Insurance news

• Coverage protects manufacturers from California product liability

  08-10-2015 23:09
  Wells Fargo Insurance Services USA Inc. said Thursday that they have launched an insurance program specifically designed to provide protection from California’s Proposition 65 law.
  
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• Physical health takes back seat among employee wellness concerns

  08-10-2015 22:49
  BOSTON — While most workplace wellness programs are designed primarily to improve employees’ physical health, employees say physical health is far less important than other elements of their total well-being.
  
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• Police officer’s military service discrimination case reinstated

  08-10-2015 22:22
  A federal appeals court has reinstated a case filed by a village police officer, who claims he was discriminated against in various ways because of his military affiliation.
  
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• Health care reform law subsidy cuts Calif. premiums nearly 75%

  08-10-2015 22:16
  Federal health reform law premium subsidies have slashed the cost of coverage for eligible lower-income individuals obtaining policies in the California exchange, according to an analysis released Thursday.
  
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• Prices for women's health services vary widely

  08-10-2015 22:04
  Studies have shown that irrational prices exist in a variety of healthcare procedures — from MRIs and cholesterol tests to knee replacement surgeries and angioplasties. Now, we can add an array of women's health services to the list.
  
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• Volkswagen's U.S. chief blames emissions scandal on 'individuals'

  08-10-2015 21:45
  According to Volkswagen North America CEO Michael Horn, "a couple of software engineers" are behind the installation of defeat devices in the automaker's diesel cars since 2009.
  
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• 'Bond king' sues Pimco for $200 million over forced ouster

  08-10-2015 21:28
  Famed bond investor Bill Gross says his $250 million bonus drove jealous managing directors at Pimco, a unit of Allianz S.E., to plot his ouster.
  
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• In lawsuit over hacking, Uber probes IP address assigned to Lyft exec

  08-10-2015 20:56
  (Reuters) — Eight months after disclosing a major data breach, ride service Uber is focusing its legal efforts on learning more about an internet address that it has persuaded a court could lead to identifying the hacker.
  
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• Society of Actuaries mortality data update could reduce pension liabilities

  08-10-2015 20:37
  New mortality data released by the Society of Actuaries Thursday show smaller improvements in longevity than previously reported last year that could slightly reduce liabilities for pension plan sponsors.
  
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• Mail order pharmacy savings rarely tapped in workers comp

  08-10-2015 20:19
  Filling workers compensation prescriptions via mail order offers numerous advantages, however, the industry has yet to embrace the process.
  
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• California wildfires will cost insurers more than $1.1 billion

  08-10-2015 20:10
  
  The wildfires that raged across Northern California last month will cost insurers more than $1.1 billion, according to catastrophe modeler Impact Forecasting.
  
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• U.S. House panel presses VW on cheating timeline

  08-10-2015 19:57
  
  Volkswagen AG waited two months after acknowledging a software abnormality in its cars to tell regulators the algorithm was designed to cheat emissions tests, according to a staff memo prepared for lawmakers investigating the automaker.
  
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• Insurers squeezed for Lloyd’s seats as waiting list hits record

  08-10-2015 19:14
  
  The waiting list for an insurer to get a spot on the underwriting floor of Lloyd’s of London is the longest in its 327-year history, indicating record demand for access to the market.
  
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• N.Y. to Spend $20M on Affordable Housing in Communities Hit by Sandy

  08-10-2015 18:59
  
  New York state is setting aside $20 million to build affordable housing units in communities that were damaged by Superstorm Sandy and other severe weather systems in recent years. New York Gov. Andrew Cuomo’s office announced the funds Sept. 30. …
  
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• Boston-Based Online Agency Goji Hires Basak as President

  08-10-2015 18:59
  
  Goji, a Boston-based independent online insurance agency with a focus on auto insurance, hired Amit Basak as president. Basak will work with Goji Chief Executive Officer Steve Kezirian and will directly oversee the product, marketing, finance and analytics functions at …
  
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• Texas Auto Parts Maker, Staffing Firm Cited for Safety Violations

  08-10-2015 18:53
  
  Federal safety officials have cited a San Marcos, Texas, auto parts maker and its staffing employer for heat, noise and other workplace hazards. Corvac Composites LLC and Priority Personnel Inc. were fined a total of $43,000 by the U.S. Department …
  
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• Missouri Landfill Burning Near Nuclear Waste Dump

  08-10-2015 18:37
  
    Beneath the surface of a St. Louis, Mo.-area landfill lurk two things that should never meet: a slow-burning fire and a cache of Cold War-era nuclear waste, separated by no more than 1,200 feet. Government officials have quietly adopted …
  
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• Make gun owners get mandatory insurance - CNN

  08-10-2015 18:33 via
  Make gun owners get mandatory insurance
  CNN
  Jeff Yang is a columnist for The Wall Street Journal Online and contributes frequently to radio shows, including Public Radio International's "The Takeaway" and WNYC's "The Brian Lehrer Show." He is the co-author of "I Am Jackie Chan: My Life in Action ...and more »
  

• Indiana Insurance Agent Tapped to Lead State House GOP

  08-10-2015 18:32
  
  Indiana House Republicans have chosen Rep. Matt Lehman to replace former House Majority Leader Jud McMillin. Republicans announced Lehman’s election shortly after emerging from a closed-door meeting on Oct. 6. Lehman, of Berne, is an insurance agent by trade and …
  
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• InsureZone Expands into Houston

  08-10-2015 18:30
  
  Fort Worth, Texas-based InsureZone is expanding operations into the Houston metro area. The new office will be headed up by Vice President of Business Development Renee Hooker who joined InsureZone in April. Other key personnel include commercial underwriters, Amy Boyer …
  
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• M3 Insurance Joins unisonBrokers for Global Presence

  08-10-2015 18:24
  
  Madison, Wis.-based M3 Insurance announced it has joined unisonBrokers, a global broker network offering multinational insurance and risk management services. M3 said the partnership enables it to provide internationally operating companies with independent insurance products and services through a network of …
  
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• Insurers Bring Calm After the Storm as South Carolina Recovery Efforts Begin

  08-10-2015 18:15
  
    The rain has stopped in South Carolina and claims filing and damage recovery are underway even as residents are being told to expect more flooding through the weekend. The mega storm that hit South Carolina starting Oct. 1 through …
  
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• California Wildfire Claims Top $1B as Peak Season Begins: Report

  08-10-2015 18:05
  
  A report forecasts claims from two California wildfires last month will exceed $1 billion. Wildfires in 2015 have caused more damage and financial loss in the U.S. than in any other year since 2007, according to the report. Peak U.S. …
  
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• Massachusetts Considers Ban on Handheld Cellphone Use While Driving

  08-10-2015 18:04
  
  Families of those killed in distracted driving accidents are asking Massachusetts lawmakers to back legislation that would require drivers to use hand-free phones in the state. Foxborough, Massachusetts, resident Jerry Cibley’s 18-year-old son Jordan was killed in 2007 as he …
  
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• Idaho Shop Owner Ordered to Pay 100K to Worker Fired After Safety Report

  08-10-2015 17:44
  
  A judge ordered a northern Idaho gas station owner to pay $100,000 to a former employee who was fired after reporting safety violations, including exposed wiring near water leaks and a lack of first aid equipment. U.S. District Judge B. …
  
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• California Doctor Indicted in $150M Insurance Fraud Not in Custody, D.A. Says

  08-10-2015 17:39
  
  Los Angeles prosecutors say the doctor who orchestrated a $150 million insurance fraud scheme and allowed his assistant to perform surgeries is not in custody in Germany as they had previously reported. A spokeswoman for the Los Angeles district attorney …
  
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• Pool Re to host inaugural Congress for National Terrorism (Re)insurance Pools

  08-10-2015 17:36
  
  Leaders of national terrorism (re)insurance pools world-wide will gather to discuss the operational factors affecting the provision of terrorism risk (re)insurance.
  
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• Higher Temperatures, More Fires 1,000 Years Ago in Rockies, Study Shows

  08-10-2015 17:36
  
  New research by scientists at the University of Wyoming has found that extreme wildfire seasons are nothing new in the Rocky Mountain region: They also happened hundreds of years ago, after global temperatures had risen slightly. The study suggests that …
  
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• DuPont Found Liable in West Virginia Toxic Water Lawsuit

  08-10-2015 17:35
  
  DuPont Co. was found liable for a woman’s kidney cancer in the first of 3,500 lawsuits over a toxic Teflon ingredient found in Ohio and West Virginia water, but spinoff Chemours Co. will have to bear any costs from the …
  
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• PIA National Installs Officers Hansen, Blackwell, Russell, Savino

  08-10-2015 17:26
  
  The Professional Insurance Agents (PIA) National installed new officers during the group’s board of directors meeting last month in New Orleans. Each of the officers will serve one-year terms from October 1, 2015, through September 30, 2016. Robert W. Hansen …
  
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• Willis Aims to ‘Shake Up’ UK Employee Benefits Market with PMI Health Acquisition

  08-10-2015 15:12
  
  Willis Group Holdings plc announced the completion of its acquisition of PMI Health Group (PMIHG), a leading independent healthcare adviser and broker in the UK. PMIHG will operate as Willis PMI Group while the business integrates with Willis Employee Benefits …
  
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• Cyber & Reputation Risks Top List of CEO, Risk Manager Concerns: Marsh Survey

  08-10-2015 14:54
  
  Cyber and IT-related risks top the list of what keeps CEOs and risk managers awake at night, according to the 2015 International Business Resiliency Survey, conducted by Marsh and Disaster Recovery Institute International (DRII)*. “Cyber and other IT-related risks are …
  
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• Cyber risk survey finds majority of businesses were hacked in 2014

  08-10-2015 14:45
  
  HSB's Cyber Risk Survey results reveal nearly 70% of businesses experienced a breach in 2015—but 55% of risk managers still think their companies aren't doing enough to protect themselves.
  
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• 10 dos and don'ts to prevent home fires

  08-10-2015 13:30
  
  Fire Prevention Week is October 4–10, 2015, making this a good time for insurance agents to emphasize fire safety and preparedness.
  
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• Snow daze: How insurers survived a record winter

  08-10-2015 13:15
  
  An insurance carrier’s reputation can be made or broken depending upon its ability to respond to customer needs after a catastrophic event.
  
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• Guarding the gate: Creating a data-mastery security strategy for insurers

  08-10-2015 13:00
  
  To ensure the continued trust of policyholders and agents, insurers need to build a data mastery security strategy.
  
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• 8 of the best insurance Halloween costumes

  08-10-2015 13:00
  
  Peyton Manning, the Coneheads and Nationwide's dead kid all made our list.
  
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• Now, Volkswagen’s Injury Reporting Being Questioned

  08-10-2015 12:47
  
  Volkswagen AG reported death and injury claims at the lowest rate of any major automaker in the U.S. over the last decade. The numbers are so good that some industry experts wonder if they add up. The average reporting rate …
  
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• Tischer Joins ANV Underwriters’ M&A Insurance Team

  08-10-2015 12:32
  
  ANV Underwriters, the international managing general underwriter (MGU) segment of specialty insurance group ANV Holdings, announced the appointment of Florian Tischer to its Mergers and Acquisitions (M&A) Insurance team. Tischer brings to ANV over five years’ legal experience, predominantly in …
  
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• Emission tests scandal likely to cost Volkswagen up to $80 billion

  08-10-2015 12:25
  Germany-based Volkswagen A.G.'s recent emission tests scandal is likely to cost the automaker up to $80 billion, reported Times Free Press citing The Associated Press.
  
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• Three space accidents cost insurers more $500 million

  08-10-2015 12:23
  Alexander Podchufarov, vice president at Russia-based Ingosstrakh Insurance Co., said that three major accidents in the Russian space industry in 2015 has cost insurers more than $500 million, reported Forinsurer citing Finmarket.
  
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• Global cybercrime costs businesses $7.7 million on average annually: Report

  08-10-2015 12:22
  A new report by data security research organization Ponemon Institute L.L.C. concludes that cybercrime costs global businesses $7.7 million on average annually, We Live Security reports.
  
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• Minimal effect on ILS funds due to Tianjin explosions

  08-10-2015 12:21
  The recent explosions in China's Tianjin port are likely to have minimal effect on insurance-linked securities funds, reported Artemis.bm.
  
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• Gas leak at Pemex platform prompts evacuation of 85 workers

  08-10-2015 12:19
  Mexican petroleum firm Petroleos Mexicanos has confirmed a gas leak at its Sihil A platform in the Gulf of Mexico, reported The Maritime Executive.
  
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• Indian regulator proposes letting foreign reinsurers repatriate profits

  08-10-2015 12:18
  India's Insurance Regulatory and Development Authority has proposed that foreign reinsurers with branches in the country be allowed to repatriate profits, reports Business Standard citing the Press Trust of India.
  
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• Oil spill from ship collision threatens sensitive coastline

  08-10-2015 12:16
  Oil spilled from a collision between Dutch cargo ship Flinterstar and the Al Oraiq tanker in the North Sea is threatening the Zwin nature reserve on the Belgian-Dutch border, Deutsche Welle reported.
  
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• Willis to Help Mobilize Global ‘Resilience Modelling & Mapping Forum’ for Nat Cat

  08-10-2015 12:09
  
  Willis Group Holdings is providing $1 million to help mobilize a global “Resilience Modelling and Mapping Forum” to address natural catastrophe risk, according to Dominic Casserley, CEO. The Resilience Modelling and Mapping Forum is a collaboration between the global re/insurance industry …
  
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• Run-Off Specialty Firm Catalina Agrees to Buy Allianz Suisse Re from Allianz SE

  08-10-2015 10:55
  
  Catalina Holdings (Bermuda) Ltd. announced its wholly owned Swiss subsidiary, Glacier Reinsurance AG, has signed a definitive agreement to acquire Allianz Suisse Ruckversicherungs-Gesellschaft AG from Allianz SE. Allianz Suisse Re is a Swiss regulated reinsurer incorporated in 2007 with the …
  
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• ACE Appoints Divakaran as Marine Risk Manager for Asia Pacific  

  08-10-2015 10:22
  
  ACE Group has appointed Captain Sivakumaran Divakaran as the new marine risk manager for Asia Pacific. Divakaran will be part of the Asia Pacific Marine team, which provides marine cargo insurance for a wide commodity range with customized risk management …
  
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• Supreme Court Deals Blow to Insider Trading Prosecutors

  08-10-2015 10:00
  
  The U.S. Supreme Court let stand a major insider-trading ruling that threatens at least 10 convictions and creates what the Obama administration calls a road map for securities fraud. Rejecting an administration appeal without comment, the justices refused to consider …
  
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