Home > Insurance News

Insurance News 08/2015



Shock of change: Insurance connection to Hartford unraveling
HARTFORD, Conn. (AP) - In the mid- to late-1950s, Connecticut General Life Insurance Co. shook the foundation of the city's venerable insurance industry when it built a suburban office complex in Bloomfield - becoming the first insurer to move out of ...

Denver marijuana-centric credit union sues for federal insurance
DENVER BUSINESS JOURNAL - Fourth Corner Credit Union, a state-charted credit union since November 2014, was denied federal insurance from the National Credit Union Administration's Office of Consumer Protection earlier this week. Federal Reserve ...

The puzzle of reforming Michigan no-fault auto insurance
At the heart of proposed reforms are the goals of lowering Michigan's auto insurance premiums – among the highest in the country – while continuing to provide health care for people who suffer catastrophic brain or spinal injuries in auto accidents and ...

Slain Colleyville housekeeper's son challenges relatives over insurance
Al Fox III filed the motion to intervene Thursday, arguing that he is the “rightful recipient” of the insurance proceeds as his mother's nearest relative and that his sister and her husband are “negligently responsible for the death of the insured ...

Chaney, Mosley in GOP insurance commissioner primary
The insurance commissioner's race did not become a contested one until this winter. The unofficial campaign started about two years earlier during a severe hailstorm that hit the Jackson area. John Mosley's family business, Clinton Body Shop, repaired ...

High Level Of People With Health Insurance
In a recent informal myMotherLode poll the question “Do you have health insurance coverage?” was asked. The results of the three day poll; 91 percent of the 721 votes were Yes, and 9 percent No. In related news California released new Covered ...

A New Madrid quake threatens while insurance shrinks
About 110 miles south of St. Louis sits the potential for the biggest natural calamity in American history. So says Swiss Re, the international insurance giant, in a new report on the New Madrid Seismic Zone. A series of big shakes — of the sort last ...

Covered California adds third insurance company for SLO County in 2016
Covered California announced this week that United Healthcare has been approved to sell insurance on the exchange in 34 under-served counties, including San Luis Obispo. In the two years that Covered California has been operating, SLO County ...

Insurance exclusions could be triggered by SEC settlement requirements
A 2-year-old U.S. Securities and Exchange Commission policy that requires companies in some cases to admit wrongdoing to settle agency charges has come under fire for its limited use, but has nevertheless opened the door to litigation and insurance ...

Insurers push back on bank-centric rules, international regulations
Of particular concern to the panelists are efforts to apply “bank-centric” regulations to insurers by international regulators. The concern is magnified by the recent move by the Basel, Switzerland-based International Association of Insurance ...

Premium tax in UK set to rise
“We are extremely disappointed in this rise in insurance tax (that) will mean insurance will become more expensive for the public,” BIBA CEO Steve White said in a statement. Though the insurer pays the tax to the government, it will show up as higher ...

China promotes commercial insurance for servicepeople
BEIJING, Aug. 2 (Xinhua) -- China's State Council and Central Military Commission on Sunday adopted a document encouraging commercial insurance providers to come up with products tailored for servicepeople. They promised insurance providers tax ...

Should married people pay less for car insurance?
The consumer advocacy association collected quotes for state-mandated minimum liability insurance from the websites of six insurers-State Farm, Farmers Insurance, Nationwide Mutual Insurance, Liberty Mutual Insurance, Geico, and Progressive-in 10 ...

Use of Big Data in the Insurance Industry
As it turns out, there is a service using big data to provide better analytics to insurance companies. Driveway is a smartphone-deployed telematics platform designed to reward safe driving. Its iOS and Android apps, paired with powerful cloud analytics ...

Consumer Reports: College tuition insurance
CONSUMER REPORTS - The cost of a private four-year college now averages $42,000 per year. That's a big investment. Should you consider tuition insurance so that you can be reimbursed if your child has to leave before the end of the year? It is sold ...

Will driverless cars 'eviscerate' insurance industry?
Safer cars, including driverless ones, are likely to “eviscerate” the car insurance industry, according to one auto insurance analyst. But until that day of reckoning comes, new technology also will make it easier and cheaper for carriers to sign up ...

China To Expand Medical Insurance
China plans on expanding medical insurance. When the insurance is expanded, it will cover all critical illnesses for rural and urban residents. The insurance expansion could be completed by the end of the year. The government announced its plans on on ...

Winter wheat now eligible for insurance
In a move that could be good news for South Dakota pheasant and duck hunters, the U.S. Department of Agriculture has now approved crop insurance coverage for winter wheat in all of the state's counties. The announcement was made last week by the ...

Little-claimed Citizens insurance rebate lowered
BATON ROUGE, La. (AP) - Everyone in Louisiana who buys property insurance will lose 28 percent of a tax credit they can get for covering the debt of the state's property insurer of last resort. In addition, the reduction is retroactive, meaning those ...

EPIC Jumps 21 Spots in Business Insurance Broker Rankings to #23
SAN FRANCISCO, Aug. 3, 2015 /PRNewswire/ -- EPIC Insurance Brokers and Consultants, a retail property, casualty insurance brokerage and employee benefits consultant, has been ranked #23 among the nation's largest insurance brokers by Business ...

OneBeacon Sells Crop Agency to Amtrust, Exits Crop Insurance Market
The Bermuda-domiciled insurance holding company made it official with the sale of its exclusive managing general agency – Climate Crop Insurance Agency – to AmTrust Financial Services. As part of that transaction, OneBeacon said it has transferred its ...

Heritage Insurance Acquires BRC Restoration Specialists, Inc.; Strengthens ...
Heritage Insurance Acquires BRC Restoration Specialists, Inc.; Strengthens ...

College Cancels Health Insurance to Avoid Covering Birth Control
Wheaton College in suburban Chicago will stop offering health insurance plans to students beginning Friday in an effort to avoid providing birth control coverage mandated by the Affordable Care Act. On July 10, the Christian liberal arts college ...

Regions Insurance buys A.I. Group and expands in Georgia
Regions Insurance Inc. bought The A.I. Group Inc., which operates in metro Atlanta and Athens, Ga., for an undisclosed amount. The affiliate of Regions Financial Corp. (NYSE: RF) said the acquisition gives the Regions Insurance Georgia/South Carolina ...

Poll: ObamaCare enrollees less satisfied with insurance plans
ObamaCare enrollees are less satisfied with their plans than people with other types of health insurance, according to a new poll. The poll from the Deloitte Center for Health Solutions, the research arm of the consulting firm, finds that 30 percent of ...

Health Care Reform 2015: 2008 Law Still Struggles To Close Insurance Coverage ...
Health Care Reform 2015: 2008 Law Still Struggles To Close Insurance Coverage ...

Water damage: 10 tips for insurance claims
TAKE PHOTOS: It is likely that insurance adjusters are going to be busy in the immediate aftermath and will be unable to get to your claim right away. So, snap photos of the situation. Pictures will help make your case. Show them to the adjuster when ...

SJU to Honor Lloyd's CEO Beale With Insurance Executive of the Year Award
Saint Joseph's University's Academy of Risk Management and Insurance in Philadelphia announced today it will present its Insurance Executive of the Year Award to Lloyd's Chief Executive Officer Inga Beale. She is the first female to lead Lloyd's, the ...

Local insurance startup plans to sell to independent providers
Bungalow Insurance provides a simple platform geared toward millennials interested in purchasing renters insurance, but the real money may not be with consumers. Bungalow currently offers its renters insurance through the Travelers Insurance brand and ...

How Obamacare Increased Insurance Coverage in Every State
Sheiner explained that there is a coverage gap between the health insurance exchanges and Medicaid — people who are too poor to get subsidies through the exchanges but not poor enough to qualify for Medicaid fall into that gap. Most of the increase in ...

Google Applies Pressure on Insurance Innovation
It's a common thread in nearly every industry: Innovation occurs when consumers' growing needs and expectations converge with intense competition. It's no surprise, then, that insurance — not exactly known for being on the forefront of technology ...

Can the car insurance business survive driverless cars?
As safety features become more sophisticated, the number of accidents on the road will significantly decrease. This is, no doubt, good news, but insurance giants are nervous about what it will mean for their companies, since drivers will need less ...

The Cost Of Over Insurance: National Health Expenditures Rising Again
One reason is “over insurance.” American patients still do not control enough of our health spending directly to have an impact on national health expenditures. You do not have to go far to find higher deductibles and co-pays identified as an important ...

Long-term care insurance rates go up for new federal enrollees — with no warning
Premiums in the long-term care insurance program for federal and military personnel, retirees and certain family members have increased, with no prior notice, for those newly purchasing coverage. The Office of Personnel Management has said that rates ...

Two Sacramento-area residents draw jail sentences for insurance fraud
Two people who pleaded no contest to insurance fraud have been sentenced to 90 days in Sacramento County Jail and formal probation. Markas Fulgham, 28, and Latanya McLeod, 30, were sentenced last week by Sacramento Superior Court Judge John ...

Arches Mutual Insurance Co. loses $19.9M in first year
SALT LAKE CITY — Utah's first consumer-driven health insurance company ended with $19.9 million in losses last year. Arches Mutual Insurance Co. is one of 23 health insurance co-ops across the U.S. that, with one exception, ended 2014 in the red, ...

Twists and turns in ride- and car-sharing insurance
According to the Insurance Information Institute, a standard personal auto policy for a vehicle you own and use personally won't provide any coverage for any time the vehicle is used for car- or ride-sharing. Your coverage typically stops the moment a ...

Aetna Beats Profit Estimates on Government Insurance Growth
Aetna Inc., the No. 3 U.S. health insurer by enrollment, raised its full-year earnings forecast after reporting profit that topped analysts' estimates as it added more members in government insurance programs. Second-quarter operating profit was $2.05 ...

Inertia can cost on auto insurance
You know those commercials that claim you can save 15% or more on your auto insurance by switching companies? You may well save more than that by changing to any competing insurer. A new study by the Texas Office of Public Insurance Counsel found ...

Forget Deductibles And Premiums: Look At Insurance ETFs
Investors looking for some truly impressive showings among financial services ETFs need should look to insurance ETFs. In fact, funds such as the SPDR S&P Insurance ETF (NYSE: KIE) and the PowerShares KBW Property & Casualty Insurance Portfolio ...

Xactware: Verisk Insurance Solutions Announces Expansion of Imagery Database
LEHI, Utah, Aug. 4, 2015 - Verisk Insurance Solutions, a leading data analytics provider to the property/casualty insurance industry, today announced it has reached long-term agreements with a range of leading U.S. aerial imagery and data-capturing ...

Meritus insurance plan sees enrollments soar in 2015
Meritus has gone from a sizable failure to an insurance success, all in the matter of about eight months. The nonprofit co-op health insurance plan was designed to provide competition for traditional plans under the Affordable Care Act. By the end of ...

AIG Insurance Results Down in Q2; CEO Sees Opportunity in ACE-Chubb
AIG said operating results in the second quarter reflected higher pre-tax operating earnings of AerCap Holdings N.V. and the fair value of PICC Property & Casualty Company Limited and People's Insurance Co. of China Limited investments, partially ...

Study: Single drivers in Phoenix may pay more insurance than married drivers
Buying auto insurance “shouldn't remind people to go get married,” said J. Robert Hunter, director of insurance for the Consumer Federation of America. “Insurance pricing should remind people to be safe.”Critics say that's the wrong thing for insurers ...

Louisiana Citizens Insurance Rebate Being Lowered
As a result of the new law, the average homeowner's rebate from the annual assessment tied to Louisiana Citizens Property Insurance Corp. will be trimmed by a little more than $21, based on Louisiana Department of Insurance figures for 2014. The ...

Ex-cop admits brazen insurance fraud
A car-loving former East Harlem cop busted for repeatedly faking insurance claims of damage or theft so he could afford to buy​ luxury ​cars over the course of two years took a plea deal Tuesday in Manhattan court. Disgraced Officer Jose Urena, 33 ...

Sauk Rapids woman wages yearlong auto insurance battle
Cheryl Pflipsen has learned more than she ever wanted to about the auto insurance business in the past year. Pflipsen's son, Adam, was working his way through college last summer in Fargo when he was involved in a collision with a vehicle that belonged ...

Consumer Reports: Car-insurance secrets revealed
CONSUMER REPORTS - Car insurance commercials tout low rates but don't tell you just how the companies set those rates. Consumer Reports' two-year investigation found that many major insurance companies base prices in part on a hidden credit score ...

Reports: Safe driving doesn't guarantee low insurance rates
BUFFALO, N.Y. (WIVB) — If you thought a safe driving record was the key to low insurance rates, new research by Consumer Reports and other watchdog groups might just change everything you thought you knew about car insurance. All the research seem ...

Man says wife showed proof of insurance during traffic stop, received ticket ...
Man says wife showed proof of insurance during traffic stop, received ticket ...