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Insurance News 02/2010



Ben Crane's victory at Farmers Insurance Open is newsworthy (Los Angeles Times)
He wins the tournament by one shot, earning some positive publicity after being falsely quoted as calling Tiger Woods a 'phony' for his extramarital affairs. Ben Crane made birdie putts of 23 and 46 feet in the first five holes. He knocked down a 47-footer for birdie on the 11th hole. He took over the lead of the Farmers Insurance Open at the Torrey Pines South Course on the second hole.

States Seeking to Ban Mandatory Health Insurance (ABC News)
Despite federal stalemate, state lawmakers pursuing measures banning health insurance mandates Health insurance - Insurance - Financial services - Health - Business

States Seeking to Ban Mandatory Health Insurance (Fox News)
Conservative lawmakers in many states are forging ahead with constitutional amendments to ban government health insurance mandates.

States seeking to ban mandatory health insurance (San Francisco Chronicle)
Although President Barack Obama's push for a health care overhaul has stalled, conservative lawmakers in about half the states are forging ahead with constitutional amendments to ban government health insurance mandates. The proposals would assert a state-... Barack Obama - Health insurance - Health care - Health insurance mandate - Insurance

Khon Khaen trial for Japanese weather-risk insurance (The Nation - Thailand's English news)
Japan's Sompo Japan Group, which recently launched the world's first Weather Insurance Index in Khon Kaen, looks to expand the scheme, based on sales results.

States seeking to ban mandatory health insurance (AP via Yahoo! News)
Although President Barack Obama's push for a health care overhaul has stalled, conservative lawmakers in about half the states are forging ahead with constitutional amendments to ban government health insurance mandates.

Insurance Regulators in Ind. Reject Climate Regulation; Some Others Appear 'Lukewarm' (New York Times)
Indiana officials will not impose climate regulations on insurance companies, making it the first state to abandon the landma...

Financial Planning Firm Acquires Philadelphia Insurance Agency (Financial Planning.com)
EAGiL Financial Group LLC, a national corporate and personal financial planning firm specializing in estate planning announced the formal acquisition of the Goebel Insurance Agency. The agency, which offers a full line of insurance products from property/casualty to life and business insurance, will operate under the EAGiL Vision Platform.

Risk & Insurance Online - Story (Risk & Insurance)
Asteroid Insurance (Daily Planet). It is available from Risk and Insurance Online at http://www.riskandinsurance.com/ width="117" align="center" style="border-style:none; background:lightgray; font-size:8px; cursor:pointer; vertical-align:middle;"> Email

Obama budget pushes health insurance reforms (Reuters via Yahoo! News)
Despite stalled efforts in Congress to pass sweeping healthcare reform, the White House is targeting other ways to push its overhaul, including a health insurance tax deduction, according to the administration's budget proposal released on Monday.

States seeking to ban mandatory health insurance (AP via Yahoo! News)
Although President Barack Obama's push for a health care overhaul has stalled, conservative lawmakers in more than two-thirds of the states are forging ahead with constitutional amendments to ban government health insurance mandates.

White House proposes increase in FDIC deposit insurance fund (Washington Post)
The Obama administration wants to increase the size of the insurance fund that repays depositors in failed banks, a step that would require all banks to pay larger fees to the Federal Deposit Insurance Corp.

Virginia Senate bills say no to requiring health insurance (Washington Post)
RICHMOND -- Virginia's Democratically controlled state Senate passed measures Monday that would make it illegal to require individuals to purchase health insurance, a direct challenge to the party's efforts in Washington to reform health care.

Bank Debt Swaps Exceed Corporate Insurance by Most Since Lehman (Bloomberg)
Feb. 2 (Bloomberg) -- The cost to protect against losses on European bank bonds jumped above insurance on company debt by the most since the collapse of Lehman Brothers Holdings Inc. amid concern that government budget woes will spread to lenders.

Daimler teams up with Allianz for insurance (AP via Yahoo! Finance)
German carmaker Daimler AG said Tuesday it has partnered with German insurer Allianz SE to increase its insurance offerings to car customers across a greater number of markets.

Allianz, Daimler Sign Automotive Insurance Deal (Fox News)
Allianz, Daimler Sign Automotive Insurance Deal

Insurance chief's museum donation (BBC News)
The millionaire head of insurance firm Admiral is to put a large sum of his money into helping to fund a new museum for Cardiff.

Spotting Questionable Health Insurance Plans (ABC News)
Watchdogs worried about two different kinds of health insurance plans. Health insurance - Insurance - Health - United States - Financial Services

Phil Mickelson got all the headlines at the Farmers Insurance Open, but not for anything he did on the course (Sports Illustrated)
Phil Mickelson induces many emotions, but boredom is not one of them, which we were reminded of yet again during the melodrama at last week's Farmers Insurance Open in La Jolla, Calif. Mickelson made his feverishly anticipated season debut at Torrey Pines, returning to a Tour in desperate need of his star power and good-guy virtues. For a couple of days it was a veritable love-in, beginning with ...

Insurance Australia Shares Jump on Increased Insurance Margin (Bloomberg)
Feb. 3 (Bloomberg) -- Insurance Australia Group Ltd. surged the most in more than two months in Sydney trading after the company increased its insurance margin forecast citing fewer natural disaster payouts and a favorable move in credit spreads.

Explosion at Darwin Insurance Office Injures Six (Update1) (Bloomberg)
Feb. 3 (Bloomberg) -- Six people were injured in an explosion at an insurance office in the northern city of Darwin, Australian police said today. The incident occurred at the Territory Insurance Office at 11 a.m. local time, Northern Territory police said, without providing further details.

Insurance Australia Shares Jump on Increased Margin (Update1) (BusinessWeek)
Insurance Australia Group Ltd. surged the most in more than two months in Sydney trading after the company increased its insurance margin forecast following fewer natural disaster payouts.

Explosion at Darwin Insurance Office Injures 15 (Update1) (Bloomberg)
Feb. 3 (Bloomberg) -- Fifteen people were admitted to hospital in the northern Australian city of Darwin today after an explosion at an insurance office, officials said.

IAG's insurance margin jumps (BigPond News)
IAG says it expects its full-year insurance margin will be better than previously forecast.

Auto insurance fraud on rise in New York State - and motorists are paying the bill (New York Daily News)
Auto insurance fraud is beginning to soar in New York - and so are drivers' rates. The Daily News has learned suspected fraud cases have jumped 33% since 2006.

Motorists, brace yourself for the biggest insurance hike since indexes began (Guardian Unlimited)
Motor insurance premiums are up 20%, driven by increases in litigation, fraud and personal injury claims Motorists whose car insurance policies are due for renewal should prepare themselves for the biggest blow to their wallets in history. According to the AA British Insurance Premium Index published last week, the average quoted premium for comprehensive motor cover saw a 18.7% hike on this ...

Health insurance guarantee plan (BBC News)
Proposals to guarantee health insurance for UK-bound Manx residents could be brought before Tynwald next month.

Sanford Health Plan given OK to provide insurance in North Dakota (The Fargo Forum)
FARGO - Sanford Health has been approved to provide insurance in North Dakota in a decision announced this morning by the state's Insurance Department.

MetLife: In talks with AIG for insurance unit (AP via Yahoo! Finance)
Shares of MetLife slid Wednesday, a day after the insurer confirmed that it's in talks with American International Group Inc. about buying the American Life Insurance Company.

Okla. St. sues insurance company over fundraising (AP via Yahoo! Sports)
Billionaire booster T. Boone Pickens and the fundraising arm of Oklahoma State's athletic department are suing a life insurance company over a program aimed at bringing in millions of dollars, the university announced Wednesday. Oklahoma State said it hoped to recover some of the $33.3 million in premiums it paid Lincoln National Life Insurance Co.

OK State sues insurance company over fundraising (CBS Sports)
Billionaire booster T. Boone Pickens and the fundraising arm of Oklahoma State's athletic department are suing a life insurance company over a program aimed at bringing in millions of dollars.

Traders advised, get forex insurance (Bangkok Post - Thailand's English news)
Exporters as well as importers should buy foreign exchange insurance to cover the continuing fluctuation of the Thai baht and other regional currencies, Bank of Thailand assistant governor Suchada Kirakul said on Thursday.

Insurance Stocks Suffer Rising 'Short' Interest (TheStreet.com)
Insurance stocks surged last year, but they've stumbled in 2010. Here are five stocks that are increasingly being viewed by investors as losers.

Maine panel hears health insurance bill (AP via Yahoo! Finance)
One of the strongest supporters of a bill to prohibit health insurance companies from setting annual and lifetime limits on the amounts they will pay couldn't be at a legislative hearing on the measure Wednesday because he has cancer and was getting a blood transfusion.

State Farm Seeks Auto Insurance Rate Hike (The Lakeland Ledger)
By Jeff Harrington St. Petersburg Times Cost-sensitive Floridians have another increase to worry about: The price for auto insurance is trending up.

Surfside Officer Accused Of Insurance Fraud (CBS4 Miami)
A Surfside police officer is off the job after being accused of fraud.  Officer Woodward Brooks reportedly assistance in insurance fraud by assigning case numbers to corroborate false claims. He would then reportedly receive a kick back for his actions.

Questionable Health Insurance Plans Cause Concern (Medical News Today)
Officials worry that people with no insurance will be drawn in by questionable health insurance plans. ABC News reports: The "[h]ealth care overhaul is stalled, resulting in a proliferation of plans that don't fully protect people, officials said. Watchdogs worry about two kinds of plans in particular." They point to the health discount cards "that say they get you cut rates on medical services ...

Okla. St. sues insurance company over fundraising (AP via Yahoo! Finance)
Billionaire booster T. Boone Pickens and the fundraising arm of Oklahoma State's athletic department are suing a life insurance company over a program aimed at bringing in millions of dollars, the university announced Wednesday.

Klinedinst Joins Cincinnati's R. G. McGraw Insurance Agency (Insurance Journal)
Tom Klinedinst III has joined Cincinnati, Ohio-based R. G. McGraw Insurance Agency as marketing and production manager for commercial lines. Klinedinst brings 21 years of experience in commercial ...

How Much Life Insurance Do You Need? (The Motley Fool via Yahoo! News)
To put it simply, life insurance protects those who depend on your paycheck. If you die prematurely, life insurance provides your dependents with ongoing income to replace yours, until (or unless) they can live comfortably without it. It can also provide a timely emergency fund for medical, legal, and funeral costs, should family savings not be adequate to cover them. (After all, that golf ...

Insurance co. claims Okla St can't recover $33M (AP via Yahoo! News)
The insurance company sued by billionaire booster T. Boone Pickens and Oklahoma State's athletic fundraising foundation claims the university breached its contract and has no right to recover $33 million in premiums.

UPDATE: Bank of Beijing Cleared To Buy Into ING Insurance JV (Fox News)
UPDATE: Bank of Beijing Cleared To Buy Into ING Insurance JV

Dems pursue Plan B: lifting health-insurance antitrust shields (Denver Post)
With comprehensive health care reform on ice for the moment, House Democrats are going with Plan B, starting with a bill to be introduced today to remove the antitrust exemption now enjoyed by health-insurance companies.

Resolution says prioritises insurance deals (Reuters via Yahoo! UK & Ireland News)
Takeover vehicle Resolution said it was prioritising deals in the insurance sector, after a newspaper reported it might bid for parts of bailed-out lender Royal Bank of Scotland.

Grant to help unemployed Mainers pay insurance (Boston Globe)
The U.S. Department of Labor is releasing $880,000 to provide partial premium payments for health insurance coverage for 800 workers.

Mortgage insurance won't last forever (Bankrate.com via Yahoo! Finance)
Mortgage insurance premium payments will not hound a homeowner forever.

Mississippi Homeowners Learning How Credit Score Affects Insurance Premium (Insurance Journal)
Mississippi Gulf Coast policyholders are well aware a hurricane is guaranteed to hike insurance rates, but fewer realize their credit reports also are factored into homeowner and automobile ...

Tyson gets insurance proceeds from Jefferson flood (AP via Yahoo! Finance)
Insurance proceeds from flood damage at the Tyson Foods plant in Jefferson helped boost the company's bottom line in the fiscal first quarter.

Imperial Sugar posts profit on insurance claims (AP via Yahoo! Finance)
Imperial Sugar Co. said Friday that its fiscal first quarter profit more than doubled on an insurance settlement over the deadly 2008 explosion at a plant in Georgia.

Couple In Dispute With Insurance Over Roof (KMBC-TV Kansas City)
A homeowner's insurance dispute over a leaky roof has an area couple shopping for a lawyer.