Insurance news

• Drivers could soon show proof of insurance on cellphone - Jackson Clarion Ledger

  12-03-2015 23:34 via clarionledger.com
  
  Jackson Clarion Ledger
  Drivers could soon show proof of insurance on cellphone
  Jackson Clarion Ledger
  Motorists could soon be able to show proof of liability insurance coverage via cellphone or other electronic device under a legislative bill. No longer would motorists have to keep up with those traditional six months paper cards if Senate Bill 2380 ...
  
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• India's Parliament Raises Insurance-Company Foreign Ownership Limit - Wall Street Journal

  12-03-2015 23:06 via wsj.com
  
  Wall Street Journal
  India's Parliament Raises Insurance-Company Foreign Ownership Limit
  Wall Street Journal
  NEW DELHI—India's Parliament on Thursday approved legislative changes to open the insurance business to more foreign investment, a crucial part of Indian Prime Minister Narendra Modi's plan to further liberalize the Indian economy and improve investor ...
  Indian parliament to vote on Modi's insurance billReuters
  India's Modi passes first major economic reform wi
  
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• Trustmark launches critical illness policy

  12-03-2015 23:02
  Employers can now purchase Trustmark Insurance Co.’s Trustmark Critical LifeEvents, a critical illness insurance product designed to benefit policyholders throughout a lifetime, even when healthy.
  
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• Americans Have Insurance but Can't Afford to Use It - The Fiscal Times

  12-03-2015 22:56 via thefiscaltimes.com
  
  The Fiscal Times
  Americans Have Insurance but Can't Afford to Use It
  The Fiscal Times
  Obamacare health insurance premiums will grow faster than either private policies or the federal government in coming years, according to the Congressional Budget Office. In a report released Monday, the CBO issued updated budget projections showing ...
  
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• Third Point Re to IRS: 'We're a real insurance company'

  12-03-2015 22:19
  The reinsurer says it is more than just a hedge fund investing vehicle.
  
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• N.J. Senate President: Bill to Give Sandy Victims Estimates of Aid Receipt

  12-03-2015 21:16
  
  New Jersey residents still recovering from Superstorm Sandy would get individual estimates of when they can expect to receive rebuilding aid under legislation proposed by the state Senate president. Steve Sweeney says his bill is designed to increase transparency and …
  The article N.J. Senate President: Bill to Give Sandy Victims Estimates of Aid Receipt appeared first on Insurance Journal.
  
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• Cyber insurance uptake increased in 2014

  12-03-2015 21:14
  The number of U.S.-based Marsh L.L.C. clients who purchased stand-alone cyber insurance for the first time increased 32% in 2014 vs. 2013, the New York-based brokerage said in a report issued Thursday.
  
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• Feds Prepared To Reopen All Superstorm Sandy Insurance Claims - NPR (blog)

  12-03-2015 21:09 via npr.org
  
  NPR (blog)
  Feds Prepared To Reopen All Superstorm Sandy Insurance Claims
  NPR (blog)
  The Federal Emergency Management Agency says it is prepared to reopen all 144,000 insurance claims that resulted from Superstorm Sandy in 2012. The move comes after months of questions over whether insurance companies contracted by the National ...
  Top FEMA Insurance Official Resigns; FEMA Sets Up Review Process For Sandy ...CBS Local
  FEMA Sets up Review Process for Sandy Flood Insurance ClaimsABC News
  FEMA
  
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• Reinsurance market predicted to remain soft in 2015

  12-03-2015 21:03
  
  The soft reinsurance market will likely continue into 2015 as mergers and acquisitions remove some overcapacity from the marketplace, but not enough to stem the pricing decline, Fitch Ratings Services Inc. said in a new report.
  
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• Maryland Commissioner Redmer Announces Sale of His Baltimore Agency

  12-03-2015 20:56
  
  Maryland’s new insurance commissioner, Al Redmer, Jr., announced the sale of his agency Redmer Insurance Group LLC to two of the firm’s employees, Partner and Principal Agent Liz Mika and Partner Ann Ansel. Terms of the transaction were not disclosed. …
  The article Maryland Commissioner Redmer Announces Sale of His Baltimore Agency appeared first on Insurance Journal.
  
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• Last-minute CEO switch after merger costs company $146 million

  12-03-2015 20:48
  
  Duke Energy Corp. has agreed to pay $146.3 million to settle securities class action litigation over the issue of the last-minute switch of the company's top executive following a merger.
  
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• Former RSA Ireland CFO says was afraid to blow whistle on under-reserving

  12-03-2015 20:35
  (Reuters) — A former senior executive at RSA Ireland said on Thursday he did not feel the insurer’s top bosses in London would have supported him if he had tried to blow the whistle on the Irish unit under-reserving for claims.
  
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• More data from South Korea nuclear power operator leaked

  12-03-2015 20:27
  (Reuters) — A hacker believed to be behind cyber attacks on South Korea's sole nuclear power plant operator released more files on Thursday, but a company official said the data was not believed to have been newly stolen but from previous hacking.
  
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• Study: Independent agents continue to outperform captives, direct writers in key markets

  12-03-2015 20:14
  The Big I's 2015 Market Share Study reveals that independents still control a majority of the entire P&C market, writing nearly 57% of all premiums.
  
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• Ditching FHA mortgage insurance no easy task - OCRegister

  12-03-2015 19:50 via ocregister.com
  
  OCRegister
  Ditching FHA mortgage insurance no easy task
  OCRegister
  What's up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. RATE NEWS SUMMARY. From Freddie Mac's weekly survey: The 30-year fixed rate was hit hard, worsening to 3.86 percent from last week's 3.75 percent.
  
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• Allied Insurance Brokers Announces 2 Hires in Pittsburgh

  12-03-2015 19:47
  
  Allied Insurance Brokers hired Richard McElhaney as assistant vice president of Safety & Risk Management, and Bill Ferguson as producer for the Eastern U.S. region. Both are based out of Allied’s Pittsburgh headquarters. McElhaney will lead Allied’s newly formed in-house …
  The article Allied Insurance Brokers Announces 2 Hires in Pittsburgh appeared first on Insurance Journal.
  
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• InsuraMatch Online ‘Super Agency’ Offers ‘Personality-Driven’ Options

  12-03-2015 19:30
  
  Do you prefer a fixed price or a la carte? How about paperless or paper? Are you a cat person or a dog person? Do you prefer “old school” or “new school”? These are some of the optional questions for …
  The article InsuraMatch Online ‘Super Agency’ Offers ‘Personality-Driven’ Options appeared first on Insurance Journal.
  
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• The role of the policyholder portal in 2015 and beyond

  12-03-2015 19:26
  Consumer expectations for self-service continue to rise, increasing the minimum bar for insurers.
  
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• Around the Industry: March 12, 2015

  12-03-2015 19:16
  News from York Risk Services Group, Lockton in St. Louis and more.
  
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• Illinois solicitor general says pension clause can be 'altered'

  12-03-2015 18:58
  
  Oral arguments over the constitutionality of Illinois' 2013 pension reform law began at the Illinois Supreme Court on Wednesday afternoon.
  
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• Injured man’s treatments by subsequent doctors ruled uncompensable

  12-03-2015 18:41
  Certain medical treatments provided by doctors other than an injured worker’s original treating physician weren’t “reasonable and necessary” for a man who was struck in the head nearly 18 years ago, the Connecticut Appellate Court...
  
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• Giant quake, tsunami risks identified

  12-03-2015 18:22
  
  More than 20 subduction zones could produce giant earthquakes and tsunamis such as those that devastated the Tohoku, Japan, area in 2011, according to a tsunami risk study released by Risk Management Solutions Inc.
  
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• Vermont Health Chief: Exchange Cost Pushes $200M

  12-03-2015 18:03
  
  As Vermont’s health care reform chief was about to address lawmakers Tuesday on Vermont’s trouble-plagued health insurance exchange, his computer presentation couldn’t get started. “Once again, we’re talking about Vermont Health Connect, so we’re having technical issues,” joked Lawrence Miller, …
  The article Vermont Health Chief: Exchange Cost Pushes $200M appeared first on Insurance Journal.
  
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• Independent Insurance Agents Defying Doomsayers

  12-03-2015 18:02
  
  According to analysts, technologists, aggregators and others, the independent agency system is in trouble. Somebody forget to tell independent agents. Or more to the point, the doomsayers perhaps didn’t notice that independent agencies have been adapting and getting more into …
  The article Independent Insurance Agents Defying Doomsayers appeared first on Insurance Journal.
  
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• Independent Insurance Agents Are Doing Just Fine, Defying Doomsayers

  12-03-2015 18:02
  
  According to analysts, technologists, aggregators and others, the independent agency system is in trouble. Somebody forget to tell independent agents. Or more to the point, the doomsayers forgot to notice that independent agencies have apparently been adapting and getting more …
  The article Independent Insurance Agents Are Doing Just Fine, Defying Doomsayers appeared first on Insurance Journal.
  
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• Edison, N.J., Voters Pass Bond to Rebuild School Destroyed by Fire

  12-03-2015 17:59
  
  Voters have approved an $18.6 million bond to help replace a school in Edison, New Jersey, that was destroyed by fire. Officials estimate in will cost about $28 million to rebuild the James Monroe Elementary School. The Home News Tribune …
  The article Edison, N.J., Voters Pass Bond to Rebuild School Destroyed by Fire appeared first on Insurance Journal.
  
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• FEMA Sets Up Review Process for Sandy Flood Claims

  12-03-2015 17:57
  
  In light of recent allegations that some insurers in the National Flood Insurance Program (NFIP) may have denied or rejected Superstorm Sandy flood damage claims based on falsified reports, the Federal Emergency Management Agency is now prepared to reopen “every …
  The article FEMA Sets Up Review Process for Sandy Flood Claims appeared first on Insurance Journal.
  
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• FEMA Ready to Reopen All 144K Sandy Flood Claims; Senior Official Resigns

  12-03-2015 17:57
  
  In light of recent allegations that some insurers in the National Flood Insurance Program (NFIP) may have denied or rejected Superstorm Sandy flood damage claims based on falsified reports, the Federal Emergency Management Agency is now prepared to reopen “every …
  The article FEMA Ready to Reopen All 144K Sandy Flood Claims; Senior Official Resigns appeared first on Insurance Journal.
  
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• Family Sues Tangipahoa Parish Jail over Inmate’s Death

  12-03-2015 17:53
  
  The parents of a Louisiana prisoner who died in custody at the Tangipahoa Parish Jail last year has filed a wrongful death suit. The Advocate reports the lawsuit alleges the jail staff failed to monitor the health of Keith Joseph …
  The article Family Sues Tangipahoa Parish Jail over Inmate’s Death appeared first on Insurance Journal.
  
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• 3 Killed in West Texas Oil Field Explosion

  12-03-2015 17:49
  
  An oil field rig exploded in West Texas killing three workers on March 10. Investigator Dusty Kilgore of the Upton County Sheriff’s Office said the accident happened Tuesday morning near Rankin, about 40 miles south of Midland. Kilgore says a …
  The article 3 Killed in West Texas Oil Field Explosion appeared first on Insurance Journal.
  
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• Workers comp study shows cuts to California’s surgery center costs

  12-03-2015 17:43
  Recent California workers compensation reforms have lowered payments to ambulatory surgery centers for workers comp medical procedures by 29%, according to a study by the California Workers’ Compensation Information Rating Bureau and the California...
  
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• India's Modi passes first major economic reform with insurance overhaul

  12-03-2015 17:37
  (Reuters) — Indian Prime Minister Narendra Modi passed his first major economic reform almost a year after coming to power, as parliament voted late on Thursday to allow more foreign investment in the insurance sector.
  
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• India Raises Insurance Investment Cap in First Big Win for Modi

  12-03-2015 17:29
  
  India’s parliament voted to increase the foreign investment limit in the insurance industry, the first major legislative victory for Prime Minister Narendra Modi as he seeks to overhaul Asia’s third-biggest economy. The bill, stuck in parliament since 2008, will allow …
  The article India Raises Insurance Investment Cap in First Big Win for Modi appeared first on Insurance Journal.
  
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• Washington Senate Votes to Lower Work Injury Settlements Age to 40

  12-03-2015 17:21
  
  The Washington state Senate has passed a bill to lower the age at which an injured worker can settle a claim from 53 to 40. The chamber passed Senate Bill 5513 on a 28-21 vote Tuesday after debate on whether …
  The article Washington Senate Votes to Lower Work Injury Settlements Age to 40 appeared first on Insurance Journal.
  
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• Attorneys Want More Time to Resolve Case in Arizona Firefighter Deaths

  12-03-2015 17:19
  
  Attorneys in a lawsuit stemming from the deaths of 19 firefighters in Arizona say they need more time to try to negotiate a settlement with the state. They asked a federal judge Monday to put the case on hold for …
  The article Attorneys Want More Time to Resolve Case in Arizona Firefighter Deaths appeared first on Insurance Journal.
  
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• Anti-Texting-While-Driving Measure Clears Oklahoma Senate

  12-03-2015 17:19
  
  A measure making it illegal to text and drive is now one step closer to becoming law in Oklahoma. Senate Bill 821, authored by the Senate Public Safety Committee, would make it illegal to operate a motor vehicle while using …
  The article Anti-Texting-While-Driving Measure Clears Oklahoma Senate appeared first on Insurance Journal.
  
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• Idaho Panel Clears Bill to Ease Restrictions on Uber

  12-03-2015 17:14
  
  A bill that would allow the popular ridesharing company Uber to bypass local city ordinances and operate how it wants in Idaho is headed to the House floor. The House Transportation and Defense Committee endorsed the proposal this week, despite …
  The article Idaho Panel Clears Bill to Ease Restrictions on Uber appeared first on Insurance Journal.
  
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• Eagan Insurance Agency President Named a ‘Driving Force’ in New Orleans Area

  12-03-2015 17:12
  
  Marc F. Eagan, president of Louisiana-based Eagan Insurance Agency, has been named a “Driving Force,” a special honor given to community leaders who have made significant contributions to the New Orleans area, in particular during the 10 years following Hurricane …
  The article Eagan Insurance Agency President Named a ‘Driving Force’ in New Orleans Area appeared first on Insurance Journal.
  
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• FERMA president joins Airmic as technical director

  12-03-2015 17:01
  
  Julia Graham will join Airmic Ltd. as technical director on May 1, the U.K. risk management association announced Wednesday.
  
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• Risk and reward - The Economist

  12-03-2015 16:51 via economist.com
  
  The Economist
  Risk and reward
  The Economist
  DRIVERS buying insurance from Progressive, an American insurer, get a choice: they can either supply a few bits of information about themselves and receive a quote based on the behaviour of similar people, or they can install a small gadget in their car.
  
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• Politics intrude as cyber security firms hunt foreign spies

  12-03-2015 16:51
  
  (Reuters) — The $71 billion cyber security industry is fragmenting along geopolitical lines as firms chase after government contracts, share information with spy agencies and market themselves as protectors against attacks by other nations.
  
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• Medical association reports stolen hard drives

  12-03-2015 16:41
  
  Data on 39,090 people insured through the Indiana State Medical Association was on two archive backup hard drives that were stolen Feb. 13, the group said.
  
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• Specialty, compounded drugs driving up costs

  12-03-2015 16:29
  
  Specialty and compounded drugs, which a study says have driven a major increase in overall U.S. prescription drug spending, also are increasing workers compensation costs.
  
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• TUMI Now a Lloyd’s Coverholder, Launches Auto Liability & Transportation Programs

  12-03-2015 16:16
  
  Trinity Underwriting Managers, Inc. (TUMI), a Georgia-based program administrator, is now an approved Lloyd’s Coverholder and recently began underwriting business on behalf of certain underwriters at Lloyd’s.  Available coverages include, but are not limited to: motor truck cargo, auto physical …
  The article TUMI Now a Lloyd’s Coverholder, Launches Auto Liability & Transportation Programs appeared first on Insurance Journal.
  
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• North Carolina Legislators Approve Tougher Drunken-Driving Bills

  12-03-2015 16:10
  
  North Carolina lawmakers want a tougher no-alcohol policy imposed upon more motorists permitted to drive again following an impaired-driving conviction. The House voted this week for a measure saying drivers who get their licenses restored can’t drive with any alcohol …
  The article North Carolina Legislators Approve Tougher Drunken-Driving Bills appeared first on Insurance Journal.
  
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• Ace expands professional indemnity insurance market

  12-03-2015 15:58
  
  Ace Ltd. is extending its Ace Tech Pro professional indemnity insurance coverage, which was launched in France last summer, to several European markets.
  
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• Senate to advance anti-hacking bill amid privacy objections

  12-03-2015 15:50
  Privacy advocates have objected to a bill scheduled for a Senate committee vote on Thursday that would shield companies from lawsuits when they share information about cyber-attacks with each other and federal agencies.
  
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• Farmers got $5.8M in free publicity for L.A. stadium that will never be built

  12-03-2015 15:42
  Anschutz Entertainment Group announced it will no longer pursue a $1.2 billion NFL stadium project to be called Farmers Field.
  
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• China Likely to Roll Out Deposit Insurance, Free Up Rates - Wall Street Journal

  12-03-2015 14:50 via wsj.com
  
  Wall Street Journal
  China Likely to Roll Out Deposit Insurance, Free Up Rates
  Wall Street Journal
  BEIJING – China could free up interest rates on bank deposits as soon as this year, its top central banker said, which would mark a major move toward relaxing state control of the country's massive financial system. People's Bank of China Gov.
  
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• Generali profit miss takes shine off turnaround successes

  12-03-2015 14:34
  (Reuters) — Italian insurer Assicurazioni Generali S.p.A.
  
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