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Insurance News 06/2014



Do you have the right insurance for the 2014 hurricane season?
Did you know that your homeowners or business insurance policy likely does not cover damage from a flood? Most policies do not, which is why you should consider purchasing a separate flood insurance policy – now – as we enter the hurricane season on ...

Claudia Buck: Do you want or need “concierge-style” insurance?
Who are you gonna call? Your insurance agent, of course. Traditional insurance companies will handle your claims for loss and damages covered by your policy. But for those seeking a little extra care and attention in the process, there's a niche part ...

Big insurance rate hikes might become less frequent
The wild hikes in health insurance rates that blindsided many Americans in recent years may become less frequent because of the health care overhaul. Final rates for 2015 won't be out for months, but early filings from insurers suggest price increases ...

Florida insurance industry better prepared for hurricane season
"Florida is in its best position in a decade," said Robert Hartwig, president of the Insurance Information Institute. Yet the nation's riskiest state for storm damage opens the 6-month-long hurricane season against a backdrop of new condominium towers ...

On the Job: Noel helps lead Berkshire Hathaway Specialty Insurance into travel ...
On the Job: Noel helps lead Berkshire Hathaway Specialty Insurance into travel ...

Insurance Companies Say Claims In The Thousands After Hail Storm
DENVER (CBS4) – Last months' severe weather has hit Coloradans in the wallet and insurance companies are reporting claims in the thousands. Mark Mercer and his daughter Kaitlyn spent Sunday getting the price tag on their hail damage from last month's ...

Patients in Georgia put at risk by doctors who lack malpractice insurance
ATLANTA — More than 2,500 doctors in Georgia don't have malpractice insurance, according to a newspaper analysis of state data. That can leave patients with little recourse if something goes wrong, The Atlanta Journal-Constitution reports. Dozens of ...

Japan's Dai-ichi Life Insurance Eyes US Acquisition
"It is true that we are looking into purchasing a U.S. life insurance company, it is not true that we have made a decision at this time," Dai-ichi said in a statement, adding that it would make an announcement in the event of an agreement. In what ...

NFL Joined by Developers Lobby for U.S. Terror Insurance
Renewal of a U.S. terrorism insurance plan is gaining momentum in Congress, thanks to some big-league backing from a coalition that includes professional football, baseball, basketball and hockey leagues. The sports associations, along with insurers, ...

Life insurance questions new parents should cover
In the event of an untimely death, life insurance can serve as a financial safety net to ensure there's money available to pay for everything from medical bills to a home mortgage and the future college education costs. Many Americans have taken steps ...

India to Propose Raising Foreign-Investment Cap in Insurance
NEW DELHI—India's finance ministry is preparing a proposal to raise the foreign-investment limit in insurance companies to 49% from 26%, a senior official said Monday. The ministry hopes to place the proposal before lawmakers for review in the budget ...

RPT-Florida insurance industry better prepared for hurricane season
"Florida is in its best position in a decade," said Robert Hartwig, president of the Insurance Information Institute. Yet the nation's riskiest state for storm damage opens the 6-month-long hurricane season against a backdrop of new condominium towers ...

Stocks to Watch: Broadcom, Aspen Insurance, Ventas
Endurance Specialty Holdings Ltd. raised its offer for Aspen Insurance and said it plans several initiatives to move the deal ahead, including beginning an exchange offer for its fellow property and casualty insurer's shares and seeking a special ...

Actuaries Grapple with Insurance Questions on Self-Driving Cars
Michael Stienstra, FCAS, an assistant vice president at QBE North America, and actuaries like him will have to figure out how much to charge for insurance – for the cars today, which can sense whether they are too close to the car in front of them ...

Endurance Raises Bid for Aspen Insurance and Vows Proxy Fight
Endurance Specialty Holdings, a property and casualty insurance provider, raised its unsolicited takeover bid for Aspen Insurance Holdings on Monday, and said that it would wage a proxy fight in an attempt to get the deal done. A new bid of $49.50 in ...

Make sure your insurance has you covered for hurricane season
Louisiana Insurance Commissioner Jim Donelon is conducting his annual statewide public awareness campaign to encourage preparation for hurricane season, which continues through Nov. 30. “Louisiana was fortunate to have a mild hurricane season last ...

Fed Names New Head of Insurance Supervision
WASHINGTON—The Federal Reserve is hiring a former state supervisor and insurance company executive to lead its oversight of big insurance firms, adding an experienced hand to counter criticism the central bank lacks knowledge of the business. The Fed ...

Participating Drivers and Riders Face Insurance Risk
Harrisburg – As the vacation travel season gets underway, the Pennsylvania Insurance Department is reminding consumers to understand their personal auto insurance policies before participating with any of the new ride-sharing services. “With the recent ...

$5 Billion Insurance Company Offers Bitcoin Coverage to Businesses
Organisations looking to minimize the risks associated with bitcoin can now obtain virtual currency insurance coverage courtesy of Great American Insurance Group. The company's crime policies currently do not cover what it calls “virtual peer-to-peer ...

May storms lead to $109.3 million in insurance claims
The new dollar figure, from the Rocky Mountain Insurance Information Association, is linked to 18,538 claims against car insurance policies and 9,904 claims against property insurance policies. "Unfortunately this is just our first glimpse of what ...

George Anderson: How insurance could save your business
Business owners know how hard it is to get away from work for an extended vacation. Now consider what would happen if you were away from your business for up to six months because of a disabling injury or illness. Just the thought is enough to make any ...

Water-line insurance endorsement raises questions in North Las Vegas
David Dyreng isn't alone in wondering why the city of North Las Vegas wants to sell him water-line insurance. Over the past few weeks, he and thousands of other city residents have opened a letter warning against the financial perils of repairing ...

Will Self-Driving Cars Reduce Accidents, Lead To Lower Insurance Rates?
SAN FRANCISCO (CBS SF) — Self-driving cars are a fairly common sight around Google's headquarters in Silicon Valley, but where insurance rates will go when driverless cars hit the road is still very much a mystery. Those who build so-called driverless ...

Movie studio claims insurance after Paul Walker's death
Universal Pictures is said to be seeking a $50 million insurance payout from Fireman's Fund, the insurer for the coming “Fast & Furious” installment, following the death of actor Paul Walker, according to the Hollywood Reporter. Shortly following the ...

Wife Gets Hubby's Insurance if He Named his Sister?
A life insurance policy is a contract. Like all contracts, the insurance company must honor the terms. The insurer doesn't pay proceeds to the nicest person or the most deserving person or the most logical person. Upon the insured's death, proceeds are ...

Education key to solving confusion over newly insured through ObamaCare
Getting people to sign up for insurance on the health care exchanges, remains a challenge associated with the Affordable Care Act. And now a new challenge is emerging: teaching some how to use their insurance policies. “If you're dealing with people ...

Professional Sports Teams Looking for Terrorism Insurance Win in Congress
Renewal of a U.S. terrorism insurance plan is gaining momentum in Congress, thanks to some big-league backing from a coalition that includes professional football, baseball, basketball and hockey leagues. The sports associations, along with insurers, ...

Henning wins life insurance industry honor
The award is presented to an individual whose work has greatly contributed to the life insurance industry, especially to the small and medium-sized life insurance companies the Forum 500 represents. Henning has been active in a variety of industry ...

US. Fed Hires Former Connecticut Insurance Chief To Oversee AIG, Prudential
WASHINGTON — The U.S. Federal Reserve has hired former Connecticut Insurance Commissioner Thomas Sullivan to help it oversee non-bank financial firms that a council of regulators identified for tougher scrutiny last year. Sullivan, who led Connecticut ...

Senate Panel Extends Terrorism Insurance Program For Seven Years
WASHINGTON—A U.S. Senate panel voted Tuesday to extend the federal government's terrorism insurance program, and lawmakers in both parties indicated support exists for a separate measure giving the Federal Reserve more flexibility in regulating ...

Why Did the Lloyd's Bitcoin Insurance Deal With Elliptic Vault Break Down?
The relationship between Lloyd's of London and bitcoin storage service Elliptic Vault broke down just weeks after Elliptic's launch in January, it has emerged. Elliptic Vault was the first insured bitcoin storage service in the world and was widely ...

Kevin Knoefel murder trial: Knoefel sought life insurance funds hours after ...
Kevin Knoefel murder trial: Knoefel sought life insurance funds hours after ...

The Cell-Phone Minutes That Come With … Insurance?
Perhaps with a small add-on of ... insurance. That's right: a number of carriers have teamed up with microinsurance providers to offer policies when customers meet a minimum amount topping off their prepaid cards. For many of those who live on a few ...

Insurance company drops suits over Chicago-area flooding
An insurance company has dropped its unprecedented lawsuit that had claimed that nearly 200 Chicago-area communities didn't do enough to prevent last year's widespread flooding. The class-action lawsuits were filed by Farmers Insurance Group in Cook ...

Insurance companies establish mobile claim centers in Berks
Two insurance companies have set up mobile operations centers in Wyomissing following that bizarre hailstorm that slammed Berks County last month. Allstate Insurance and Progressive Insurance are assisting customers in The Home Depot parking lot on ...

Senate Passes Insurance Capital Bill in Rare Dodd-Frank Tweak
WASHINGTON—The U.S. Senate passed a rare change to the 2010 Dodd-Frank law on Tuesday, tweaking the financial overhaul to allow the Federal Reserve more flexibility in its regulation of the insurance industry. The move was a win for companies like ...

Health insurance tips for new college grads
(CNN) – With the implementation of the Affordable Care Act, the health insurance landscape has changed drastically since the class of 2014 was freshmen. This year's college grads have a lot to navigate, especially if they haven't yet landed a full-time ...

Health insurance options available for early retirees
If your yearly income falls below the 400 percent poverty level, the Obamacare insurance marketplace is probably your best option for getting health coverage because of the federal tax credits they offer, which will reduce the amount you'll have to pay ...

Insurance rules force local business to change
The change wasn't part of a new rebranding strategy – it was the result of law and insurance company changes that forced owner John Dinkelaker to sell the pharmacy portion of his business. It all started when changes in how Medicare covers prescription ...

Sunshine State Insurance's liquidation approved
A Leon County circuit court Tuesday approved a petition to liquidate Jacksonville-based Sunshine State Insurance Co. after the firm failed to boost its financial reserves. Sunshine State, which issued property and casualty policies in northeast and ...

Florida Legislature dragging property insurance reform
Bills introduced would have further reformed our financially imperiled state insurance plan — Citizens Property Insurance (CPI) and the Florida Hurricane Catastrophe Fund (FHCF). Sponsors of the legislation had hoped to build upon reforms passed last ...

A Hot Sauce Accident Leads To Health Insurance
When we first met Tammy Boudreaux, a freelance social worker in Houston, last December, she was still weighing her health insurance options. She told us she was overwhelmed and confused by the choices she was finding on healthcare.gov; plus, the high ...

Taking a Chance on a Health Insurance Strategy the IRS May Not Approve
On one hand, “it's kind of a moral obligation” to offer insurance, said Mr. Eledge, who runs Community Quick Care, a growing chain of primary health care clinics in the Nashville area. And yet, premiums for his existing plan were going up 20 percent ...

Should You Buy Life Insurance for Your Kids?
“There are two reasons to buy life insurance: to replace wages [to protect others financially] in the event of premature death, or as a tax advantaged savings vehicle,” says Jeremy Kisner, president of Surevest Wealth Management. “It is hard to make a ...

Homeowners insurance rates on the rise statewide
“This is an industry problem,” said Dan Loggins, an insurance agent with State Farm. “It's not any company specific problem. It's a North Carolina problem that we just have to deal with.” In July 2013, the average rate of homeowners insurance jumped ...

Beleaguered insurance judge to speak at upcoming Senate session
Patricia Petersen, recently suspended as the state insurance office's chief hearings officer, will break her silence to speak at a Senate work session later this month. Her lawyer, Phil Talmadge, a former state Supreme Court justice who as a state ...

Data discrepancies discovered in health insurance sign-ups
WASHINGTON | More than 2 million people who got health insurance under President Barack Obama's law have data discrepancies that could jeopardize coverage for some, a government document shows. About 1 in 4 people who signed up have ...

Dave Jones, Ted Gaines head to runoff in insurance commissioner race
With bigger battles to fight in November, first-term Democratic incumbent Dave Jones comfortably placed first in Tuesday's, low-key primary election for state insurance commissioner. Republican Ted Gaines, an insurance broker and state senator, came in ...

How to Vet Your Health Insurance Broker in 2014
Most small firms have no human resource department and lean heavily on an insurance broker or insurance agent for advice, configuration of plans and even administration. Below are some deadlines, an overview of penalties for not offering health ...

Travel insurance can save you headaches, but it's not always necessary
KANSAS CITY, Mo. — The problems that Jana Kaiser and her friends and family encountered with her destination wedding in Mexico are the vacation disasters we all want to avoid. They are all reasons why people buy travel insurance. FOX 4 Problem Solver ...