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Insurance News 03/2013



Buy flood insurance now
Montanans should consider buying flood insurance before the snow starts to melt to make sure it's in place by high-water season, said Monica Lindeen, Montana commissioner of securities and insurance. “Flood insurance policies do not take effect until ...

Insurance costs push Lloyds Banking into 2012 loss
The bank, that is 39 percent owned by the British government, has suffered over the past couple of years by the costs of the insurance mis-selling to individuals and to businesses. Other banks have been hit by similar charges stemming from the mis ...

The New Obamacare Insurance Is Looking More Like Medicaid
There's an astute article in today's edition of the Wall Street Journal by veteran healthcare reporter Anna Mathews. It outlines the scope of health plans that will be offered on the new exchanges taking shape this fall. And why Obamacare is looking ...

Insurance company ordered to pay $124M to Bangkok shopping mall burned ...
Insurance company ordered to pay $124M to Bangkok shopping mall burned ...

Judge: Second Mile insurance company has no duty to defend former Penn ...
Judge: Second Mile insurance company has no duty to defend former Penn ...

Farmers rely on crop insurance when nature turns on them
Because 86 percent of planted farmland in 2012 was protected by crop insurance, the best risk management tool available to farmers. Before crop insurance was widely available, natural disasters like we have just experienced would have triggered a very ...

Lance Armstrong faces another lawsuit as Acceptance Insurance coming after ...
Lance Armstrong faces another lawsuit as Acceptance Insurance coming after ...

Flood Insurance Claims Delayed and Diminished
“I feel like I need an insurance policy against the insurance companies,” Swallow said. “It's ridiculous to think you have to wait four months before you can start. If we didn't put up the money ourselves, we wouldn't yet be having a contractor even ...

Berkshire Profit Rises 49% on Insurance, Derivatives
Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) said fourth-quarter profit rose 49% as the conglomerate's insurance units shrugged off superstorm Sandy and its massive derivative bets benefited from rising markets. The fourth-quarter profit of $4 ...

BP Wins Bid for Access to Transocean Oil-Spill Insurance
BP Plc (BP/) can have access to $750 million in Transocean Ltd. (RIG)'s insurance to pay costs from the 2010 Gulf of Mexico oil spill, an appeals court said. The U.S. Court of Appeals in New Orleans today reversed a decision by U.S. District Judge Carl ...

Insurance: Building a Customer-Centric Business
There's a shift in the insurance industry being brought on by an increasingly competitive marketplace and the growing demands of more sophisticated customers. And with those dual competing pressures, there is an increased awareness by insurance ...

Johnson: Got a ticket? Your insurance may not go up
InsuranceQuotes.com, an on-line, one-stop shopping site for insurance, put out a study the other day showing only 31 percent of drivers who received a traffic ticket in the past five years are paying more for insurance as a result. Most of those are ...

San Jose: Funeral insurance scam in Vietnamese community lands ...
San Jose: Funeral insurance scam in Vietnamese community lands ...

Insurance protects against poverty
But what will break me is having the grand back in my pocket because I refused to carry insurance on my house, and my house burns down. Now I have the $1,000, but I'm $250,000 poorer. That's going to come much closer to causing poverty than my ...

Give health data, get a lower insurance rate
Wellness programs have raised some concerns, though. At issue is the future of the data being collected by insurance companies from the health assessments. New York's law governing wellness programs does not address how this voluntary information can ...

Arena would be 'insurance policy' for K Street businesses
"The arena is like an insurance policy," said Cyrus Youssefi, with CFY Development, one of two developers who are in charge of redoing the 700 block of K Street. "It would make doubly sure that not only us, but all the other businesses downtown would ...

Pay-as-you-drive car insurance: Trade your privacy for a price break?
The Goulds are among a small but increasing number of good drivers and parents bravely embracing pay-as-you-drive or pay-as-you-go auto insurance. Over the past few months, more carriers are offering usage-based auto insurance to drivers in Oregon ...

Red flags that your homeowners insurance needs updating
(Photo credit: Thinkstock)If you own a home, you have homeowners insurance. What you may not know is that, like your home, your insurance policy needs maintenance and updating. Failing to update your homeowners insurance policy could cost you big ...

Health insurance brokers and small employers fear higher prices
Health exchanges are a key part of the president's plan to make health insurance coverage available to tens of millions of Americans who are currently uninsured. And his overhaul of the U.S. health care system also is certain to impact the lives and ...

New ISO rating may lower insurance costs
Because many insurance companies use ISO PPC ratings to establish commercial and residential building insurance rates, the Las Cruces Fire Department has sent letters to local insurance companies to advise them of this change. A copy of this letter ...

Gun Owners Furious Over Proposed Firearm Insurance Policy
"Willful misuse or negligent can always be construed as illegal and no insurance company is going to be forced to pay up on an illegal act," said Mathison. The cost to gun owners is unknown. "We don't know because nobody currently offers that insurance ...

This Florida citizen outraged by Citizens insurance
Rick Scott campaigned for governor on the promise of running Florida like a big business, but the one big business that Florida actually runs is out of control. Citizens Property Insurance Corp. was created a decade ago, supposedly to help residents ...

Guest column: Life insurance can be a valuable gift to a charity
The most common use for life insurance is to protect against the loss of a deceased loved one's income. As people age and their children are out of the house, life insurance may become less necessary. A certified financial planner professional can help ...

Health insurance brokers, small employers fear higher prices as health ...
Health insurance brokers, small employers fear higher prices as health ...

Nationwide Insurance Donates $120000 to CIAA Scholarship Fund
COLUMBUS, Ohio--(BUSINESS WIRE)--Nationwide Insurance, the official insurance provider of the Central Intercollegiate Athletic Association (CIAA), announced today a $120,000 donation to the CIAA college scholarship fund. On Friday night, Nationwide ...

Health insurance hikes pose challenge for public agencies
Yuba Community College District: Annual health care expenditures in 2001-02: $4.2 million, for 340 employees. Same item in 2011-12: $4.99 million, for 334 employees. Health insurance is 10.5 percent of the district's overall budget. • Marysville Joint ...

Reader Comment: State-based Insurance Exchange Preserves our Options
At my request and after careful, deliberate consideration, the Idaho Senate recently approved legislation affirming my choice of a state-based health insurance exchange. That bill now goes to the Idaho House of Representatives, where debate figures to ...

Beaumont property owners could get lower insurance premiums
Largely in part to an efficient system of transporting water to a fire, Beaumont residents can soon expect a decrease in their insurance bill. Dan Howell disconnects a hose from a hydrant after extinguishing a fire in Beaumont on Friday. No injuries ...

Disability insurance entitlement explodes under Obama
"Exhibit A" is the Social Security Disability Insurance program (SSDI), a classic Washington entitlement that chews up tax dollars while (often) negligently providing for unqualified beneficiaries, an increasing number of whom are wont to remain on the ...

Travel Insurance in Australia Industry Market Research Report Now Available ...
Travel Insurance in Australia Industry Market Research Report Now Available ...

Obamacare Is Around The Corner - Where Will You Buy Health Insurance And ...
Obamacare Is Around The Corner - Where Will You Buy Health Insurance And ...

Why Chinese Companies Need Disaster Insurance
Compared with the U.S., “insurance penetration is still fairly low” in China, says Bowen, “though it is gradually on the upswing.” While the floods around Beijing caused an estimated $4.8 billion in damages, claims filed with the China Insurance ...

Obama Asks Health Plans to Report Rising Rates
WASHINGTON — The Obama administration says it will require health insurance companies to report all price increases, no matter how small, to the federal government so officials can monitor the impact of the new health care law and insurers' compliance ...

Tongyang Life Insurance Mulls ING Life Korea Bid
Tongyang Life Insurance Co. (082640.SE), South Korea's eighth-largest life insurer by assets, is considering a bid for ING Groep N.V.'s (ING) life insurance operations in Korea, which could be worth about $2.1 billion, a person familiar with the matter ...

Banks visit LI to expedite insurance payments for Sandy victims
The New York Department of Financial Services says five of the state's largest banks and mortgage services will have representatives available this week to help homeowners cash insurance settlement checks from Superstorm Sandy. Lender representatives ...

Woman sues Costco over life insurance money
"The inability for Patrick Lee Curtis to obtain new employment after his termination by defendant Costco and his resultant financial inability to pay the premium required to maintain his said basic life insurance policy was a foreseeable reasonable and ...

Lawmakers seek larger share of state budget, caps on property insurance rate ...
Lawmakers seek larger share of state budget, caps on property insurance rate ...

The link between your tax return and health insurance
And make no mistake, the insurance exchanges are coming to every state, even those led by staunch GOP opponents of the health care overhaul, such as Texas Gov. Rick Perry. In Texas and almost 20 other states, the exchanges will be operated by the ...

Feds building Montana's health insurance exchange, but details are in short supply
This Internet shopping center is what's known as a health insurance “exchange” or marketplace, which is already under construction for Montana — courtesy of the federal government. It's part of the Affordable Care Act, the 2010 health care law ...

Free funeral offer trying to sell you insurance
In this case, the returned cards are given to an insurance agent. They're used to contact the consumer, who then is pitched insurance policies to cover funeral-related costs, Coughlin said. Lead Connections said it had been hired by an insurance agent ...

Obamacare requires employers to offer insurance. What if it's too expensive?
Millions of lower-income workers may gain access to employer-sponsored health insurance under the Affordable Care Act—but they may decide not to purchase that coverage. Most of the lowest-income workers currently offered health benefits elect not to ...

Insurance When Your Home's a Piece of History
There are special -- and more expensive -- historic-home insurance policies to protect houses such as this. But they vary in what they'll pay for. You might be able to replace 1775 windows with something close to the real thing, or just historic look ...

Is Your Life Insurance Part Piggy Bank?
There are two basic types of life insurance: term plans, which provide coverage for a set number of years and usually offer a payout only if the policyholder dies during the term; and permanent policies such as whole, universal and variable life, which ...

MICA firms write $10.5 billion in new insurance business
January cited little change from February in borrowers using private mortgage insurance, according to data from the Mortgage... » Money for foreclosure counselors runs dry in New Jersey. New Jersey homeowners facing foreclosure who are meeting their ...

The Insurance Insight By Warren Buffett
A further unpleasant reality adds to the industry's dim prospects: Insurance earnings are now benefiting from "legacy" bond portfolios that deliver much higher yields than will be available when funds are reinvested during the next few years - and ...

Minnesota House to vote on health-insurance exchange
The Minnesota House is scheduled to vote Monday on legislation creating a state-run health-insurance exchange. Monday's vote may not come quickly, however, as legislators have proposed at least 50 amendments to the bill, Minnesota Public Radio reports ...

Oregon insurance exchange tackles language barrier
The exchange, which is called Cover Oregon, will help the uninsured get access to the health coverage and subsidies to help pay for it once the federal health care overhaul requires most Americans to have insurance beginning next year. But the state ...

How do I Trace Old life Insurance Companies?
My father recently passed away. I have two life insurance policies that he paid for, and I am the beneficiary. I am unable to locate either company and assume they were bought or they merged with other companies. How do I track these down? Thank you ...

Health insurance exchange sparks debate at State Capitol
If it eventually becomes law in Minnesota it would serve as a virtual marketplace, existing mostly online, where an estimated 1.3 million Minnesotans could buy coverage from health insurance companies. A majority of those consumers would qualify for ...

Is Jeff Cumberland Dustin Keller insurance for Jets?
Is Jeff Cumberland Dustin Keller insurance for Jets? By Dan Hanzus; Around the League Writer; Published: March 4, 2013 at 09:17 p.m.; Updated: March 4, 2013 at 09:51 p.m.. Friend(s) Email Your Email Send Email. By Dan Hanzus. Revis: Trade to 49ers ...