and Community Opportunity for holding the hearing and thanked Rep. Gene Taylor (D-MS)… Continue reading NAIC Commissioner Speaks Before House on All-Perils Insurance Bill

On Wednesday specialty carrier Assurant Inc. named an interim chief executive and chief financial officer to replace the executives who are on administrative leave as a result of a U.S. SEC investigation. The insurer appointed effective immediately J. Kerry Clayton as interim president and CEO and Michael Peninger as interim CFO. Former President and CEO… Continue reading Assurant Appoints Interim CEO, CFO

Louisiana Legislative Auditor Steve Theriot speaking before a legislative committee on Wednesday stated that the board responsible for the administration of the state-run insurer of last resort and the state’s high-risk auto insurance pool is a public agency and cannot meet behind closed doors or by telephone as it has been doing. Theriot advised the… Continue reading LA Insurance Board Must Meet Publicly, Not Behind Closed Doors