Insurance news

• Caribbean catastrophe risk pool expands Central American membership

  20-04-2015 22:09
  
  The Council of Ministers of Finance of Central America, Panama and the Dominican Republic and CCRIF S.P.C.
  
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• Lottery worker caught on surveillance trying to jack the jackpot

  20-04-2015 21:59
  
  An Iowa lottery worker is set to stand trial this summer for allegedly gaming the state’s Hot Lotto game in an attempt to fraudulently collect a $14.3 million jackpot.
  
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• BMX biker pleads guilty to workers comp fraud

  20-04-2015 21:57
  
  A worker in Washington state pleaded guilty to stealing more than $14,000 in disability benefits after he was caught racing BMX bikes, the Washington State Department of Labor & Industries said.
  
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• Insurer not liable in case settled without its consent

  20-04-2015 21:52
  
  An insurer is not liable for a bad faith claim in a case where, contrary to policy language, an insured settled without the insurer's consent, says the Georgia Supreme Court, in a case involving an XL Reinsurance America Inc. unit.
  
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• Report: California Workers’ Comp Written Premium Up 11 percent in 2014

  20-04-2015 21:03
  
  The California Workers’ Compensation Insurance Rating Bureau on Monday released its report on workers’ comp insurer loss and premium experience through Dec. 31, 2014. California written premium for calendar year 2014 was roughly $16.5 billion, 11 percent above the written …
  The article Report: California Workers’ Comp Written Premium Up 11 percent in 2014 appeared first on Insurance Journal.
  
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• California Workers’ Comp Premium Up 11% in 2014; Combined Ratio Still Exceeds 100

  20-04-2015 21:03
  
  California written premium for calendar year 2014 was roughly $16.5 billion, 11 percent above the total in 2013 and 88 percent above the written premium reported for 2009, according to a report from the California Workers’ Compensation Insurance Rating Bureau …
  The article California Workers’ Comp Premium Up 11% in 2014; Combined Ratio Still Exceeds 100 appeared first on Insurance Journal.
  
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• New York State Police Launch Safety Campaign Aimed at Teen Drivers

  20-04-2015 20:43
  
  New York State Police are launching a traffic safety campaign aimed at minimizing crashes involving teen drivers. “The Empty Chair” driving safety campaign starts Monday and runs through Friday. The empty chair symbolizes the missing high school senior on graduation …
  The article New York State Police Launch Safety Campaign Aimed at Teen Drivers appeared first on Insurance Journal.
  
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• EEOC Alleges Maryland Insurance Administration Violated Equal Pay Act

  20-04-2015 20:37
  
  The U.S. Equal Employment Opportunity Commission (EEOC) has filed a lawsuit against the Maryland Insurance Administration (MIA), alleging that Maryland’s insurance regulatory agency paid its women investigators and enforcement officers lower wages compared to their male counterparts for performing substantially …
  The article EEOC Alleges Maryland Insurance Administration Violated Equal Pay Act appeared first on Insurance Journal.
  
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• Specialty practice targets governments’ catastrophe exposures

  20-04-2015 20:34
  
  Guy Carpenter & Co. L.L.C. has launched an international public sector specialty practice to address the risk management needs of government agencies and entities in catastrophe situations.
  
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• Insurer reserve releases set to slow as prices fall

  20-04-2015 20:28
  
  Property/casualty insurers will likely announce solid reserve releases in 2015 but declining insurance premiums point to lower releases in 2016 and 2017, according to a report from investment analyst Keefe, Bruyette & Woods Inc.
  
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• Specialty drugs helping to drive up overall pharmacy costs

  20-04-2015 20:27
  
  Employees and retirees will see U.S. pharmacy cost increases reach the low double-digits by 2016 due in part to rising specialty drug costs, according to an analysis by Aon Hewitt released Monday.
  
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• Y Combinator-Backed Health Insurance Startup SimplyInsured Pulls In $1.75 ... - TechCrunch

  20-04-2015 19:50
  
  Y Combinator-Backed Health Insurance Startup SimplyInsured Pulls In $1.75 ...
  TechCrunch
  Online health insurance for small businesses platform SimplyInsured has raised a total of $1.75 million in seed funding from Starling Ventures, Altair, NerdWallet co-founders Jake Gibson and Tim Chen, Amee and Adil Chaudry, Sam Melamed and Y ...
  
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• California proposes water restrictions for municipal agencies

  20-04-2015 19:25
  California has proposed rules calling for mandatory reductions in water use by municipal agencies.
  
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• New Jersey Grapples With How, Whether to Regulate Uber, Lyft

  20-04-2015 18:47
  
  Ride-hailing companies like Uber and Lyft could be driven out of New Jersey if a bill lawmakers are considering becomes law. That’s at least what the transportation network companies faced with potential new regulations say. Lawmakers, unionized taxicab drivers and …
  The article New Jersey Grapples With How, Whether to Regulate Uber, Lyft appeared first on Insurance Journal.
  
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• Texas’ Residual Property Insurance Markets Hit with Severe Weather Claims

  20-04-2015 18:45
  
  The Texas Windstorm Insurance Association (TWIA) and Texas FAIR Plan Association (TFPA) began responding to policyholders impacted by the severe weather that affected a number of Texas communities last week and over the weekend. As of April 20, TWIA and …
  The article Texas’ Residual Property Insurance Markets Hit with Severe Weather Claims appeared first on Insurance Journal.
  
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• Florida Cat Fund to purchase $2.2B in reinsurance

  20-04-2015 18:41
  'Minimal' rate increases are on the way for Florida homeowners.
  
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• TWIA to Begin Agency Documentation Verification Survey on May 1

  20-04-2015 18:39
  
  The Texas Windstorm Insurance Association alerted agents that as of May 1, 2015, TWIA would begin implementing an agency compliance program in order to verify agent documentation of private insurer coverage declinations and proof of flood insurance coverage on TWIA …
  The article TWIA to Begin Agency Documentation Verification Survey on May 1 appeared first on Insurance Journal.
  
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• Conn. Official: Anthem Customers Reporting Spike in Fraudulent Tax Returns

  20-04-2015 18:20
  
  The Connecticut attorney general’s office says Anthem Inc. customers are increasingly reporting fraudulent tax returns being filed using their names and other personal information. But spokesman Robert Blanchard said that because of the number and variety of recent data breaches, …
  The article Conn. Official: Anthem Customers Reporting Spike in Fraudulent Tax Returns appeared first on Insurance Journal.
  
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• Lewis Named Sales Director at Minnesota’s CHS Insurance

  20-04-2015 18:01
  
  Bryan Lewis has been named director of sales for St. Paul, Minn.-based CHS Insurance, an agribusiness insurance broker and full-service insurance subsidiary of CHS Inc. Lewis will have responsibility for the property/casualty and group benefits sales teams, as well as …
  The article Lewis Named Sales Director at Minnesota’s CHS Insurance appeared first on Insurance Journal.
  
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• Wagner Joins Southwest Risk in Dallas

  20-04-2015 17:58
  
  Dave Wagner has joined Southwest Risk LP in Dallas to serve as relationship manager. Wagner began his insurance career in 1987 in western New York and has 28 years of marketing experience. Most recently, he was with the Independent Agents Association of Texas ably …
  The article Wagner Joins Southwest Risk in Dallas appeared first on Insurance Journal.
  
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• Michigan Auto Insurance Bills Passed by Senate

  20-04-2015 17:57
  
  A divided state Senate approved revisions to Michigan’s auto insurance law that backers said would curtail costs in the only state to require unlimited medical benefits for those severely injured in crashes and that opponents warned wouldn’t guarantee rate relief. …
  The article Michigan Auto Insurance Bills Passed by Senate appeared first on Insurance Journal.
  
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• In new millennium, no jobs open for millennials

  20-04-2015 17:46
  Young people bounce back from adversity faster than their elders, right? Not when it comes to American jobs.
  
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• Judge Rejects Effort to Undo California Wildfire Settlement

  20-04-2015 17:38
  
  A judge has rejected a California timber company’s attempt to undo a $47 million legal settlement for a massive 2007 wildfire. Sierra Pacific Industries had accused federal prosecutors of engaging in misconduct. But according to the Sacramento Bee, a federal judge ruled …
  The article Judge Rejects Effort to Undo California Wildfire Settlement appeared first on Insurance Journal.
  
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• Man Who Hacked Farmers Insurance, Government Sentenced in California

  20-04-2015 17:36
  
  A hacker who helped break into the computer systems of DirecTV, Farmers Insurance and the Los Angeles Department of Public Works is going to federal prison. Mario Chuisano was given a three-year sentence last week and ordered to pay nearly $2.7 …
  The article Man Who Hacked Farmers Insurance, Government Sentenced in California appeared first on Insurance Journal.
  
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• Higher DUI Fines OK’d by Montana Senate

  20-04-2015 17:33
  
  Montana senators have endorsed a proposal to double DUI fines. Seven Democrats joined 20 Republicans Saturday to approve House Bill 488 on a 27-23 vote that reversed the Senate’s Friday opinion against the bill. The Republican proposal would double minimum …
  The article Higher DUI Fines OK’d by Montana Senate appeared first on Insurance Journal.
  
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• Settlement Talks Continue in Arizona Wildfire Wrongful Death Case

  20-04-2015 17:32
  
  Parties in a wrongful-death lawsuit stemming from the 2013 Yarnell Hill Fire say they need more time to discuss a settlement. Lawyers for the sides told a U.S. District Court judge on Friday that they’re working in good faith to …
  The article Settlement Talks Continue in Arizona Wildfire Wrongful Death Case appeared first on Insurance Journal.
  
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• Insurance regulators set goals for cyber security rules

  20-04-2015 17:29
  Cyber security regulatory guidance for insurers and insurance producers must be flexible, according to principles issued by the National Association of Insurance Commissioners.
  
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• Insurance commissioners group sets goals for cyber security regulation

  20-04-2015 17:29
  
  Cyber security regulatory guidance for insurers and insurance producers must be flexible, according to principles issued by the National Association of Insurance Commissioners.
  
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• Migrant boat with hundreds aboard capsizes in Mediterranean

  20-04-2015 17:21
  A fishing boat packed with an estimated 700 people seeking refuge in Europe capsized north of the Libyan coast.
  
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• Officials Say Cooking Fire Started California Blaze That Threatened 300 Homes

  20-04-2015 17:08
  
  Firefighters are making progress on a fire that had threatened hundreds of homes near a Southern California dam. Officials said an unattended cooking fire sparked the blaze on Saturday, triggering the nighttime evacuation of about 300 homes in an area …
  The article Officials Say Cooking Fire Started California Blaze That Threatened 300 Homes appeared first on Insurance Journal.
  
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• DC plans playing catch-up on education for roll-ins

  20-04-2015 17:08
  Defined contribution plans — from the International Paper Co.
  
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• London broker partners with Brazilian network

  20-04-2015 17:03
  
  London-based Cooper Gay Swett and Crawford has entered a partnership with Sao Paolo, Brazil-based broker network GC do Brasil, the wholesale and reinsurance broker said Monday.
  
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• Zurich shrinking office space after drop in earnings

  20-04-2015 17:01
  Zurich is shrinking office space at a key unit and will ask staff to share desks to help reverse a drop in earnings.
  
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• Europe’s March windstorm could blow in $1.6 billion in insured losses

  20-04-2015 16:53
  
  Insured property losses from Windstorm Niklas that hit Europe in March will be between €750 million ($810.5 million) and €1.5 billion, ($1.62 billion) according to catastrophe modeler Risk Management Solutions Inc.
  
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• CGSC in Partnership with GC do Brasil for Wholesale and New Products

  20-04-2015 16:47
  
  Cooper Gay Swett & Crawford (CGSC), the independent global wholesale, underwriting management and reinsurance broker, announced that it has concluded a partnership deal with Brazilian broker network GC do Brasil “to provide its retail broking members with access to wider …
  The article CGSC in Partnership with GC do Brasil for Wholesale and New Products appeared first on Insurance Journal.
  
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• New Willis investment banking leaders focus on Asian insurance M&A

  20-04-2015 16:37
  Willis promoted Rafal Walkiewicz and Michael Guo to lead the investment-banking operation, and is focusing on Asia in advising insurance takeovers.
  
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• Guy Carpenter Launches Public Sector Specialty Practice

  20-04-2015 16:23
  
  Guy Carpenter has announced the launch of its Public Sector Specialty Practice, utilizing a global team focused exclusively on the unique risk management needs of governmental agencies and entities. “Approximately 73 percent, or $2.7 trillion of natural catastrophe losses globally …
  The article Guy Carpenter Launches Public Sector Specialty Practice appeared first on Insurance Journal.
  
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• 4 ways to increase online lead conversions

  20-04-2015 15:35
  The phone isn't ringing--because customers are buying online. Here's four steps to grow and write profitable business from online leads.
  
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• Oscar, a Health Insurance Start-Up, Valued at $1.5 Billion - New York Times

  20-04-2015 15:26
  VentureBeat
  Oscar, a Health Insurance Start-Up, Valued at $1.5 Billion
  New York Times
  Sixteen months after going live, the insurance company Oscar has joined the elite group of start-ups known as unicorns, or those with billion-dollar valuations. The company plans to announce on Monday that it has raised $145 million from a group led by ...
  Oscar insurance pulls in a monster $145M round at a $1.5B valuationVentureBeat
  This $1.5B Startup Is Making Health Insurance Suck LessWired
  Health insurance
  
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• Patriot National Buys Software Firm, Vikaran, and India Development Unit

  20-04-2015 14:52
  
  Florida-based workers’ compensation outsourcing services firm Patriot National Inc. has acquired Vikaran Solutions, a Chicago-based insurance technology company, and its Pune, India-based software development center, MPCS. The company said total purchase price for both entities is approximately $10 million.  The …
  The article Patriot National Buys Software Firm, Vikaran, and India Development Unit appeared first on Insurance Journal.
  
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• Cat bond issuance likely $3 billion in Q2: Munich Re

  20-04-2015 13:12
  
  Munich Reinsurance Co. believes that catastrophe bond issuance is likely to be worth $3 billion in the second quarter of 2015, reported Artemis.bm.
  
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• Lloyd's targets takaful, Malaysia

  20-04-2015 13:11
  Lloyd's of London is targeting takaful to support its foray into emerging markets, reports Reuters.
  
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• Cybercrime top security concern, besides terrorism: Official

  20-04-2015 13:09
  
  Rob Wainwright, director of the European Police Office, has said that cybercrime "is now the number one security concern, alongside terrorism," reported the Times of Oman citing Agence France-Presse.
  
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• Cat risk cooperation

  20-04-2015 13:08
  
  The CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, and the Council of Ministers of Finance of Central America, Panama and the Dominican Republic have entered into a memorandum of understanding for catastrophe risk insurance,...
  
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• Insurance sector in India posts growth

  20-04-2015 13:06
  
  Figures from the General Insurance Council of India have shown that the country's general insurance sector recorded a 9.3% growth to 847.15 billion Indian rupees ($13.54 billion) in fiscal 2014-15, reported Zee News citing the Press Trust of India.
  
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• Insurer M&A in Malaysia likely: Fitch

  20-04-2015 13:04
  
  Fitch Ratings Ltd. has said that the attractive growth opportunities in Malaysia's insurance sector are likely to drive more merger and acquisition activity in the near term, New Straits Times reported.
  
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• Cargo crime in Europe

  20-04-2015 13:03
  
  Netherlands-based Transported Asset Protection Association recorded 1,102 cargo crimes in Europe, the Middle East and Africa region in 2014, FreightWeek reported.
  
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• Insurers in Ukraine cede $463.6 million reinsurance in 2014

  20-04-2015 13:01
  
  Ukrainian insurers transferred risks worth 9.7 billion Ukrainian hryvnias ($463.6 million) to outward reinsurance in 2014, reported Forinsurer.
  
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• Terror attacks in Egypt increasing

  20-04-2015 13:00
  
  Analysis by U.S.-based Tahrir Institute for Middle East Policy said that 331 terror attacks in Egypt have been reported in the first quarter of 2015, Daily News Egypt reported.
  
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• Insurance players propose 10 ways to improve sector in U.A.E.

  20-04-2015 12:58
  
  Insurance officials in the United Arab Emirates have suggested 10 ways in which the country's insurers can improve their profits, reported Asia Insurance Review citing the Emirates Today newspaper.
  
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