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Insurance News 01/2013



2013 is the year to go to work, not go on disability
Far fewer of us labor in dangerous industrial jobs like the ones that originally motivated disability insurance. The rate of deaths due to injuries has plummeted. Behavior that can cause disability, such as alcohol use and smoking, has declined ...

No big storms, but property insurance costs rising
TALLAHASSEE, Fla. -- The one thing a New Year always brings in Florida is higher property insurances rates and 2013 will be no different. Although Florida escaped a major hurricane for a seventh straight year in 2012, property insurance costs continue ...

Guest Opinion: Susan Waters 'Tax reform could impact 7 million life insurance ...
Guest Opinion: Susan Waters 'Tax reform could impact 7 million life insurance ...

Awaiting approval for state health insurance exchanges
Today is the day the Secretary of Health and Human Services tells states whether their plans for health insurance exchanges pass muster. These are the new insurance marketplaces provided for under Obamacare. 24 states and the District of Columbia have ...

The Pros and Cons of Whole Life Insurance
Whole life insurance policies are a lot like Rodney Dangerfield, they get no respect. Spend five minutes researching term life vs. whole life and you'll quickly learn that everybody except life insurance salesmen recommend term life. The reason for ...

FEMA: Insurance a must in flood zones
As people in the hardest-hit areas continue rebuilding and the federal government doles out billions in disaster relief, federal officials hope the threat of no aid is enough to convince homeowners in flood zones to buy insurance. Homeowners without ...

Law on liability insurance eyed for gun owners
Hoping to get beyond the debate over new gun-control laws, a group of economists and legal scholars is floating another plan they say could cut down on spree shootings: require all gun owners to carry liability insurance, similar to what automobile ...

Will new personal injury protection law lower car insurance rates?
The changes were sparked by a rise in fraudulent claims, which according to the National Insurance Crime Bureau, have jumped in Florida 119 percent since 2008. The new law is aimed at curbing fraud, but critics say it cheats the consumer. A staged ...

Comprehensive Insurance Is a Necessity
In the second and last part on this series on insurance for travellers these holidays, we'll delve into the most common means - road transport. The roads are characterized by heavy traffic during the holiday season, coupled with merry-making. All this ...

Network Health to offer insurance through state program
Medford-based Network Health, which provides health insurance for nearly 215,000 low- and moderate-income residents in Massachusetts, will be entering the commercial health insurance market by offering a half dozen plans through the Massachusetts ...

No big storms, but Florida property insurance costs still rise
For millions of Florida businesses and homeowners, property insurance rates keep soaring even though a hurricane hasn't made a direct hit over the state in seven years. / CRAIG RUBADOUX/FLORIDA TODAY 2004 file ...

State's new auto insurance law now in effect
Employees of the Autauga County Probate Office, along with each resident who buys a vehicle tag within the county, will share in the inherent inconvenience of Alabama's new vehicle insurance law, which went into effect Tuesday. “It's probably going to ...

FNF buys Digital Insurance
Digital, founded in 2000 and based in Atlanta, specializes in health insurance distribution and benefits management for businesses for small to medium-sized companies that might find it more difficult to access rates and plans from insurance carriers ...

Affordable Care Act ruling: health insurance doesn't have to be “affordable ...
Affordable Care Act ruling: health insurance doesn't have to be “affordable ...

The health-insurance markets of the (very near) future
"Health insurance is a confusing and difficult choice," says Jonathan Gruber, a professor of economics at MIT who specializes in health-care issues. "It's important that people make decisions in an organized and effective market. In that way they can ...

FEMA: Flood insurance to be required in zone
Federal grants to owners of properties damaged by superstorm Sandy come with a catch for those in flood zones without flood insurance: There will be no disaster aid next time unless they buy a policy. Homeowners without the insurance who were flooded ...

Fla. workers' comp insurance market remains strong
TALLAHASSEE, Fla. -- An annual report says Florida's workers' compensation insurance market remains strong and competitive. The report issued Wednesday by the state's Office of Insurance Regulation notes premiums paid by employers have declined 56 ...

Benmosche Named 2013 Insurance Hall of Fame Inductee
The International Insurance Society (IIS) announced Robert Benmosche, president and CEO, AIG, as the 2013 Insurance Hall of Fame inductee. He will be honored at the June 17 gala dinner in conjunction with the IIS 49th Annual Seminar in Seoul, Korea, ...

Buying Car Insurance: You Better Shop Around
Car insurance With more and more car insurance providers offering online quotes and sign-ups, switching policies is now easier than making a three-point turn. According to a study by InsuranceQuotes.com -- owned by Bankrate (RATE) -- 21 percent of ...

Can a Life Insurance Policy or Annuity Protect Your Wealth From a Lawsuit?
The number of lawsuits is rising, too. When economic times get tough, some people see a civil suit as an easy way to get rich. Lawsuits always target those who have money and not just big corporations, either. Small businesses, successful entrepreneurs ...

So everyone has health insurance. Now what?
What's clear is we are less than a year from full implementation of The Affordable Care Act, forever known as ObamaCare, and as such are but a few short months from ruining the concept of quality health insurance as we know it. Look no further than ...

Judge says Michigan car insurance fund records must be public
LANSING — A judge has ruled that the Michigan Catastrophic Claims Association is subject to the Freedom of Information Act and must disclose how it calculates the annual fee assessed to each Michigan vehicle under the state's no-fault auto insurance ...

Kaliff Insurance to expand services to amusement industry
Kaliff has provided insurance underwriting services to the outdoor amusement industry for nearly a century. As a result of its new relationship with Lloyd's of London, Kaliff will expand its underwriting authority and look to provide insurance services ...

FEMA Says Flood Insurance Program Will Be Broke By Next Week Without New ...
FEMA Says Flood Insurance Program Will Be Broke By Next Week Without New ...

Engagement ring leads to insurance fraud arrest
Nathan Daniel Cooperman, 40, of 218 First Avenue, New York, N.Y., has been charged with one count each of insurance fraud and obtaining property under false pretense, according to a news release from the Department of Insurance. Department of ...

Freeport family frustrated by insurance dispute
Veronica Acosta, of Freeport, Long Island, nearly lost everything to Hurricane Sandy. Now she is losing patience with her insurance company. That prompted her to call Fox 5. The Acosta family has been living in a hotel room since the storm hit more ...

Driving without insurance will cost you starting in 2013
"It simply states that the State of Alabama will now have some options regarding the ability to verify who has insurance and who does not have insurance," says Insurance Agent Mark Harbarger. Officials ask the next time you get in your car and behind ...

Hurricane Sandy victims struggle with insurance reimbursements
VACAVILLE, CA - Nick and Joanne DeScetto have spent the last four holidays away from home. The Long Island couple was forced to evacuate their home of 22 years before Hurricane Sandy hit in late October. "Before we left, we put everything up as high as ...

Permanent General Joins American Family Insurance
American Family Insurance has completed its previously announced acquisition of the Nashville, Tenn.-based Permanent General Companies and other subsidiaries of the PGC Holdings Corp. The $239 million transaction with previous majority owner ...

Sandy Tops 2012 Insurance Claims
Natural disasters cost insurers $65 billion last year, with the United States accounting for nine-tenths of the bill and Superstorm Sandy prompting payouts of $25 billion, a leading insurance company said Thursday. However, Munich Re AG said that the ...

Financial Resolutions to Consider: Review your insurance policies and make a will
You should review your homeowner's insurance at the start of each year to determine whether your policy amounts are keeping pace with the increased value of your home. Do the same with your life and disability insurance to ensure that you have ...

Superstorm Sandy tops 2012 insurance claims
Munich Re estimated insured losses from Sandy at $25 billion and total losses at $50 billion, though it cautioned that the figures are "still subject to considerable uncertainty." That made it the year's most costly disaster -- but several other events ...

Eight steps to getting the right insurance policy at the right price
Searching for insurance policies can range from unexciting to overwhelming. With so many insurance companies with varying plans and premium costs, it can be difficult to determine the best deal. However, by following these eight steps, you can simplify ...

The Folly of Flood Insurance; Election Quid Pro Quo; Solving Our Spending ...
The Folly of Flood Insurance; Election Quid Pro Quo; Solving Our Spending ...

Sandy's Insurance Bill Estimated at $25 Billion for Industry
FRANKFURT—Munich Re AG, the world's largest reinsurance company, criticized the U.S. for insufficient defenses against natural disasters and stated better coastal and infrastructure protection would help curb higher insurance rates, which the industry ...

Ten Tips for Buying the Right Insurance in 2013
Most people buy insurance the wrong way. They buy it piecemeal. They buy a little bit of this here and a little bit of that there. They buy too much in some areas and not enough in others. Then, when there is a serious claim, their insurance coverage ...

Congress sets votes on $9.7 billion flood insurance package for Superstorm ...
Congress sets votes on $9.7 billion flood insurance package for Superstorm ...

Miss. health insurance exchange proposal in limbo
Gary Cohen, director of the federal Center for Consumer Information and Insurance Oversight, said the Department of Health and Human Services "is not approving or denying Mississippi's application at this time." The office Cohen heads at the department ...

Obama administration okays more health insurance marketplaces
Injecting a rare shot of bipartisanship in the nation's contentious health care overhaul, the Obama administration cleared four Republican-led states to build their own consumer-friendly insurance markets on Thursday. With open enrollment for millions ...

Coastal Residents Knock Insurers
Nikki Haley and her insurance department to investigate how insurers set rates. In Alabama, a church-based group helped push for a state database they say will show the disparity between how much coastal homeowners pay in premiums and how little they ...

Plans for health insurance exchanges approved by White House for seven more ...
Plans for health insurance exchanges approved by White House for seven more ...

US, Sandy top 2012 insurance costs
Natural disasters cost insurers $65 billion last year, with the United States accounting for nine-tenths of the bill and superstorm Sandy prompting payouts of $25 billion, a leading insurance company said Thursday. However, Munich Re AG said that the ...

Insurance firm donates $2.5M to Marshall
The university said Thursday that the gift form the BrickStreet Insurance Foundation Inc. is expected to be matched through the state's "Bucks for Brains" West Virginia Research Trust Fund, bringing the endowment to $5 million. The money will support ...

Will the Improving Real-Estate Market Spark Another Insurance Ad War?
Long overshadowed by the big-spending auto category, property-insurance advertising has started to grab some of the spotlight as marketers look to lure business amid the improving housing market. Measured media spending on homeowner and ...

Philadelphia Insurance will move office, 85 jobs from Independence to Leawood
The commercial property and casualty insurance company signed a lease in Leawood's The Timberlands Building, a 94,886-square-foot office building at 4000 W. 114th St. The company took 18,600 square feet in The Timberlands, an increase from the ...

UnitedHealth Retail Stores Sell Insurance With a Smile
The next big thing in health insurance may be on Roosevelt Avenue in Queens, New York. There, tucked between a drugstore and a mobile phone center, is the storefront where UnitedHealth Group Inc. (UNH) is learning to sell health insurance to consumers ...

Staten Island family says Allstate Insurance hasn't paid out after Sandy, but ...
Staten Island family says Allstate Insurance hasn't paid out after Sandy, but ...

Congress to vote on $9.7 billion flood insurance package for Superstorm Sandy ...
Congress to vote on $9.7 billion flood insurance package for Superstorm Sandy ...

House Passes New Flood Insurance Bill
The House passed legislation on Friday that allows the National Flood Insurance Program (NFIP) to take on $9.7 billion in new debt to help meet claims related to Hurricane Sandy. Members easily passed the bill in a 354-67 vote — the only “no” votes ...

Insurance: Why cash value matters
I said that before such insurance was available, everybody had just term insurance, which provides coverage, but no cash buildup, for as long as premiums are paid. Term insurance got progressively more and more expensive, so much so that people were ...