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California Insurance Commissioner Steve Poizner, a wealthy Silicon Valley entrepreneur with a centrist political style, took an initial step toward seeking the Republican nomination for governor in 2010. Poizner filed papers with the secretary of state’s office to form an exploratory committee as he considers entering the race to succeed Gov. Arnold Schwarzenegger, a fellow Republican who is termed out of office in two years. Poizner, 51, was elected insurance commissioner in 2006 and is the only other Republican to hold statewide office. He said he wants to help California be a leader in the global economy, institute reforms to… Read More »Calif. Insurance Commissioner Considers 2010 Bid

Hawaii’s Department of Commerce and Consumer Affairs’ (DCCA) Insurance Division announced that the National Council on Compensation Insurance (NCCI) has filed a request for a decrease of 11.6 percent in the workers’ compensation loss costs. The filing would affect premiums beginning Jan. 1, 2009. The reduction is based on a continuing decrease in the number of claims filed in 2006 (which is the last year complete data is available). In the past three years the the state’s insurance commissioner has approved decreases of 19.3 percent, 18.2 percent and 12.3 percent in loss costs as evidence began showing a significant reduction… Read More »Hawaii Files for 11.6% Workers’ Comp Decrease

A Texas consumer group took issue with the state-chartered windstorm insurance association over its refusal to pay coastal residents for storm surge damage in Hurricane Ike. The Texas Windstorm Insurance Association says it only intends to pay Gulf Coast policyholders for wind damage, not water surge damage. Association general manager Jim Oliver said on a conference call with industry representatives: “It will be our intention not to pay surge losses. Period.” Each claim will be examined on a case-by-case basis, and no one area will be classified as damaged completely by storm surge, he said. Areas farther inland are likely… Read More »Storm Surge Not Covered in Texas Windstorm Association Policies

You don’t have to own waterfront property to need flood insurance Flood insurance…when you know the facts, it’s not a luxury, it’s a necessity. LOW COST FLOOD INSURANCE FOR YOUR BUSINESS Did you know that you can buy low cost flood insurance for your business or commercial buildingeven if you live in an area that is a low to moderate flood risk?It’s called a Preferred Risk Policy (PRP) for businesses. If your business is located in an area that has been designated a low to moderate risk area for floods, your insurance premium is surprisingly affordable. But if you experience… Read More »FLOOD INSURANCE

Washington’s Department of Labor & Industries (L&I) has proposed a 3 percent increase in 2009 workers’ compensation rates. Average premiums would go up by just under 2 cents per hour worked. Because Washington premiums are based on hours worked, L&I must adjust rates for wage inflation. Other states assess premiums as a percentage of payroll and, as a result, wage inflation is not a factor in their rates. The proposed increase, which would bring in an additional $57 million, is an average for all Washington employers. Individual employers could see their rates go up or down, depending on their recent… Read More »Washington Proposes 3% Increase in Workers’ Comp Rates

Responding to the federal government’s bail-out of AIG, California Insurance Commissioner Steve Poizner issued the following statement, noting the two dozen companies under the AIG corporate umbrella that are licensed to sell insurance in California. “I have made monitoring the AIG issue the No. 1 priority of my department. The Federal action offers maximum protection for AIG insurance customers in California and elsewhere. The loan does not create any lien obligations on any of the AIG insurance assets, ensuring that their claims-paying capacity remains strong. “Even prior to action taken by the Federal government, the companies owned by AIG had… Read More »California Commissioner Issues Statement on AIG

A recent national survey of restaurant decision-makers finds that they place too much emphasis on the price of their workers’ compensation insurance, potentially forgoing the long-term financial benefits of accident prevention and other loss control measures. Еhe survey results, released by Reno, Nev.-based Employers Holdings Inc., found that most workers’ compensation insurance decisions are made by restaurant owners themselves (96 percent of the time). The survey also found that price is the key criterion that drives the workers’ compensation decision for 71 percent of restaurant owners and managers — and that restaurants are more likely than other small businesses to… Read More »Restaurants’ Workers’ Comp Insurance Decisions Based Heavily on Price

The company that employed the engineer blamed for the deadly Metrolink train collision faces a class-action lawsuit by two of its workers for allegedly not giving employees proper rest breaks, overtime and other benefits. Veolia Transportation Inc. has been under scrutiny since its engineer crashed his Metrolink commuter train into a freight on Sept. 12, killing 25 people. Federal investigators are reviewing whether fatigue played a role in the collision, since the engineer was in the midst of a 101/2-hour split shift and ran a red light that could have prevented the crash. Two Veolia bus drivers filed lawsuits in… Read More »Transit Firm Failed to Give Proper Breaks

Most owners of high-value properties in large cities are generally able to put together adequate terrorism insurance programs, the Government Accountability Office reported Monday. “Terrorism Insurance: The Status of Efforts by Policyholders to Obtain Coverage” said certain policyholders face what it called “initial challenges” in obtaining coverage. “These policyholders typically own large, high-value properties such as office towers or hotels in urban areas where many large buildings are clustered and that are viewed as at high risk of attack,” the report said. The report said policyholders responded to the challenge by putting together complex programs involving multiple insurers, “adding to… Read More »Property Owners Find Adequate Terrorism Cover

On average, auto insurance companies quote and successfully sign only two percent of all auto insurance shoppers, according to the J.D. Power and Associates 2008 Insurance Escaped Shopper Study. The study finds that 36 percent of auto insurance customers have actively shopped for a new insurer in the past year but these shoppers ignored key insurance brands when they shopped. The study examines the behaviors of auto insurance customers who recently shopped for a new insurance company. The study, which aims to better understand why shoppers either avoided, ignored or considered but did not purchase from insurance companies, also profiles… Read More »Auto Insurers Fail to Catch Most New Shopper