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This year’s California legislative session has been a relatively positive one for property/casualty insurers and their customers, according to the Association of California Insurance Companies.  Legislators generally seem satisfied that the property/casualty markets are responding to consumers’ needs and expectations. Insurance Commissioner Steve Poizner has done a good job of encouraging competition among insurers while maintaining responsible regulatory oversight of insurer operations, ACIC said. In the aftermath of the 2007 wildfires, it was believed that homeowners insurance would be the focus of much legislative attention this year. That didn’t happen, ACIC said. There were no widespread claims problems for three… Read More »California Legislative Session Positive on Insurance Issues

Fears that American International Group Inc.’s large mortgage exposure could trigger another round of losses has rankled investors so much that the insurer has lost its iron grip as the world’s industry leader by market value. AIG’s shares have tumbled more than 70 percent over the past year. Including steep declines this week, AIG’s valuation has fallen to about $47 billion from roughly $175 billion a year ago, leaving it trailing such companies as AXA SA , with a market value of about $65 billion, according to Reuters data. AIG started the week with a market value in excess of… Read More »AIG Loses Its Position as Industry Leader by Market Value

Insurance rates for most lines of business in Europe, the Middle East and Africa continued to soften during the first half of this year, but could begin firming soon, a report by Marsh Ltd. reveals. Strong competition kept rates soft, according to Marsh’s “EMEA Insurance Market Report Midyear 2008.” An exception during the first half was the cost of coverage for trade credit insurance, which increased as a result of the subprime credit problems and financial market turmoil, Marsh said. “Trade credit insurance premiums are expected to increase further over the next few months as a direct result of the… Read More »Report: EMEA Rates Softened in First Half

Tucson and Pima County officials say injured police officers, firefighters and sheriff’s deputies are costing taxpayers millions in insurance claims. According to records from the city and county, injured firefighters and police officers have, since 2002, cost Tucson $14 million in insurance claims. Over the same time span Pima County has paid out $6.2 million dollars in claims to injured deputies. The state says injuries to Tucson firefighters and police officers are double the state average. The Industrial Commission of Arizona reported that in 2005, the most recent year for which data is available, there were 10.9 injuries for every… Read More »Arizona Public Safety Personnel Costing Millions in Insurance Claims

College is expensive enough without finding out too late that an accident or theft isn’t covered under parents’ current policies. So, as parents get their children ready to head off to school in the fall, there’s one vital “to-do” to add to their list (other than writing that tuition check): a review of their insurance coverage. It’s important to keep in mind that policy language varies from state to state, and there are never “one-size-fits-all” situations, but below is a general guide. HOMEOWNERS (may vary by state) Coverage of personal property: Most homeowners policies provide 10 percent of Coverage C… Read More »It’s Back-to-School Time – a Good Time to Discuss Coverage

A 2008 filing most insurance carriers will use to develop rates for workers’ compensation coverage shows the third straight decrease in loss costs, Department of Insurance Commissioner Sharon P. Clark announced. The loss cost figures show an average reduction of 5.1 percent for the 596 industrial classes used in Kentucky. These classes include manufacturing, office and clerical, contracting, and goods and services. For coal classes, underground mining costs dropped 10.5 percent while surface mining decreased 8.7 percent. The National Council on Compensation Insurance produced the filing that the Kentucky Department of Insurance approved to become effective Oct. 1. Data collected… Read More »Workers’ Comp Loss Costs in Kentucky Good News for Employers

Four former top executives of Fannie Mae were sued on Monday, one day after the mortgage finance giant was seized by the U.S. government, in an investor lawsuit that claims the four lied about the company’s financial position and artificially inflated its share price. The lawsuit, filed in U.S. District Court for the Southern District of New York, seeks class action status for investors who bought Fannie Mae securities between Nov. 16, 2007, and Sept. 5, 2008, according to the complaint, filed by the law firm of Coughlin Stoia Geller Rudman & Robbins. Named as defendants are: Stephen Ashley, chairman;… Read More »Fannie Mae Investors Sue Former Execs

Darien, Ill.-based Insure.com, Inc. today announced that it has launched an upgraded version of its Car Crash Safety Ratings Tool, which is a free, online information tool that displays car-safety data from both the Insurance Institute for Highway Safety and the National Highway Traffic Safety Administration. The new Car Crash Safety Ratings Tool enables consumers to quickly research the safety of over 3,000 models from 1990 through 2009. This new tool is available now at http://www.insure.com/articles/interactivetools/carcrash/carcrash.jsp. Previously, consumers had to wade through different Web sites or publications in order fully research car-crash tests. “Insure.com’s car crash tool is one of the… Read More »New Upgraded, On-line Car Crash Safety Ratings Tool Unveiled

North Dakota Secretary of State Al Jaeger says a proposal to change how North Dakota’s workers compensation agency is run will be on the statewide ballot in November. Jaeger says he has reviewed petitions submitted by the measure’s supporters, and they contain enough valid signatures to be placed on the ballot. The proposal would put the governor in charge of appointing the director of Workforce Safety and Insurance. Now, an appointed board has the power.

Cargo theft accounts for up to $25 billion in direct merchandise losses each year, according to the National Cargo Security Council. With more than 675,000 registered interstate motor carriers moving 65 percent of the freight in the United States, the opportunity for theft is at an all time high. To combat the problem of cargo theft for its customers, Travelers Inland, in partnership with the National Insurance Crime Bureau (NICB), unveiled the Travelers Sting Trailer at the 2008 Chicago Midwest Cargo Theft Summit. The Travelers Sting Trailer was built to provide the required evidence to aid in successful apprehensions of… Read More »Travelers Unveils Sting Trailer to Combat Cargo Theft