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Insurance News 06/2010



Mandatory auto insurance begins today
MADISON All Wisconsin drivers must carry auto liability insurance starting Tuesday, but its unclear how many will follow the law. Only about 15 percent of the states drivers are currently uninsured, which is roughly the same percentage as the national average. Every state except New Hampshire requires liability coverage. The fanfare surrounding around June 1 is a false promise to the drivers of ...

Health Insurance Tax Credit Falls Short For Many Small Businesses
Small businesses in pricey metro areas may have trouble qualifying for an insurance tax credit because their workers' pay is often more than $25,000 a year.

CNinsure Announces the Establishment of Its Insurance Brokerage Business Unit
CNinsure Inc. (Nasdaq: CISG), a leading independent insurance intermediary company operating in China, today announced the establishment of an insurance brokerage business unit, in an effort to expand its product offerings from retail to commercial lines. The insurance brokerage team will focus on providing property and casualty, liability, credit and guarantee, cargo, employee benefits and ...

Car Insurance Mandate Begins in Wisconsin
All Wisconsin drivers must carry auto liability insurance starting June 1, but it's unclear how many will follow the law. Only about 15 percent of the state's drivers are currently uninsured, ...

Nationwide Insurance Foundation Donates $1.54 Million to American Red Cross for Disaster Preparedness and Response and ...
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Insurance Australia Cuts Margin Outlook on U.K. Unit (Update1)
June 2 (Bloomberg) -- Insurance Australia Group Ltd. said full-year profit margins will be lower than expected after the company set aside funds to cover a surge in U.K. claims.

Insurance agent trying to ensure a role for mentors
As John Johnson tried to climb his way up the ladder in Denver's insurance industry, he missed having other African-Americans who could serve as role models.

Insurance Australia Shares Slump After Cut to Margin Outlook
June 2 (Bloomberg) -- Insurance Australia Group Ltd. , the Sydney-based insurer formed in 1925, slumped the most in 16 months on the local stock exchange after saying full-year profit margins will be lower than expected.

Insurance Australia Group Strengthens UK Claim Reserves
Insurance Australia Group (IAG) has announced that "due to a significant deterioration in UK claim experience, in particular bodily injury claims, it had conducted a further independent actuarial ...

Legal insurance: will Britain buy it?
In Germany there's a thriving market in selling legal insurance policies, but Britons have yet to see the benefits Can insurers really bridge the justice gap? There's nothing new about the idea of the insurance industry making up for ground lost by a shrivelling legal aid scheme, by selling cheap and effective legal insurance policies to those of us who may be able afford them. The idea was ...

Insurance a risky enterprise
Investing in insurance is not for the faint-hearted.

Insurance, Credit Cards Lead Recovery in Direct Marketing Mail Volume, Reports Mintel Comperemedia
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Florida gov vetoes property insurance reform bill
Florida's governor vetoed a property insurance reform bill Tuesday. Gov. Charlie Crist said in a memo that he was concerned the legislation would make it easier for insurers to increase residential premiums in Florida.

Faith-Based Insurance: Christian Health Care Sharing
Faith-Based Insurance: Christian Health-Sharing Plans

Insurance firms say state treating them unfairly
Insurance companies have been unfairly tarred in the ongoing health cost debate, a trade association leader said yesterday, urging the Legislature to enact broader reform amid election-year politics.

Charlie Crist's veto ensures we'll face insurance woes
Charlie Crist vetoed a bill that would have required strip-mall insurance companies to have enough money to pay claims. Charlie Crist has put the finishing touches on his four-year campaign to destroy the property-insurance market in Florida.

Insurance Journal Searches for Top 100 Agencies
Insurance Journal is on the search for leading privately-held property casualty independent agencies and brokerages for its annual Top 100 Property/Casualty Independent Insurance Agencies ...

Help With Health Insurance Costs Runs Out As Congress Considers Extension
The proposal to extend COBRA subsidies to those laid off through the end of the year is languishing in Congress. So the unemployed may soon pay more to remain on COBRA, look for insurance on the individual market, go on Medicaid or lose coverage altogether. And that could further tax a health system already struggling to keep up with the number of uninsured.

Beware credit card insurance
Personal finance blogger Chaya Cooperberg just learned shes been paying premiums for the past 10 years

New auto insurance law drives insurers, motorists to confusion
Insurance agents were swamped with callers and visitors this week as scores of customers tried to comply with the state's new mandate for auto liability insurance.

New auto insurance law drives motorists to confusion
Insurance agents were swamped with callers and visitors this week as scores of customers tried to comply with the state's new mandate for auto liability insurance.

Pet insurance arrives in Malaysia
Pet insurance may have arrived in Malaysia but the response has been lukewarm to say the least.

UPDATE: Maryland insurance agents indicted in alleged scam targeting Perth Amboy
PERTH AMBOY Three Maryland insurance brokers and their two companies were indicted Thursday on charges that they bilked Perth Amboy out of more than $200,000 in connection with a medically-based fitness and wellness program for city employees that never existed.

North Insurance Industry Urges IASB to Reconsider Single Accounting Model for Life and Non-Life Insurance Contracts
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Moody's: Offshore drilling insurance rates to jump
Insurance premiums for offshore drilling operations are expected to jump significantly in the wake of the Gulf oil spill disaster, Moody's Investors Service said.

Insurance Industry Must Address Key Questions in Advance of Oil Making Landfall in Gulf Coast States
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Parents 'breaking insurance laws'
Millions of parents are said to be breaking the law in order to save money on car insurance for their children.

Insurance underpins economic rise of rural India
It would be sad for farmer S. Debarasu if Big Rose, his prized milking cow, was hit by a car or crushed in a cyclone. But thanks ...

Juicing Your Life Insurance
This year's hottest life-insurance product is well-suited to an era of sudden "flash crashes": It appeals to those eager to capture stock-market gains while avoiding undue risk. But does it promise too much?

Insurance scheme ridiculed as junk
AN OVERHAUL of the home warranty insurance scheme has been rushed through and the building industry will be crippled if it is not ready by July 1, the opposition says.

Insurance Relief for Early Retirees
Early retirement, a dream of many, can turn into a nightmare for those unable to secure health insurance. Now, two new federal programs may provide some relief.

Insurance agency pulls Maywood's coverage
With no permanent city manager and a historically troubled police department, the city is too high-risk, insurer says. The department is being investigated in two officer-involved shootings this year. Citing the city's failure to hire a new city manager as well as recent officer-involved shootings, Maywood's insurance agency has terminated coverage because it views the municipality as too high a ...

Insurance, security in place as 2010 World Cup kicks off
JOHANNESBURGOrganizers are prepared with plenty of insurance and tight security to counter the risks of holding the 2010 FIFA World Cup, the first time the event is being held in South Africa.

RACQ Insurance out of the red
RACQ Insurance is back in the black after lifting premiums and avoiding 2008's torrid wild weather and financial tsunami.

More questions than answers for insurance advisers
The Government's overview of Australia's tax system has failed to suggest action on the life/risk needs of consumers.

Fleet Insurance Broker Joins Forces With Driver Safety Organisation
Flint Insurance, a leading UK fleet insurance specialist has teamed up with Drive Alive, an Occupational Road Risk Organisation. The decision to work together after noticing a gap in the market for risk assessments which they hope will help to improve motor fleet insurance services whilst making the roads safer. read more

Motorists need proof of insurance violators could have car impounded
Motorists who are caught driving without mandatory insurance coverage risk having their vehicles impounded.

Access Insurance Wins IASA 2010 Technology Innovation Award
The Atlanta-based P&C insurer received the award for its Instant Access application, which executes all business rules and processes needed to provide a quote, and bind and issue a policy. Honorable mention was given for projects by Great American Insurance and West Bend Mutual.

Coastal insurance forum set Tuesday in Baldwin County: Experts, legislators will discuss strategies to address ...
DAPHNE, Ala. -- A roundtable discussion on what many have called a growing wind insurance "crisis" on the Gulf Coast will be held Tuesday at the Daphne Civic Center.

Schafnitz Purchases Brakee-Schafnitz; Signature Insurance Group Formed
Matthew F. Schafnitz co-founder and CEO of Brakke-Schafnitz Insurance Brokers Inc. in Laguna Niguel, Calif., announced the completed purchase of Brakke-Schafnitz Insurance Brokers Inc. and the ...

Health Insurance Scams: How to Protect Yourself
Con artists are tricking you out of your hard-earned money, with a crop of fake health insurance plans. Here's how to protect yourself.

Health insurance options for unemployed beyond COBRA
The easiest way to get health insurance is to find a job with group coverage, but in this economy, that's a tall order. How to stay covered:

Prop. 17: Auto insurance measure appears to fail
UPDATE 6:54 a.m. Proposition 17, auto insurance measure, appeared to be headed for defeat. With 99. 1 percent of the precincts reporting, it was losing by 158,000 votes, or 52-48 percent. ***California voters were divided closely on a measure Tuesday that... Insurance - Vehicle insurance - Business - California - Financial Services

Insurance Brokers Navigating Difficult Markets
Insurance broker valuations look attractive amid persistent market headwinds.

Insurance won't cover yard cleanup
Did Sundays tornado topple trees and make a major mess of your yard, but your home is OK? Your insurance company probably wont cover the cleanup.

CFC Insurance of Kenya Plans Stock-Exchange Listing (Update1)
June 9 (Bloomberg) -- CFC Insurance Holdings Ltd., a unit of CFC Stanbic Holdings Ltd. , plans to begin trading its shares on the Kenyan stock exchange by October, Managing Director Mike du Toit said.

Insurance to Just Say No To
Financial Adviser Ray Martin Gives Advice on How to Avoid Spending Too Much $$ on Coverage

Oilfield Insurance Costs to Rise After BP, ONGC Says (Update1)
June 9 (Bloomberg) -- Insurance costs for oil companies are set to rise exponentially after the BP Plc spill, the worst oil leak in U.S. history, the chairman of Indias biggest energy explorer said.

Law Limits Rise in Health Insurance Rates
Gov. David A. Paterson has signed legislation that gives the state the power to block what it deems unreasonably high health insurance premium increases for millions of New Yorkers.

XL Insurance Helps Facilitate Early Transfer at Riverbank Army Ammunition Plant Using Environmental Insurance
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