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A survey recently released by AIG SunAmerica and conducted by Harris Interactive shows that securing a significant source of retirement income guaranteed for life is a top financial goal for almost all boomers.       Participants of the “America Speaks Out on Retirement: 2007 Investor Research Study” stated that guaranteed lifetime income, protection against investment… Continue reading Retirement Needs for Boomers Opens New Opportunities for Insurers

Minnesota-based Travelers Cos. Inc. has entered into a settlement to completely rsolve all current and future asbestos-related coverage claims against Travelers and its subsidiaries relating to ACandS Inc. According to the settlement agreement, Travelers will contribute $449 million to a trust to be established pursuant to ACandS’ plan of reorganization. Travelers stated that it expects… Continue reading Travelers to Resolve Asbestos-Related Claim

In response to comments made by Governor Charlie Crist in the July 3 edition of the “South Florida-Sun Sentinel” regarding insurance rates, the Property Casualty Insurers Association of America (PCI) issued statement below by William Stander, assistant vice president and regional manager for PCI.    “It is important to clarify a comment made by Gov.… Continue reading PCI Responds to Florida Governor’s Statements

According to Dallas-based electronic insurance exchage, MarketScout, rates for all lines of commercial Property/Casualty insurance continued to decline in June, with an overall average decline of 14% compared with a year earlier. Umbrella/excess coverage experienced the largest rate reduction at 16%. Fiduciary and surety experienced the smallest decline, with decreases of 5% each. In general,… Continue reading Commercial P/C Rates Decline in June

Nine insurers owned by AIG, American International Group, were fined $5 million for a number of violations by the Oregon Department of Consumer and Business Services. The fine is for various violations of Oregon insurance and workers’ compensation laws. According to an order issued July 5, within 45 days, AIG must pay $1 million, however,… Continue reading AIG to Pay $5M in Fines for Workers Comp Violations in Oregon

Specialty carrier Assurant Inc. announced yesterday that two of its employees received a Wells notice from the U.S. Securities and Exchange Commission in connection with an ongoing investigation.    A Wells notice indicates the SEC staff is considering recommending that the SEC bring a civil enforcement action against these individuals for violating federal securities laws,… Continue reading Two Assurant Employess Investigated by SEC

Residents of Williamsburg, VA may not be able to purchase flood insurance unless the city meets federal guidelines by September. The Federal Emergency Management Agency advised Williamsburg officials that the Chesapeake Bay regulations and map will no longer count as floodplain policy, resulting in the city having to establish new regulations that denote those areas… Continue reading Homeowners Flood Insurance At Risk in Williamsburg, VA

Insurer Norwich Union, the largest homeowners insurer in the UK, has estimated that the cost of recent flood claims in northern and central England could be in the region of £175m. This follows the Association of British Insurers’ (ABI) estimate that the flooding could cost the insurance industry over £1bn. “[This] will impact the group’s… Continue reading Floods in Britain Could Reach a Cost of £175m

To save costs, Japanese carrier Millea Holdings, a holding company with life and non-life insurance operations, voluntarily took itself off the US NASDAQ market and discontinued reporting its earnings as stipulated by US accounting rules. This move follows several other foreign companies who chose to delist recently because of the high cost of maintaining a… Continue reading Japanese Insurer No Longer on NASDAQ

Ninety-one homeowners have already filed claims with State Farm, the largest writer of homeowners insurance in CA, for losses due to the Angora fire that destroyed 250 homes and consumed 3,100 acres of bone-dry forest. Insurance companies are just beginning to obtain some estimates of damage and claims from the fire, and are gearing up… Continue reading Claims Are Coming In from Angora Fire in CA