April 2008

Insurers Boost California Economy By $27.3 Billion

Insurance Journal reports that California has a $1.6 trillion economy that ranks it as a global financial power, thanks in part to a multi-billion dollar boost from the insurance industry, according to a new report by the Insurance Information Institute of California. In 2004, insurers contributed $27.3 billion to California’s gross state product and accounted for 300,000 jobs in the… Read More »Insurers Boost California Economy By $27.3 Billion

California Earthquake Authority To Use New Science in Determining Rates

The California Earthquake Authority (CEA) announced today it will begin using a newly released, uniform scientific method in determining insurance rates and the most accurate prices for consumers. Partially funded by the CEA, the new Uniform California Earthquake Rupture Forecast (UCERF) model allows for more uniform and accurate determination of seismic hazard throughout California. UCERF is a collaboration by the… Read More »California Earthquake Authority To Use New Science in Determining Rates

Franchise Industry Feeling The US Economic Slowdown — Part Of a Cycle

from Small Business Trends by Joel LibavaFirst the good news: Our economy runs in up and down cycles. Folks, nothing stays the same. Now the lousy news: We are experiencing a down-cycle in franchising….. That is according to The Rosenberg Center Franchise 50 Index (view latest Franchise 50 Index results). Restaurant franchises seem to getting hit pretty hard, as U.S.… Read More »Franchise Industry Feeling The US Economic Slowdown — Part Of a Cycle

Anti-discrimination Language Proposed

Orlando, Fla. – The National Association of Insurance Commissioners (NAIC) is advancing a rule that will protect insurance consumers from discriminatory underwriting practices in the sale of life insurance.At a recent conference, NAIC’s life insurance and annuities committee unanimously adopted revisions to the Unfair Trade Practices Model Act that would limit an insurer’s ability to refuse life insurance to a… Read More »Anti-discrimination Language Proposed

California Names New Associate Insurance Commissioner and Press Secretary

California Insurance Commissioner Steve Poizner announced that Darrel Ng will serve as associate insurance commissioner for communications and press relations, and press secretary. Ng previously served as deputy secretary for public communications for the California Business, Transportation and Housing Agency. He also served as chief deputy press secretary for the Office of Governor Arnold Schwarzenegger from 2003 to 2007. During… Read More »California Names New Associate Insurance Commissioner and Press Secretary

Report: Lobbyists Spend $17 Million a Day on Congress; Insurance Ranks Second

Corporations, industries, labor unions, governments and other interests spent a record $2.79 billion in 2007 to lobby in Washington, the nonpartisan Center for Responsive Politics has calculated. This represents an increase of 7.7 percent, or $200 million, over spending in 2006. For every day Congress was in session, industries and interests spent an average of $17 million to lobby lawmakers… Read More »Report: Lobbyists Spend $17 Million a Day on Congress; Insurance Ranks Second

Insurer, reinsurer formations decline in Bermuda

By Mark A. Hofmann HAMILTON, Bermuda—Seventy-one new insurance and reinsurance companies formed in the Bermuda market last year, the Bermuda Monetary Authority reported Monday. That was a drop of 11 from the 82 formed in 2006, a decline that “reflected the generally softer market conditions globally,” the BMA said in its statement announcing the market’s growth. The BMA also announced… Read More »Insurer, reinsurer formations decline in Bermuda

2008 State Rankings: Sinners and Saints Among Tort Systems

Florida ranks the worst in terms of tort costs and litigation risks, while North Dakota ranks the best. In a separate ranking, Colorado has the best tort laws on its books, while Rhode Island has the worst. The free-market think tank Pacific Research Institute has released its report comparing the legal climates of all 50 states, the U.S. Tort Liability… Read More »2008 State Rankings: Sinners and Saints Among Tort Systems

Study: California Workers’ Comp Claims Cost Decreasing

California’s Workers’ Compensation Insurance Rating Bureau has released a study that notes that following workers’ comp reform, statewide average ratios of loss adjustment expense (LAE) to loss per claim have increased. However, depending on how various legal issues are resolved and whether reforms are rolled back, that LAE costs could increase. WCIRB conducted an analysis of LAE trends and projection… Read More »Study: California Workers’ Comp Claims Cost Decreasing