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The National Association of Professional Insurance Agents (PIA) is hailing the results of a nationwide survey showing that small business owners oppose the idea of the federal government regulating insurance. One of the questions asked via ballot by the National Federation of Independent Business (NFIB) of its members regarding federal issues was, “Should Congress repeal… Continue reading Survey Finds Small Business Owners Oppose Federal Regulation of Insurance, PIA Hails Results

New York-based Marsh & McLennan Cos. Inc. (MMC) announced it has finalized the sale of its Putnam Investments unit to Great-West Lifeco Inc., a Winnipeg, Manitoba-based unit of Power Financial Corp. based in Montreal, Canada. The all-cash, $3.9 billion sale was announced in February. MMC reports net proceeds from the deal, excluding taxes and minority… Continue reading Marsh & McLennan Completes Sale of Putnam Investments

In other Hurricane Katrina-related news, the U.S. Department of Justice has announced it is considering whether to intervene in a lawsuit that accuses some insurance companies of overbilling the federal government for flood damage, according to a judge who unsealed the case.    The whistle-blower suit was filed last year by a team of lawyers… Continue reading Hurricane Damage Overbilling Lawsuit Unsealed, May Prompt Department of Justice Involvement

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