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The dismissal of a subgration lawsuit that Industrial Risk Insurers (IRI) brought against Citigroup, Inc. over property losses caused by the collapse of 7 World Trade Center (WTC) was upheld by the 2nd U.S. Circuit Court of Appeals. The lawsuit alleged that the Citigroup chose to design, construct and install a diesel fuel powered generator… Continue reading Insurer IRI’s Lawsuit Against Citigroup Dismissed

On Thursday, “Daily NEWSFLASH” featured a letter written by AIA President Marc Racicot to Representative Gene Taylor, sharing with him the analysis of an AIA-commissioned study to examine the effects of including windstorm insurance in the National Flood Insurance Program (NFIP). The findings concluded that incorporating windstorm insurance would significantly increase NFIP deficits – in… Continue reading Fighting Words in Response to AIA’s Windstorm Coverage Stance

The largest organization in the United States for people over 50, AARP, announced on Thursday its selection of insurer Genworth Financial Inc. to provide long-term care insurance to its members. The Genworth decision gives it access to the organization’s 38 million members through its agents as well as the AARP’s endorsement. Genworth said the AARP… Continue reading Genworth is AARP’s Choice for Long-Term Care Insurance for Members

The Hawaii Legislature was unable to muster the necessary votes to override Gov. Linda Lingle’s vetoes of two workers compensation bills that would have guaranteed uninterrupted medical treatment for injured workers and restricted the rulemaking authority of Hawaii’s director of labor and industrial relations. Among other things, Senate Bill 1060 would have limited an employer’s… Continue reading Vetoes of Two Comp Bills in Hawaii Stick

Gov. Marc Racicot, president of the American Insurance Association (AIA), sent a letter on Wednesday to Rep. Gene Taylor (D-MS), sharing with him the analysis of an AIA-commissioned study to examine the effects of including windstorm insurance in the National Flood Insurance Program (NFIP) as proposed by the “Multiple Peril Insurance Act of 2007 (HR920).”… Continue reading AIA Study Finds Including Windstorm Insurance Could Double NIFIP’s Deficits in One Year

The American Insurance Association (AIA) is urging Wisconsin lawmakers to defat two bills would make it illegal for carriers to provide their customers valuable information after a car accident. In a statement made by John Birkinbine, AIA Assistant VP, Midwest Region, “These bills are anti-consumer. Direct repair programs provide consumers with quality, efficient and convenient… Continue reading AIA Calls for Wisconsin Auto Bills to be Defeated

According to the New York State Department of Insurance, as a result of reforms to the state’s workers comp statute enacted earlier this year, employers will save about $1 billion in workers compensation insurance premiums during the upcoming fiscal year. New York State Insurance Superintendent Eric Dinallo ordered a 20.5% rate decrease for the fiscal… Continue reading Comp Reforms in NY to Save $1B Annually

Europe’s largest insurer, Allianz SE, said it aims to increase profit and revenue in growth markets such as China and India by at least 10% annually. According to management board member Werner Zedelius at a conference held in Munich today, the carrier plans to increase net income from those markets including Russia from 539 million… Continue reading Allianz Looking to Increase Profits in Growth Markets by 10%

Louisiana Governor Kathleen Blanco signed into legislation a bill introduced by the state’s House Speaker Joe Salter requiring insurance companies to give discounted rates to homeowners who build or renovate their homes to meet the new statewide building code or retrofit the structures to lessen the chances of storm or hurricane damage. Although the bill… Continue reading LA Governor Signs Legislation for Homeowners Discounts

According to a preliminary analysis by ISO’s Property Claim Services (PCS) unit, P/C carriers in the United States are expected to pay homeowners and businesses an estimated $2.175 billion for second-quarter property losses resulting from a total of six catastrophes in 25 states. This amount ties the record for the second-lowest number of catastrophes in… Continue reading ISO Estimates Carriers to Pay $2.18 Billion in Second-Quarter Cat Claims