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Insurance News 01/2009



An expensive New Year for auto insurance (Montrose Daily Press)
MONTROSE – Those looking for ways to save a buck in 2009 won’t find it when it comes to their auto insurance.

November terror attacks in Mumbai make people run for insurance cover (New Kerala)
By Parihas Hate , Mumbai, Jan 1 : Spate of terrorist attacks has more people asking for insurance cover in Mumbai.

Panukala na itaas ang insurance deposit sa bangko tiniyak ng senador (GMA News)
MANILA – Tiniyak ng Senado na aaprubahan ang panukalang na nakabinbin sa kapulungan upang doblehin ang insurance coverage sa lahat ng bank deposits bilang paghahanda na rin ng krisis pampinansyal sa mundo na posibleng makaapekto sa ekonomya ng Pilipinas.

United India Insurance (UII) announces top ups for health insurance (New Kerala)
Chennai, Dec 31 : After top ups by cellular operators, now one can now have top ups for insurance products as well.

Double deposit insurance in 2009--Roxas (Philippine Daily Inquirer)
MANILA, Philippines -- Depositors can look forward to the doubling of insurance for bank deposits in 2009 to shield them from the global financial meltdown, Liberal president Senator Mar Roxas said Thursday.

Governor lines up Bradford for spot on insurance panel (NWAnews.com)
Jay Bradford of Pine Bluff, a former legislator who is director of the Behavioral Sciences Division at the Arkansas Department of Human Services, will be appointed by Gov. Mike Beebe to be state insurance commissioner, the governor's office announced Wednesday. (Arkansas Democrat-Gazette Northwest Edition)

Chhattisgarh plans health insurance for 3.5 mn families (New Kerala)
Raipur, Dec 30 : The Chhattisgarh government Tuesday announced it would provide health insurance cover to about 3.5 million impoverished families.

Insurance veteran named to head department (Pine Bluff Commercial)
LITTLE ROCK, Ark. - A man with decades of experience in the insurance industry _ and in state government _ has been named by Gov. Mike Beebe to become state insurance commissioner.

German Insurance Giant Cites Role of Climate Change in Record Payouts (Environmental News Network)
Insurance is one of the business sectors that long has lobbied governments to take the lead in setting global rules to tackle climate change. This week one of the biggest companies, Munich Re, a reinsurance group, renewed that campaign with a warning that natural catastrophes — apparently driven by climate change — are increasing in frequency, and it called for an international plan to halve ...

IRDA cuts solvency margin on Unit Linked Insurance Plans (Nasdaq)
(RTTNews) - The Insurance Regulatory and Development Authority of India (IRDA) has reduced the solvency margin for Unit Linked Insurance Plans (Ulips) by 20%, bringing them on par with the norms for traditional products. It has also cut the solvency margin for guaranteed return products by 10%.

Risks grow as drivers drop car insurance (The Tennessean)
More drivers are letting their car insurance lapse because of the sour economy, putting themselves and others at risk.

Latest buzz for beekeepers: crop insurance (The Cincinnati Enquirer)
The buzz in the honeybee industry these days is about crop insurance - now available to beekeepers for the first time.

Striking balance struck insurance chief as fair (The Charlotte Observer)
Insurance Commissioner Jim Long is a throwback to an earlier generation of Tar Heel politicians – one practiced at trading quips at country stores, fish fries and volunteer fire departments. When he retires this month after 24 years heading the state regulatory agency, Long will be the third-longest serving statewide elected official in Tar Heel history, behind such legendary figures as ...

Striking balance struck insurance chief as fair (The Charlotte Observer)
(By Rob Christensen, [email protected]) Insurance Commissioner Jim Long is a throwback to an earlier generation of Tar Heel politicians – one practiced at trading quips at country stores, fish fries and volunteer fire departments. When he retires this month after 24 years heading the state regulatory agency, Long will be the third-longest serving statewide elected official in ...

Car Insurance Rates May Rise (MyNC.com)
North Carolina drivers could soon see an increase in their car insurance.

Car Insurance Rates May Rise (NBC 17 Raleigh)
North Carolina drivers could soon see an increase in their car insurance. Last month a group representing insurance companies asked for a 13 percent hike. But instead the State Insurance Commissioner asked them to cut rates by 16 percent. The rate bureau is now appealing the ruling and revised its request to a 10 percent hike. While the appeal is being worked out insurers can charge higher ...

Discount Shipping Insurance (DSI) Changes Name to Shipsurance (AuctionBytes)
Discount Shipping Insurance Agency (DSI Insurance) has changed its name to Shipsurance Insurance Services. Shipsurance, a division of G&S Insurance, Inc., is a leading provider of shipping insurance services, providing coverage for shipments sent via the major shipping carriers at a greatly reduced rate.

Hanover Insurance Group completes sale of unit (AP via Yahoo! Finance)
Hanover Insurance Group Inc. said Friday it completed the previously announced sale of its remaining run-off life insurance business.

Insurance won't help Surrey woman stuck in U.S. hospital (Vancouver Sun)
A south Surrey woman is stuck in a California hospital bed, incurring huge medical bills for an extended stay, even though she purchased travel insurance before she left.

Iggy Pop starring in insurance ad campaign (UPI)
LONDON, Jan. 2 (UPI) -- Punk rock icon Iggy Pop has signed on to star in an advertising campaign for swiftcover.com, the British insurance company announced Friday.

Health insurance must cover eating disorders (The State Journal-Register)
Five years after learning that young athletes he was coaching had eating disorders, state Rep. Fred Crespo says he hopes a new law he helped pass makes it easier for families to get treatments for those disorders covered by health insurance.

Oklahoma Insurance Commissioner Holland These resolutions will make 2009 safer (Sapulpa Daily Herald)
Go on a diet. Work out more. Get organized. These are common resolutions that top many of our New Year’s lists. However, Oklahoma Insurance Commissioner Kim Holland offers 10 resolutions that you may overlook to bring a safer and more secure 2009.

Unemployment insurance extension available immediately (Bureau County Republican)
CHICAGO — About 150,000 new Illinois residents will benefit immediately from the emergency federal extension of unemployment insurance, Gov. Rod R. Blagojevich recently announced.

Local Business Report Cumberland County Insurance Group awards five scholarships (Daily Journal)
BRIDGETON -- Paying for college just got easier for five deserving and talented students attending Cumberland County College and Delaware County Community College in Pennsylvania, through college scholarships awarded as part of The Cumberland Insurance Group continuing education program.

Car insurance fraud convictions up (Honolulu Advertiser)
The number of people convicted of motor vehicle insurance fraud increased sharply in 2008 for the second year in a row, according to the insurance fraud investigation unit of the state Department of Commerce and Consumer Affairs.

An expensive New Year for auto insurance (Montrose Daily Press)
MONTROSE – Those looking for ways to save a buck in 2009 won’t find it when it comes to their auto insurance.

Simplified insurance is offered to farmers (Honolulu Star-Bulletin)
Hawaii farmers with multiple crops will be able to buy insurance for their farm income under a federal program being introduced here.

Insurance fraud team yields convictions (Honolulu Star-Bulletin)
The number of criminal convictions for motor vehicle insurance fraud has tripled over the past three years. Colleen Chun, administrator for the state Insurance Fraud Investigation Unit, attributes the increase to a combination of better enforcement and more people committing fraud.

79% people prefer life insurance products: Survey (Business Standard India)
Uncertainty in the stock market and sliding fixed deposit rates have made life insurance the most preferred tax-saving instrument for the salaried class, a study said.

TIME FOR AUTISM INSURANCE? - No (Richmond Times-Dispatch)
When legislators return to Richmond this month, they will face a pressing question—do we want more expensive health insurance coverage for fewer people, or do we want more affordable health insurance coverage for most people?

Crash Course: More drivers are going without insurance in down economy (The State)
More drivers are letting their car insurance lapse because of the sour economy, putting themselves and others at risk. Several hundred thousand drivers dropped their insurance in the past year as the jobless rate climbed, estimates a study to be released soon by the Insurance Research Council, an industry-funded group. Online agency Insurance.com says it also is seeing evidence recently of more ...

No rush on insurance in wake of quake (Lancaster Online)
After a 3.4-magnitude earthquake reverberated from East Hempfield Township last week, Susan Trago, an insurance executive, was surprised she had few calls about earthquake insurance."We want to encourage people to be thinking about this," she said. "The last thing we want to be telling customers is ...

Abu Dhabi Insurance rebrands (AME Info)
The Abu Dhabi National Insurance Company (ADNIC), has launched a new branding campaign for its corporate identity.

Hickory Point gets better fire rating; insurance rates could improve (Herald & Review)
FORSYTH - Homeowners and businesses in the Hickory Point Fire Protection District could get a gift in the new year because of an upgrade in the district's public protection classification by the Insurance Service Organization.

Subsidence insurance less costly (Times Leader)
Property owners fearing mine subsidence damage, such as those near a subsidence in Drifton Estates, Hazle Township, early last year, now have cheaper and easier access to insurance, the state Department of Environmental Protection announced last week.

Treasury orders Elezra to sell life insurance business (Globes Online)
ILD Insurance says it settled its bond payments and the demand is "no longer relevant".

Citadel Insurance sponsors CT cab (Times of Malta)
As part of its corporate social responsibility initiatives towards raising environmental consciousness, Citadel Insurance is sponsoring a CT Park electric cab. Painted in green and featuring Citadel's eco insurance brand, the new Citadel cab was launched recently in Valletta.

An expensive New Year for auto insurance (Montrose Daily Press)
MONTROSE – Those looking for ways to save a buck in 2009 won’t find it when it comes to their auto insurance.

Discount Shipping Insurance (DSI) Changes Name to Shipsurance (AuctionBytes)
Discount Shipping Insurance Agency (DSI Insurance) has changed its name to Shipsurance Insurance Services. Shipsurance, a division of G&S Insurance, Inc., is a leading provider of shipping insurance services, providing coverage for shipments sent via the major shipping carriers at a greatly reduced rate.

The Hanover Insurance Group Sells First Allmerica Financial Life Insurance Company (Insurance and Technology)
Insurer will focus exclusively on property and casualty business. "We are very pleased to complete the divestiture of our run-off life business, concluding a process that began in 2002," says Frederick H. Eppinger, chief executive officer of The Hanover Insurance Group.

JEWELLER WITH UNARMED SECURITY GUARD GETS NO INSURANCE (Bernama via Yahoo! Malaysia News)
PUTRAJAYA, Jan 5 (Bernama) -- Companies with insurance policies for their valuable assets have to ensure that their security guards are physically armed while on duty as failure to do so will taint their chances for insurance claims, the Court of Appeal here ruled today.

Insurance premiums rise against odds (People's Daily)
Although the international economic environment has suffered from a sharp downturn and difficulties in the domestic economy have increased notably since the beginning of 2008, the insurance industry has generally maintained a relatively good development momentum, said Wu Dingfu, Chairman of the China Insurance Regulatory Commission (CIRC) at a national insurance work conference recently held in ...

13 smart insurance moves for 2009 (Bankrate.com via Yahoo! Finance)
Insurers and employers will be trimming coverage in the coming year. Here's how to avoid gaps in insurance.

An expensive New Year for auto insurance (Montrose Daily Press)
MONTROSE – Those looking for ways to save a buck in 2009 won’t find it when it comes to their auto insurance.

Nationwide Mutual Insurance acquires NFS (Insurance Business Review)
Nationwide Mutual Insurance Company has completed its previously announced transaction to purchase all of the outstanding shares of common stock of Nationwide Financial Services.

Unemployment insurance extension available immediately (Bureau County Republican)
CHICAGO — About 150,000 new Illinois residents will benefit immediately from the emergency federal extension of unemployment insurance, Gov. Rod R. Blagojevich recently announced.

Rockwood, Modern Insurance Create Errors & Omissions Firm (Insurance Journal)
Rockwood Programs has partnered with Modern Insurance of Florida to establish a new subsidiary company named Modern Insurance Consultants, LLC that will focus on errors and omissions (E&O) ...

Industrial Alliance completes deal for DundeeWealth’s Quebec-based fund dealer and insurance operations (Investment Executive)
Industrial Alliance Insurance and Financial Services Inc. has completed the transaction to acquire DundeeWealth Inc.’s mutual fund advisory and insurance network of financial advisors who are registered in the province of Quebec, the two firms said Monday.

Bradford to Become New Arkansas Insurance Commissioner Jan. 15 (Insurance Journal)
Arkansas Governor Mike Beebe will appoint Jay Bradford of Pine Bluff as Commissioner of the Arkansas Insurance Department, effective Jan. 15. Braford will replace Julie Benafield Bowman, whose ...

Allstate gets OK to hike homeowner insurance 6.9% in California (Los Angeles Times)
The state Insurance Department cites increased losses in approving the change. INSURANCE