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Insurance News 09/2010



Insurance commissioner gives OK for AIG's Alico sale
Delaware Insurance Commissioner Karen Weldin Stewart has approved the sale of American International Group's last large Delaware-based business, the international life and health insurance company Alico.

Insurance company: Flowers started house fire
A fire that did $20,000 in damages to an Arkansas home was caused by dead plants, an insurance investigator concluded.

Ping An Insurance Will Purchase Shenzhen Bank Shares for 29.1 Billion Yuan
Ping An Insurance (Group) Co. will buy 1.64 billion shares in Shenzhen Development Bank Co. for 29.1 billion yuan, the company said in a filing to Shanghai’s stock exchange today.

Insurance sector adequately solvent in 09
Fiji’s insurance industry reported an adequate solvency position in 2009 despite natural catastrophes and challenging economic conditions, with gross premiums increasing by 2.2 percent to $206.1 million says Reserve Bank of Fiji governor Sada Reddy.

Insurance in super creating false security
Insurance policies included in superannuation have increased the overall coverage of working Australians but insufficient default levels of insurance in many cases are creating a false sense of security, according to Lifebroker research.

Insurance chiefs not worried about churn
Life insurance providers are confident churn rates will decline as advisers become more focused on sustainable writing practices.

Insurance Could End Civil War Re-Enactments
A battle over liability insurance coverage for groups using state property is brewing, and the Northwest Civil War Council is right in the middle of it.

Insurance rates set to triple
Homeowners beware - flood insurance rates are set to triple after Dec. 17. Recent updates to area flood maps means that some residents may now be living in flood zones, which could cause residents to pay higher flood insurance premiums.

Zurich Insurance of South Africa Slides to First Half Loss of $5.9 Million
Zurich Insurance Co. South Africa Ltd. posted a net loss of 42.7 million rand for the six months through June, compared with a profit of 106.4 million rand a year earlier.

Nexus Insurance Services Launches New Websites For Malpractice Insurance
Orange County - Nexus Insurance Services has launched five new websites that offers malpractice insurance to attorneys and physicians who practice in the states of Arizona, Texas, California, New York, and Washington.

Allstate insurance agency in Grayling under new ownership
A veteran northern Michigan insurance agent recently assumed ownership of the Allstate Insurance Agency in Grayling. Roger Weber, who has operated Weber Allstate Insurance Agency in Traverse City for 43 years, took over the Grayling agency, which is located in the Grayling Mini Mall, last month.

Home insurance you need
Getting the enough insurance coverage for your home is the only way to protect your most valuable asset. In today's tips we're going to tell you what you need to know BEFORE a storm strikes.

Insurance company backs down over payment for Bradford patient stranded in Prague
AN insurance company has agreed to pay to get a critically-ill Yorkshireman back from a Prague hospital after nearly a month of being stranded away from home.

Insurance sector reinvents itself under new regime
India's insurance industry is set for a makeover as it seeks to survive and grow in a changed environment that dawned on September 1. With a three-month spat over who will regulate unit-linked insurance plans (Ulips) settled, the Insurance Regulatory & Development Authority (Irda) in July announced sweeping changes to the way insurance companies do business.

IOA Insurance Services Opens Santa Barbara Office
Insurance Office of America has opened an office in Santa Barbara to be led by Jon Valois. Valois is a 22-year industry veteran, with a broad base of clients in industries including construction, ...

Insurance firm predicts bumper year
Insurance broker Alan Boswell Group has predicted a bumper year for sales as the financial services industry shows signs of recovery.

Sword Insurance relocates Boston office
Sword Insurance said it has relocated its Boston office, which serves as the company's North American headquarters, to larger space at 51 Sleeper St. Boston - United States - Massachusetts - Greater Boston - Recreation

Allstate insurance agency in Grayling under new ownership
A veteran northern Michigan insurance agent recently assumed ownership of the Allstate Insurance Agency in Grayling. Roger Weber, who has operated Weber Allstate Insurance Agency in Traverse City for 43 years, took over the Grayling agency, which is located in the Grayling Mini Mall, last month.

Insurance agent to refund $66K Miss. farmers
JACKSON, Miss. (AP) - Mississippi Insurance Commissioner Mike Chaney says his office has reached an agreement with an agent to refund $66,5000 in policy fees to poultry farmers.

Insurance agent to refund $66,500 to Miss. farmers
Mississippi Insurance Commissioner Mike Chaney says his office has reached an agreement with an agent to refund $66,500 in policy fees to poultry farmers.

Nationwide Insurance will end sponsorship of Nationwide Tour in 2012
Nationwide Insurance announced Friday it will end its title sponsorship of the PGA Tour's developmental circuit in the U.S. when its contract expires in two years.

Insurance Agent Accused Of Theft From Clients, Church
A local insurance agent is in custody, accused of theft.

Growth in health insurance costs is slowing, but employers are still shifting them to workers
Good news! Health insurance premiums only went up by 3 percent on average during the first five months of 2010--the lowest rate of growth in ten years. You'd think that would mean people are finally getting relief from rising health care costs. Well, that's where the bad news comes in. Employers are rapidly shifting costs [... ]

Insurance rates set to triple
Homeowners beware - flood insurance rates are set to triple after Dec. 17. Recent updates to area flood maps means that some residents may now be living in flood zones, which could cause residents to pay higher flood insurance premiums.

Insurance, church thefts alleged
A former insurance agent and church treasurer in Fairfield County has been charged with grand theft and receiving stolen property, accused of fleecing his clients and his church.

Former insurance agent accused of stealing from clients
BREMEN -- A former insurance agent and church treasurer has been arrested on charges of grand theft and receiving stolen property. Fairfield County Sheriff Dave Phalen said John W. Elder, also known as Bill Elder, 61, is suspected of collecting insurance premiums from victims and then diverting the money to his personal accounts.

Insurance firm director caught gambling
The director of a leading insurance firm Bao Viet was caught gambling Saturday, police confirmed Monday.

Insurance group Standard Life to axe 600 jobs in major overhaul
Target of £100m cost savings to be reached by 2011 Insurance and pensions group Standard Life is to cut 600 jobs over the next 15 months as part of a major overhaul of the business. The Edinburgh-based insurer's new chief executive David Nish, who took over from Sir Sandy Crombie in January, is wielding the axe to streamline operations and shift the group's focus to long-term savings products ...

Insurance companies preparing for Canterbury claims
Insurance companies are gearing up to deal with the cost of the worst natural disaster the country has seen in decades

Fairhope's insurance provider sues over 'Dyas Triangle' defense
Fairhope's liability insurance carrier sued the city and Mayor Tim Kant last month, alleging that some claims in the two-year-old “Dyas triangle” lawsuit are not covered by the Alabama Municipal Insurance Corp. policy, and that the company is not obligated to defend the case.

Insurance changes kick in Sept. 23
Millions of Ohioans could benefit from new health-care regulations kicking in this month, starting with a requirement that insurance companies cover immunizations, cancer screenings and other preventative services for free.

Fairhope's insurance provider sues over 'Dyas Triangle' defense
Fairhope's liability insurance carrier sued the city and Mayor Tim Kant last month, alleging that some claims in the two-year-old “Dyas triangle” lawsuit are not covered by the Alabama Municipal Insurance Corp. policy, and that the company is not obligated to defend the case.

Insurance rates set to triple
Homeowners beware - flood insurance rates are set to triple after Dec. 17. Recent updates to area flood maps means that some residents may now be living in flood zones, which could cause residents to pay higher flood insurance premiums.

Flood insurance pays repeatedly for many Middle TN properties
The government insurance program has funded claims to thousands of properties nationally that have had repeated flood losses.

Insurance deal saves council £1m
MORE than £1 million has been saved by city council chiefs after switching insurance suppliers.

National insurance holiday for new businesses in the regions begins
Today a new regional National Insurance Contributions (NICs) holiday for new businesses came into effect.

Insurance provider’s hidden clauses left me unprotected
Question : I purchased annual travel insurance through Moneysupermarket.com with TIC insurers. At no time did Moneysupermarket.com inform me that there was an excess payable of £300. Related Stories Water damage to home has led to a flood of complaints Victim of online fraud learns expensive lesson using eBay Pleased to have straightened out the problem with PayPal

Insurance weakens in workplace
Employer-based health insurance remains “the leading source of health insurance” in the U.S., covering about 159 million nonelderly people, according to a 2009 study by the Kaiser Family Foundation and the Health Research & Educational Trust. But it’s also showing signs of stress. Clark County is no exception. The county posted a July jobless rate of just more than 13 percent, the highest in ...

Life Insurance Doesn't Have To Be So Complicated
This week an insurance research firm reported that ownership in life insurance has reached a 50-year low, with nearly a third of U.S. households not having a form of this financial protection. As the benefits industry begins Life Insurance Awareness Month in September, Unum (NYSE: UNM) shares the concern that this decline exposes working Americans to financial uncertainty. "Life insurance is one ...

Insurance firm stocks down
Investors marked insurance stocks down yesterday, despite insurers saying they are well prepared for expected claims of hundreds of millions from New Zealand's biggest insured event.

Insurance Checkpoint Scheduled
Sheriff Craig Webre announced that deputies will set up an insurance checkpoint in the southern part of the parish on Thursday, September 9, 2010. The checkpoint will be in place from 9:00 PM until 1:00 AM Friday morning.

Brokers Insurance Group Names McAdara Director
Brokers Insurance Group (BIG) has named Justin McAdara a director. McAdara has a diverse background, including realtor, insurance marketing representative and professional musician. He was a top ...

Insurance Could End Oregon Civil War Re-Enactments
A battle over liability insurance coverage for groups using Oregon state property is brewing, and the Northwest Civil War Council is right in the middle of it. In 2009, the Oregon State ...

Insurance rates set to triple
Homeowners beware - flood insurance rates are set to triple after Dec. 17. Recent updates to area flood maps means that some residents may now be living in flood zones, which could cause residents to pay higher flood insurance premiums.

Disability Insurance Services Named Petersen International Underwriters' Top Producer for 2009
Disability Insurance Services , a leading provider of disability insurance solutions, has earned the title of Top Producer for Petersen International Underwriters for the second year.

Insurance Leader Clements-- Founder of Arch, Ironshore, Integro-- Dies at 77
Robert Clements, a global insurance industry leader who helped start several insurers and a brokerage died on Sept. 4, 2010 of cancer at age 77. Clements founded Arch Capital Group and Ironshore ...

XL Insurance and ABA Insurance Services Announce New Agreement to Provide Employment Practices Liability Coverage
XL Insurance, the global insurance operations of XL Group plc , and ABA Insurance Services, Inc., a new managing general underwriter which was formerly Progressive's Professional Liability Group, today announced a joint underwriting agreement to provide Employment Practices Liability Insurance .

Bharti Insurance to give full price for stolen cars upto 2 yrs
Bharti Axa General Insurance today launched an add-on insurance product for car owners, which will provide them full purchase price of the vehicle for the first two years in the case of theft or loss.

Insurance Companies Now Able to do Business with Credit Unions
ALBANY, NY (09/07/2010)(readMedia)-- Governor Paterson signed legislation on Aug. 30 that will enable insurance companies to deposit funds in credit unions. Non life insurance companies are now able to invest up to $250,000 in share certificates with credit unions where they are eligible for membership through this legislation. The legislation was signed into law as Chapter 461.

Solutions Insurance Joins SIAA Inc.
Solutions Insurance Group LLC of Colorado Springs, Colo., has joined ICA Agency Alliance Inc. based in Colorado Springs. Since it's inception in 1995, SIAA has signed 3,450 new members in the ...