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Insurance News 11/2012



Mis-sold loan insurance costs Lloyds another 1 billion pounds
LONDON (Reuters) - Lloyds Banking Group (LLOY.L) took another 1 billion pound ($1.6 billion) hit to compensate customers mis-sold loan insurance, taking its charge for the scandal to 5.3 billion and dragging it to a third-quarter loss. But Britain's ...

Boomers' health insurance at stake at the polls
But many analysts say that extending more insurance coverage to those older Boomers will depend heavily on another major element of the Affordable Care Act: The implementation of health insurance exchanges, currently slated to take effect at the ...

GTCR buys BofA insurance services unit
Chicago-based private equity firm GTCR has bought a Bank of America Corp. unit whose services include helping businesses and individuals pay insurance premiums in installments. GTCR, one of Chicago's biggest buyout firms, is acquiring Premium Credit ...

Sandy Seen Lifting Insurance Prices Amid 'New Reality'
Sandy, the Atlantic superstorm that caused flooding, damage and blackouts throughout the U.S. Northeast this week, may lead to higher insurance rates and tighter terms in the affected areas. Carriers that underwrite business property may be “pushing ...

Jim Crow Insurance: CA Proposition 33 Turns Back The Clock To Price ...
Jim Crow Insurance: CA Proposition 33 Turns Back The Clock To Price ...

Insurance pool drops coverage for armed posse in Ariz.
Following legal warnings from alarmed underwriters, the Arizona Counties Insurance Pool decided not to provide liability coverage for the posse that Pinal County Sheriff Paul Babeu announced earlier this month because it's too risky, said Bill Hardy ...

How to Track Down a Lost Life Insurance Policy
Also look through her address books for contact information for a life insurance agent, financial planner, accountant, attorney or other adviser and ask if the adviser knows about a life insurance policy. Contact each insurer with whom she had other ...

In Minnesota, Obamacare to Increase Individual Insurance Premiums by 29 ...
In Minnesota, Obamacare to Increase Individual Insurance Premiums by 29 ...

An Insurance Break for Homeowners
That's because homeowner insurance policies in coastal states often have a clause that says if damage is caused by a hurricane, the out-of-pocket deductible changes. The standard deductible is a flat maximum (typically up to $1,000), but in a hurricane ...

From generators to insurance, disasters are similar (Frances Coleman column)
Every natural disaster may be unique, but Hurricane Sandy -- with its flooded streets and rooftop rescues so evocative of Hurricane Katrina -- is a reminder that all disasters share some common issues and challenges. For example: What should acute-care ...

Va. court: Insurance doesn't cover drywall damages
Richard Serpe, an attorney for the homeowner, said the unanimous ruling means hundreds of other Virginians whose homes and health were affected by the toxic material also will be unable to collect on their insurance. "There are many victims of Chinese ...

AIG reports profit of nearly $2 billion in Q3 on strong insurance business ...
AIG reports profit of nearly $2 billion in Q3 on strong insurance business ...

In the Badger State, divided over and baffled by Obamacare
A former IT specialist, Givhan tripped on a machine at work and landed on his head, suffering neurological damage. His employer's insurance company wouldn't pay for an operation, saying the outcome was iffy. Plagued by debilitating migraines and ...

RBS earnings hit by insurance provision
LONDON Part-nationalized Royal Bank of Scotland posted a third-quarter loss as it boosted its provision for compensating customers who bought payment protection insurance and took a hefty charge related to its debt. The company, 82 percent owned by ...

Phoenix Life Insurance Company Announces Policy Dividend Scales for 2013
Phoenix Life Insurance Company is a wholly owned subsidiary of The Phoenix Companies, Inc. (NYS: PNX) . With a history of keeping its promises since 1851, Phoenix is a boutique life insurance and annuity company serving customers' retirement and ...

Sandy Will Re-Open a 'Black Box' of Insurance Claims
Each year Lloyd's of London, the company that invented what we now know as insurance, publishes what it calls “Realistic Disaster Scenarios,” a detailed list of hypothetical nightmares–terrorist attacks, earthquakes, mid-air airline collisions ...

Insure Your Home Against Natural Disasters
Approximately two-thirds of homeowners are underinsured for a natural disaster, according to United Policyholders (UP), a nonprofit and advocacy organization for insurance consumers. Many homeowners who suffered a total loss will find themselves in ...

Pay-as-you-drive Insurance Plans
Richard Hutchinson, the company's general manager of usage-based insurance, says savings could reach 30 percent for the most conscientious motorists. He adds that it's best if your car stays parked during peak accident hours (between midnight and 4 ...

UK Insurers Hit By Falling Insurance Premiums
U.K. insurers Direct Line and Admiral Group Friday posted drops in key third-quarter figures due to increasing pressures in the car insurance market, but were upbeat about meeting targets on costs and profitability. Direct Line had operating profit £92 ...

Consumer Watchdog Campaign: Insurance Billionaire Backing Prop 33 Adds ...
Consumer Watchdog Campaign: Insurance Billionaire Backing Prop 33 Adds ...

Preparing a Hurricane Sandy insurance claim? Here are some important pointers:
Now home and business owners are not only faced with the prospect of cleanup, but pursuing their insurance claims. Business Insurance is reporting that the number of claims could be unprecedented. Catastrophe modeling firms are estimate total losses of ...

The Benefits of Owning Insurance Company Stocks
Some investors rushed to sell their insurance stocks as superstorm Sandy barreled toward the Atlantic seaboard, fearing the cost of billions of dollars in claims. It was a needless overreaction. Insurers are well able to handle the costs. Indeed, the ...

Sandy victims may wait weeks for insurance adjusters
WASHINGTON (Reuters) - Pat Groover called her insurance company on Tuesday morning, the day after a massive tree gave in to storm Sandy's winds, ripped the front off a neighbor's house and pulled siding and gutters off of Groover's home. The path of ...

Q&A: Insurance rep addresses new law, health-care costs
Chuck Bassett, vice president for governmental relations and public policy for BlueCross, BlueShield of Arizona, recently spoke about health-care reform in Tempe. BlueCross opposed the Affordable Care Act, but Bassett says his firm is now trying to ...

Insurance stocks tumble as Sandy weighs on markets
Waterlogged from Superstorm Sandy and unmoved by a solid October jobs report, U.S. stocks fell sharply Friday. The Dow Jones industrial average dropped 139 points as details about the storm's costs began to trickle out. Verizon Communications, whose ...

FEMA has 9106 disaster assistance employees. Only 770 get federal health ...
FEMA has 9106 disaster assistance employees. Only 770 get federal health ...

From Texas to Vermont, state elections decide health care's future
“He took me off his insurance,” said DeFrank as she cradled Gabriel in a cheerful playroom at Legacy Community Health Services, a non-profit health clinic in southwest Houston where Gabriel gets care. Her husband, who is working as an intern at a ...

RPT-Sandy victims may wait weeks for insurance adjusters
By Linda Stern. WASHINGTON Nov 3(Reuters) - Pat Groover called her insurance company on Tuesday morning, the day after a massive tree gave in to storm Sandy's winds, ripped the front off a neighbor's house and pulled siding and gutters off of Groover's ...

Five insurance lessons from Sandy
And some may be discovering their deductible – the portion of the damage they're expected to pay before their insurance kicks in – is thousands more than they expected. Whether you were affected by Sandy or not, here are some important insurance ...

Will your insurance policy protect you from disaster?
Re efforts we have there's just learned -- United States is it FEMA headquarters in Washington DC meeting with cabinet. Officials to discuss disaster relief which to many. -- is slow this comes to south winds are expected to file insurance claims to ...

In Sandy's Wake, Insurance Industry Must Better Account For Climate Change ...
In Sandy's Wake, Insurance Industry Must Better Account For Climate Change ...

Property Casualty Insurance Writer Ups Dividend For 52nd Consecutive Year
Cincinnati Financial (CINF – Analyst Report) touched its 52-week high of $40.70 on October 26; a day after this property casualty insurance writer reported stellar third-quarter results that included a 56.1% earnings surprise. With four straight ...

Insurance divides haves from have-nots after Sandy
Some 325,000 cars flooded during Hurricane Katrina, according to the National Insurance Crime Bureau, and a similar number could come from this storm. By the next day, Long expected to have a check in his account for the value of the car. Adjuster Rich ...

Corn crop insurance payout up to $7.50 per bushel
Farmers who bought the more expensive crop insurance option last spring will earn $7.50 per bushel of corn, a price that should make many of them happy after months of watching their fields wither in this summer's record drought. The announcement will ...

Superstorm spotlights home insurance
After every major disaster, it seems, insurance companies find ways to limit coverage, and if you don't read the fine print in your policy, you may be unaware of so-called exclusions. Although most policies have long excluded damage arising from war ...

Health Care Reform: Will 'exchange' help more people gain insurance?
For Texas health insurance providers, employers and insurance consumers, the lack of state involvement could mean a longer wait to find out what form the exchange will take and less input in the process. “Different stakeholders have wondered is a state ...

Flood insurance can keep you from drowning in losses
To secure flood insurance, you have to turn to the National Flood Insurance Program (NFIP) administered by the Federal Emergency Management Agency (FEMA). Fortunately, in this post-Katrina era, most Louisiana residents seem to be aware most property ...

N.J. insurance regulator: count on us, count on insurers after Sandy - The Star-Ledger
Kenneth Kobylowski, acting commissioner of the Department of Banking and Insurance, said he's got confidence that insurers will do their part to help consumers get back on their feet and rebuild their homes and businesses. But he said the department is ...

Astronomical insurance? This man fought back
Whatever effect, if any, that Hurricane Sandy may eventually have on Florida insurance bills, premiums are already spiking for Fred Goetz and hundreds of thousands of his fellow residents. In one stroke, his annual bill more than doubled to $8,707 ...

Corn Crop Insurance Payout up to $7.50 Per Bushel
A drought impacted ear of corn is seen in a field on the Tom Albaugh farm, Monday, Aug. 20, 2012, in Ankeny, Iowa. Albaugh expects to be harvesting by the middle of September, ahead of the usual end of September or early October schedule. The harvest ...

A Q&A on ... disaster insurance - The Star-Ledger
Enlarge Star-Ledger Staff Homeowners sift through the rubble of their destroyed home on Brook Avenue in Union Beach on Thursday, Nov. 1, 2012. Hurricane Sandy ripped through the area earlier this week, causing catastrophic damage to the Jersey Shore ...

Proposition 33 Auto Insurance Changes: George Joseph Tries Again
George Joseph, the billionaire auto-insurance magnate, hopes it will be enough to score votes from a plurality of Californians -- that's how much of his personal fortune he'd spent, as of Nov. 3, to push Proposition 33. (For the latest, check out the ...

Unfair Tax Court Decisions On Life Insurance Are Tip Of Unclaimed Property ...
Unfair Tax Court Decisions On Life Insurance Are Tip Of Unclaimed Property ...

Insurance Companies Rethink Business After Sandy
And insurance companies are on the hook to pay billions in related claims. "We're seeing more of everything, and what we're doing is trying to factor that in going forward as we work with others to have a better sense of what the future holds," says ...

Primer: what you need to know about health care and the 2012 election
If re-elected, one of the provisions Obama will implement in 2014 will be the state-sponsored online health-insurance exchanges. These are promoted by the U.S. Health and Human Services department as a “one stop shop” where you can compare ...

Thanachart Capital shares up 5 pct after insurance sale
BANGKOK Nov 5 (Reuters) - Shares in Thanachart Capital Pcl rose more than 5 percent to a three-week high on Monday after its Thanachart Bank unit announced it was selling its insurance unit to Prudential Pcl. Thanachart Bank, Thailand's fifth-largest ...

WPS Health Insurance employees speak about layoff concerns
Days after WPS Health Insurance announced they'd be laying off hundreds of people, employees say reality is setting in. "All of a sudden they have a meeting like this and it's like wow, it's coming, it really is coming, you know," said Rosann Jennrich ...

Insurance process begins in Connecticut
Insurance process begins in Connecticut. Rob Varnon. Published 10:32 p.m., Sunday, November 4, 2012. View: Larger | Hide. The garage of Michelle Morris, located on Hunting Ridge Rd. in Stamford, collapsed during hurricane Sandy, photographed on ...

Flooded by a Jeep-load of insurance myths
Or, in the case of flooded basements, the insurance experts who've told me that homeowners who've finished their lower levels into cozy family rooms or manly man caves face nearly total losses. They even said that flood insurance would only cover ...

Salvaging Flood Disasters Without Insurance
The recent flooding in some parts of the country has left some devastating impacts in its wake. Although the Federal Government has promised that it will do all within its power to ensure that such disasters don't leave behind huge damaging impacts in ...