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Insurance News 09/2009

Allianz Tightens Rules for Car Insurance, Handelsblatt Says (Bloomberg)
Sept. 1 (Bloomberg) -- Allianz SE , Germany’s biggest car insurer, tightened rules for automobile insurance sales representatives in an effort to cut costs, Handelsblatt reported, without saying where it obtained the information.

RSA Insurance Shares Down After Share Issue Report (Fox News)
RSA Insurance Shares Down After Share Issue Report

U.K. Stocks Decline, Led by RSA Insurance, Lonmin, Antofagasta (Bloomberg)
Sept. 1 (Bloomberg) -- U.K. stocks fell after last week wrapping their second straight monthly advance. RSA Insurance Group Plc dropped after the Sunday Telegraph said the insurer will ask investors for more money.

U.K. Stocks Decline, Led by RSA Insurance, Lonmin, Antofagasta (Bloomberg)
Sept. 1 (Bloomberg) -- U.K. stocks fell as reports spurred concern the economy’s rebound from a recession will be uneven. RSA Insurance Group Plc dropped after the Sunday Telegraph said the insurer will ask investors for more money.

La. insurance chief seeks lawsuit protection (AP via Yahoo! Finance)
Insurance Commissioner Jim Donelon said Monday that he'll support legislation to give the state's "insurer of last resort" immunity against certain lawsuits, a proposal that could retroactively negate the firm's payout if it loses its appeal of a $95 million class-action.

Australia Post puts its stamp on insurance (Daily Telegraph)
WITH plummeting mail volumes set to pummel Australia Post's annual profit, the government enterprise is turning to insurance.

Post office to be the new place to get insurance (The Age)
Australia Post will use its network of more than 4400 shops to enter the personal insurance market.

Australia Post to offer car insurance (Adelaide Now)
AUSTRALIA Post is entering the insurance sector by offering car insurance online and via the phone.

Now insurance is going postal (Brisbane Times)
THE arrival of Australia Post into the car insurance market is akin to the postal operator parking its tanks on the lawn outside former army commander Patrick Snowball's new ''home'' at Suncorp, where he rocked up for his first day in the job yesterday.

Australia Post puts stamp on insurance (Brisbane Times)
THE insurance industry faces one of its biggest shake-ups after Australia Post's decision to offer car insurance - and soon home and contents cover - through its 4450 outlets.

Health experts urge insurance, pay changes (Reuters via Yahoo! News)
U.S. lawmakers returning next week to work on major healthcare legislation need to focus on insurance market reforms, consumer rebates and other measures that will curb soaring costs over time, economic and health experts said on Tuesday.

House Dem Leader Says He Still Favors Government-Run Insurance Option (Fox News)
Rep. Steny Hoyer, greeted by cheers and jeers at a town hall meeting, said a government-run insurance plan would lower insurance premiums for everyone

Disability insurance covers valuable asset: Your income (The Star-Ledger)
Richard Reich, president of ProtectYourIncome.com Life throws everyone curves. The problem is the worst of them can be devastating, which is why some financial advisers are suddenly talking more about disability insurance. Like any type of insurance, it provides...

Potential seen for climate insurance in tourism  (Reuters via Yahoo! UK & Ireland News)
Insurance is an under-used way for the tourism industry to manage the risks of climate change, with existing offers ranging from a "perfect weather guarantee" by Barbados to ski resorts promising deep snow, experts say.

MicroEnsure to Offer Poor Kenyan Farmers Bad-Weather Insurance (Bloomberg)
Sept. 2 (Bloomberg) -- MicroEnsure , which provides insurance to the poor in developing nations, will offer policies to Kenyan farmers for crop failure due to bad weather by the second half of next year, its president said.

5 Things to Know About the Progressive Insurance Lady (People Magazine)
Stephanie Courtney has appeared as perky insurance expert Flo in more than 20 ads

Benefits primer: Tap all insurance before it's gone (Houston Chronicle)
It's a situation more find themselves in during a slump: facing the loss of insurance. Here is what to do when the benefits are about to be cut off.

12% of Rural Nebraskans Lack Insurance (KOLN Lincoln)
Many rural Nebraskans would be directly affected by the health insurance reform proposals Congress is considering.

Insurance firms feel pinch amid sales fall (The Star-Ledger)
U.S. life insurance sales to individuals dropped 20 percent in the second quarter as savers shunned investments linked to stocks, contributing to the biggest six-month decline since 1942. Premium sales fell 23 percent in the first half, compared with the...

Life Insurance Sales Nosedive; Worst Drop in 67 Years (Financial Planning.com)
Individual life insurance annualized premium plunged 20% in the second quarter, according to LIMRA’s U.S. Individual Life Insurance Sales report.

For Colombian Immigrants, Insurance for Burial Back Home (International Herald Tribune)
For the immigrant poor who want burial insurance, the company pays for many post-mortem costs, and it will cover relatives in Colombia.

Answering questions on IOUs, quake insurance (San Francisco Chronicle)
Today I'll answer questions on redeeming state IOUs and earthquake insurance. Plus, an update on property taxes and deflation. Q: Steve K. has a question about California registered warrants or IOUs, which the state will begin redeeming Friday. "Do we need to... Sponsored Topics: California - Property tax - Business - Financial Services - Deflation

Flood insurance neglects species threats, suit says (The Arizona Republic)
An environmental group is trying to slow development near ecologically fragile dry washes and desert riverbeds in Arizona by targeting the federal agency that provides the flood insurance essential to building there.

West Mifflin critic cops to insurance fraud (Pittsburgh Post-Gazette)
A woman who has been an outspoken critic at borough council and school board meetings, has been charged in connection with submitting $36,000 in fictitious insurance claims for cancer treatment.

Obama's Allies: Keep Gov't. Insurance Option (ABC News)
GOP line of attack goes beyond creation of government health insurance.

Clunker program helps insurance sales (FOX Illinois)
The government’s Cash for Clunkers program has given the insurance industry a boost. Story provided by ABC Newschannel 20.

Survey: Small business owners in tough spot on health insurance (Boston Herald)
Fewer than half of California small business owners carry health insurance for their employees, and of those who don't, 86 percent say it's because they can't...

CEO Arends, Agent Crosby Inducted Into Michigan Insurance Hall of Fame (Insurance Journal)
The Michigan Insurance Hall of Fame honored two leaders in the insurance industry at the sixteenth annual induction ceremony of the Michigan Insurance Hall of Fame recently on the campus of Olivet ...

Insurance and Transport (Mondaq)
On July 14, 2009, the Ontario Superior Court of Justice released its decision in Canada (Attorney General) v. Reliance Insurance Company , an application regarding the allocation of surplus arising from the liquidation of the Canadian branch (Reliance Canada) of U.S.-based Reliance Insurance Company (Reliance U.S.), a property and casualty insurer that was itself in liquidation.

American Westbrook Insurance Services, LLC Announces Acquisition of Westbrook Financial Services (dBusinessNews.com)
CHICAGO--Hendricks Holding Company, Inc. announced today the formation of American Westbrook Insurance Services, LLC. American Westbrook has acquired the assets of Westbrook Financial Services, Inc., an employee benefits provider based in the Chicago area.

L.A. billboard attacking Mercury Insurance is removed (Los Angeles Times)
Consumer Watchdog paid for the sign to be up in the Mid-Wilshire area, but it was taken down early after the insurance firm complained. It was big. It was bright. It was controversial. And now it's gone.

Family Finances: What type of insurance company is best for you? (Pittsburgh Post-Gazette)
Are you better off buying life insurance from a mutual insurance company or a publicly owned one?

Philamlife Sells HMO, Pre-Need Units; Sticks To Life Insurance (Nasdaq)
MANILA -(Dow Jones)- Philippine American Life & General Insurance Co., or Philamlife, said Friday that it has agreed to sell its health maintenance organization and pre-need plan businesses.

N. Mich. insurance company furthers commitment to local economy (TV 7&4 Traverse City)
Check this out! Friday, September 04, 2009 at 6:25 a.m. TRAVERSE CITY -- A globalized specialty insurance agency head-quartered in Traverse City is expanding it's operation.

Nothing compares in insurance to television’s favourite meerkat (Times Online)
Aleksandr Orlov, a bizarre character dreamt up by Comparethemarket.com, the insurance price comparison website, has become a star in his own right with 555,000 Facebook fans and 25,000 Twitter followers.

Nigeria: Insurance Firm Pays N311Million Claims in Six Months (AllAfrica.com)
Abuja — The Managing Director of Sovereign Trust Insurance Plc, Mr Wale Onaolapo, has said that the company paid more than N311 million as claims between January and June, this year.Onaolapo said on Wednesday in Lagos that the highest claim of N158 million was paid on Motor Vehicle Insurance.

New firm to cover most First Commercial Insurance policyholders (Miami Herald)
A newly formed insurance company will offer coverage to most of the 18,000 policyholders who will lose their coverage as state regulators liquidate First Commercial Insurance and First Commercial Transportation and Property Insurance.

AIG says to sell Philippines businesses, keep life insurance (AFP via Yahoo! News)
A Philippine unit of troubled American Insurance Group (AIG) said Friday it was selling its local health insurance and pension operations to focus on its core life insurance business.

Uganda: Govt Urged to Support Agro-Insurance (AllAfrica.com)
Kampala — Micro-insurance should be included in agriculture development packages undertaken by the Government to empower farmers, insurers have urged.

State: Texas Windstorm 'unfair or deceptive' with insurance claims (KENS 5 San Antonio)
In a letter to the State Office of Administrative Hearings, the Department of Insurance says the insurance company could be subject to disciplinary action if the complaint is upheld.

Health insurance costs above $12,000/year (UPI)
ROCKVILLE, Md., Sept. 4 (UPI) -- Ten percent of U.S. workers -- about 2 million -- had employer-based health insurance premiums that cost $17,000 or more, federal health officials said.

Loan insurance limits challenged (BBC News)
A legal challenge to restrictions on the sale of the controversial payment protection insurance will be heard on Monday.

Mexico offers health insurance for migrants' kin (AP via Yahoo! News)
Mexico's Health Department says it will launch a pilot program to encourage migrants working in the United States to sign up their families in Mexico for the Mexican government's low-income health insurance program.

Fairfax to buy back spunoff insurance division (The Globe and Mail)
Fairfax Financial Holdings Ltd. chief executive officer Prem Watsa is set to realize a dream of reassembling his insurance empire, with a bid to buy back a $2.93-billion (U.S.) business that it spun off in 2001.

10k Arizonans lose health insurance in Governor's budget (KVOA Tucson)
When Governor Jan Brewer signed Arizona's budget, thousands of Arizona parents lost their health insurance. Impacted are parents whose children are insured through Arizona's KidsCare program. Until

Insurance Premiums For Some Family Health Plans Cost $20,000 Or More (Medical News Today)
One in 10 enrolled workers in Alaska, Indiana and Minnesota were in health insurance plans costing $20,000 or more at least $7,000 more than the national average for employer-based health insurance premiums that covered their families in 2008, according to the latest numbers from the Agency for Healthcare Research and Quality.

Wait until you lose your health insurance plan (Evansville Courier & Press)
Wait until you lose your health insurance plan To the editor: My fellow citizens of this great country, all these explosive myths about public health care are to scare you. Take it from a person who had insurance and paid their huge premiums every week. When I need help, they totally left me with nowhere to go. You are already paying for public insurance, and Medicare will be there when ...

Assembly to vote on insurance bill - Venezuela (Business News Americas)
Venezuela's national assembly is expected to give its final vote on an insurance bill during its second period of ordinary sessions, which starts September 15, the assembly said on its website.

Event to support insurance reform planned (The Olympian)
Hot dogs and health insurance reform are on the agenda for Labor Day picnics, including one in Chehalis on Monday. Each event will feature a program at which members of Congress or representatives from their offices will be presented with petitions signed by the people of Washington in support of health insurance reform.

Wall Street Pursues Profit in Bundles of Life Insurance (International Herald Tribune)
Wall Street bankers plan to buy life insurance policies that ill and elderly people sell for cash and package hundreds or thousands of them together into bonds.