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Insurance News 08/2008



3 keys to cheaper motorcycle insurance (Bankrate.com via Yahoo! Finance)
Three factors dictate the cost of motorcycle insurance, says Bankrate car columnist Terry Jackson.

Testimony in wrongful-firing suit turns to lapsed insurance policy (New London Day)
An official from the insurance company that insured the old Griswold Town Hall testified Thursday that no one from the town had called to cancel

N.J.'s Palisades Acquires Proformance Insurance (Insurance Journal)
New Jersey's Palisades Safety and Insurance Association has taken a step to expand beyond auto insurance by acquiring the National Atlantic Holdings Corp., including its subsidiary, The Proformance In

Hanover Insurance Reports Q2 Net Loss with Sale of Life Business (Insurance Journal)
The Hanover Insurance Group, Inc. in Worcester, Mass. reported a net loss for the second quarter of 2008 of $10.2 million, compared to an income of $59.8 million in the second quarter of the prior yea

Auto insurance scam may have stung 500 (The Grand Rapids Press)
GRAND RAPIDS -- Living on Social Security and helping to support her grown daughter, Mary Cardosa jumped at the chance to buy $40 car insurance three years ago.

State Solves Rape Victim's Insurance Problem (The Tampa Tribune)
The 18-year-old victim of a brutal beating and rape attack three months ago, who remains incapacitated and in long-term rehabilitation, has gotten some help from the state. The family of the teen had received a letter from the insurance company that said the teen had to be moved from her current rehabilitation facility to another. The family and the teen's doctors disputed the insurer's ...

More on Insurance (ThirdAge)
Don't make mistakes that could end up costing you money. Will it cost you more to file a claim? Tips and strategies for getting the best medical insurance for your money.

Selective Insurance Touts Q2 Workers' Comp Improvement, Mass. Expansion (Insurance Journal)
Selective Insurance reported that new premiums declined for the second quarter while workers' compensation results improved and its recent expansion into the commercial markets in Massachusetts and Te

The Case for Risk Management and Insurance Education (Insurance Journal)
If you're like most insurance firms, your workforce is aging. Or, as a friend of mine recently put it, "There's a lot of gray hair in the room." Not that there's anything wrong with that, mind you, bu

Aon Net Income Way Up for Q2 on Sale of Combined Insurance (Insurance Journal)
Giant insurance broker Aon Corp. reported that second quarter net income skyrocketed 372 percent largely from its sale of business units including Combined Insurance Companies of America. Net incom

Insurance firm makes extra $60M payment to W.Va. (AP via Yahoo! Finance)
A company created to take privatize West Virginia's workers' compensation insurance program says it has made an extra $60 million payment on a state loan.

Sector roundup: Insurance, forest products (AP via Yahoo! Finance)
After rallying earlier in the week, insurance company stocks traded mixed Friday despite word of bond insurer Ambac Financial Group Inc. settling one of its largest exposures to risky collateralized debt obligations.

Insurance agent arrested for pocketing premiums (Atlanta Journal-Constitution)
A Powder Springs insurance agent was arrested Friday for pocketing about $7,000 in premiums instead of paying insurance companies for coverage, state Insurance Commissioner John W. Oxendine said. Ellery Butler, 49, was charged with three counts of insurance fraud. Oxendine said Butler worked for Eternity Insurance Agency on Dallas Highway.

With Insurance Lacking, Church Workers Rely on Faith (Fox News)
A recent study by the National Association of Evangelicals found that thousands of pastors and church staff members are among the millions of Americans without adequate health insurance

Allstate expected to bid for RBS insurance unit: report (Reuters via Yahoo! News)
U.S. insurer Allstate Corp is expected to submit a bid for Royal Bank of Scotland's insurance arm, but the offer could be below what the bank expects, the Financial Times website reported on Friday.

House District 67 GOP Race Focuses On Insurance, Taxes (The Tampa Tribune)
The two Republicans seeking the District 67 State House seat agree more attention must be paid to the state's economy and the high costs of property taxes and homeowners insurance.

Carcieri delays imposition of higher insurance payments for state workers (The Providence Journal)
PROVIDENCE — Bowing to the request of a Superior Court judge, Governor Carcieri agreed yesterday to delay putting into effect his plan to immediately impose higher health-insurance costs on thousands of unionized state employees who overwhelmingly rejected a contract proposal.

Abu Dhabi National Insurance Co. P.S.C. 'A-' rating assigned; outlook stable (AME Info)
Standard & Poor's Ratings Services said today that it assigned its 'A-' insurer financial strength and counterparty credit ratings to United Arab Emirates-based insurer Abu Dhabi National Insurance Co. P.S.C. (ADNIC).

How do you save money on insurance? (The Columbus Dispatch)
How do you save money on insurance? Share your tips here: AP videos require Macromedia Flash Player 7 and Windows Media Player 10.

Insurance department set to release State Farm review (NBC 15 Mobile)
Mississippi's insurance commissioner says a long-awaited review of State Farm's handling of insurance claims after Hurricane Katrina is nearly complete.

An insurance policy for stormy times (Seattle Times)
Most Americans have auto insurance, health insurance, dental insurance, homeowners or renters insurance, life insurance, maybe disability...

SUSAN TOMPOR: You can extend FDIC insurance past 1st $100,000 (Detroit Free Press)
OK, more likely than not, you don't need easy access to $50 million in FDIC insurance. But some Michigan banks and others nationwide are promoting a one-stop banking solution for small-business owners, nonprofit organizations, retirees and others who demand FDIC insurance when they invest huge sums in certificates of deposits.

Don't need insurance? Cash it in (Miami Herald)
BY MEG GREEN Q: I am 61 and have no heirs. I am in good health and I have several small insurance policies and a larger term-insurance policy of $100,000.

Umbrella insurance buys more peace of mind (The Columbus Dispatch)
CHICAGO -- Most Americans have auto insurance, health insurance, dental insurance, homeowners or renters insurance, life insurance and perhaps disability insurance.

Install 'black box' on car, lower insurance (The Cincinnati Enquirer)
A high-tech monitoring device makes it possible to reduce insurance premiums for drivers who avoid jackrabbit starts and slam-on-the-brakes stops, an insurance company says.

Motorbike insurance varies (The Columbus Dispatch)
Q: I want to buy a motorcycle or scooter to commute and save on gas. What are my options for insurance coverage, and which bikes would give me cheaper premiums?

Here are some options for motorcycle insurance (South Bend Tribune)
Q. I want to buy a motorcycle or scooter to commute to work and save money on gas. What are my options for insurance coverage, and which bikes would give me cheaper premiums?

Five Ways to Cut Auto Insurance Costs this Summer (Richfield Reaper)
(ARA) - With gas prices expected to remain high this summer, it makes sense to save as much as possible on other vehicle-related expenses, such as insurance.

Small companies dominate Florida insurance market (Miami Herald)
The popular notion is that Florida's insurance market is dominated by the likes of State Farm, Allstate and Nationwide as well as Citizens Property Insurance, the state-run insurer.

GSIS to enter into compromise deal on car-insurance policy (The Manila Times)
STATE-RUN Government Service Insurance System, Insurance Commission and Land Transportation Office and the private Philippine Insurers and Reinsurers Association will enter into a compromise agreement on a case involving the compulsory third-party liability (CTPL) an insurance policy covering car owners.

Insurance companies roll out plans for driving-habit monitors (Rocky Mountain News)
A high- tech monitoring device makes it possible to reduce insurance premiums for drivers who avoid jackrabbit starts and slam-on-the- brakes stops, an insurance company says.

Health insurance ambition narrows (Los Angeles Times)
Schwarzenegger seeks a deal to cap profits, set minimum benefits and limit cancellations on individual policies. Seeking to salvage two years of efforts to completely remake California's health insurance system, Gov. Arnold Schwarzenegger and Democratic legislators are nearing deals intended to rein in costly, meager medical insurance policies sold directly to individuals. ...

Insurance companies in overdrive (TVNZ)
Insurance companies across the country are working in overdrive dealing with the enormous amount of storm related claims. Insurance Council Chief Executive Chris Ryan says many claims are for damaged to properties caused by long term rain.

Small companies dominate Florida insurance market (Miami Herald)
The popular notion is that Florida's insurance market is dominated by the likes of State Farm, Allstate and Nationwide as well as Citizens Property Insurance, the state-run insurer.

Delaware Amends Insurance Law to Let Retired Surgeons Serve Veterans (Insurance Journal)
A new Delaware law makes it easier for some retired doctors to practice for the Veterans Affairs Hospital in Elsmere. The legislation eliminates an insurance barrier preventing retired surgeons fr

Florida-based LassiterWare Insurance Announces Restructuring (Insurance Journal)
Ted Ostrander, president and CEO of Leesburg, Florida-based LassiterWare Insurance, recently announced a new organizational structure for the agency. Divided into four core divisions, each divisi

N.J. Chief Goldman Calls States 'Adept Stewards' of Insurance Markets (Insurance Journal)
New Jersey Banking and Insurance Commissioner Steven M. Goldman, testified in Washington on behalf of the National Association of Insurance Commissioners (NAIC) regarding the strength and effectivenes

Delaware Enacts Insurance Laws on Weather Claims, Firefighters, Teens (Insurance Journal)
Delaware has new laws protecting homeowners from insurance policy cancellations, clearing the way for more surgeries at Delaware's veterans hospital, allowing teens in foster care to get drivers licen

Mississippi Insurance Department Set to Release State Farm Review (Insurance Journal)
Mississippi's insurance commissioner says a long-awaited review of State Farm's handling of insurance claims after Hurricane Katrina is nearly complete. Commissioner Mike Chaney said Aug. 1 that h

Nigeria: Standard Alliance Insurance Pays N308.09 Million Claims in 2008 (AllAfrica.com)
The Standard Alliance Insurance Plc says that total claims paid by the company for the year ended December 31, 2008 was N308.09 million.

Barclays Sells Life-Insurance Business to Swiss Re (Update1) (Bloomberg.com)
Aug. 5 (Bloomberg) -- Barclays Plc , the U.K.'s third-biggest bank, agreed to sell its U.K. life-insurance unit to Swiss Reinsurance Co. for 753 million pounds ($1.5 billion) as it seeks to fund growth in faster-growing overseas markets.

Swiss Re Buys Barclays Insurance Unit for $1.48 Billion (New York Times)
The world’s largest reinsurer Swiss Re agreed to buy Barclays ‘ life insurance arm for 753 million pounds ($1.48 billion) to boost its Admin Re business in Britain.

Is Low-Cost Health Insurance Worth It? (BusinessWeek Online via Yahoo! News)
Infomercial king Billy Mays, known for screaming about the wonders of cleaning solutions Kaboom!, OxiClean, and other household products, is now starring in a commercial for what he calls "the most important product I've ever endorsed:" health insurance. The bearded salesman started pitching iCan Benefit Group's "health insurance that you can actually afford" in May 2008, pointing to the need ...

San Jose man gets prison for insurance fraud (The Fresno Bee)
A San Jose man will be serving time in prison after admitting to running an auto insurance fraud ring. Read comments

Allstate settles with California insurance commissioner on homeowners' coverage (Chicago Tribune)
The insurer agrees not to oppose a 28.5% rate cut, while Steve Poizner drops an effort to seek refunds for policyholders who might have paid too much in recent years. California Insurance Commissioner Steve Poizner has quietly dropped an effort to seek refunds for Allstate Corp. policyholders who might have paid too much for their homeowners' coverage in recent years. Critics immediately ...

Marlboro man gets nine years for auto-insurance fraud (Asbury Park Press)
The owner of a defunct Red Bank auto body shop was sentenced Monday to nine years in federal prison for his leadership role of a million-dollar automobile insurance fraud, bank fraud and money laundering scheme, authorities said. John V. Cotona, aka John Bruno, 39, of Marlboro, was also ordered by U.S. District Judge Joel A. Pisano to pay $1.275 million in restitution and to serve five years of ...

Feds asked to probe ND Insurance Dept seniors ad (AP via Yahoo! Finance)
North Dakota's Democratic congressional delegation wants a probe of whether Republican Insurance Commissioner Adam Hamm broke any rules by appearing in Insurance Department ads that were financed by a federal grant.

Insurance Specialty Group And Home Buyers Warranty Corp. Sign Five-Year Agreement (Insurance Journal)
Insurance Specialty Group LLC and Home Buyers Warranty Corp. signed a five-year strategic alliance agreement for the marketing, underwriting and servicing of the Asset Protection Program (APP). Under

Auto insurance goes to the dogs (Post-Bulletin)
First it was health insurance. Now it seems auto insurance is going to the dogs. And cats. In a change enacted Aug. 1, all new Farmers Insurance Group customers in Minnesota will have $600 in coverage added to their policies to cover costs related to the injury or death of a household pet in the event of an accident or theft

Fargo insurance agent accused of stealing $5 million from clients, charged with 78 felonies (Fargo Forum)
FARGO - Cass County prosecutors have charged an insurance agent here with 78 felonies accusing him of stealing more than $5 million from clients. Advertisement: JobsHQ Get a personalized video for your business Set up a JobsHQ Featured Employer account and get a video created for your business. Contact [email protected] for more information