Insurance news

• How Well Do Oklahoma Opt-Out Plans Serve Injured Workers? It Depends, Study Says

  01-06-2016 22:58
  
  A recent analysis of the workers’ compensation “opt-out” system in Oklahoma concludes that employer-run plans for injured workers may offer benefits that are equal to or better than those provided by traditional workers’ compensation as proponents suggest, but there are …
  
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• Fort McMurray residents return home after wildfire devastation

  01-06-2016 22:30
  
  Residents are returning to the heart of Canada’s oil-sands for the first time since fleeing a fire that began in early May.
  
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• Environmental insurers face a rough environment

  01-06-2016 20:30
  
  Agents need to keep an eye on carrier quality in order to protect their clients.
  
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• New Mexico Immigrant Driver’s Licenses Jump Before Law Change

  01-06-2016 20:27
  
  The number of immigrants seeking driver’s licenses in New Mexico surged during the first three months of the year as lawmakers debated changes to a long-contested policy that allowed for those living in the country illegally to obtain licenses, according …
  
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• California Agent Pleads Guilty to Selling Bogus Bonds and Premium Theft

  01-06-2016 20:00
  
  John Antonio Ruiz, 49, of Riverside, Calif., pleaded guilty to 11 felony counts of grand theft after selling $334,972 in bogus surety bonds and stealing the client’s premium. His theft left a major retailer exposed to loss on a construction …
  
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• Munich Re to spend $1.1 billion on primary insurance revamp

  01-06-2016 19:55
  
  The plan for operations includes cutting 1,835 jobs, or about 13% of the Dusseldorf-based company’s workforce in Germany.
  
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• Fed had dozens of cyber breaches in recent years, Reuters says

  01-06-2016 19:20
  
  The Federal Reserve detected more than 50 breaches of its computer systems from 2011 to 2015, Reuters reported, adding to signs that the central bank may be vulnerable to hackers or spies.
  
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• Erie Insurance Names NeCastro to Succeed Cavanaugh as Next CEO

  01-06-2016 19:14
  
  Erie Indemnity Co., the managing company for Erie Insurance, has named Timothy G. NeCastro as Erie Insurance’s president and CEO-designate effective June 1. NeCastro is a 20-year veteran of the company. He will succeed current President and CEO Terrence W. …
  
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• Boston Transit System Bans Hoverboards, Citing Safety Risks

  01-06-2016 18:59
  
  Boston transit officials are telling passengers to keep their hoverboards at home. The Massachusetts Bay Transportation Authority announced that effective immediately, the devices will no longer be allowed in stations or on any vehicle including buses, trolleys, commuter trains and …
  
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• Record Brazos River Flooding Inundating Southeast Texas

  01-06-2016 18:58
  
  Residents of some rural southeast Texas counties braced for more flooding along a river that is expected to crest at a record level just two years after it had run dry in places because of drought. National Weather Service meteorologists …
  
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• Two Plead Guilty in Insurance Fraud Cases in Arkansas

  01-06-2016 18:52
  
  The Arkansas Insurance Department announced that two guilty pleas have been secured in relation to property theft and insurance fraud charges. The cases were handled by AID’s Criminal Investigation Division On May 17, Courtney Lawrence of Malvern pleaded guilty in …
  
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• 4th Suit Linking Illnesses to DuPont C8 Dumping Goes to Trial in Ohio

  01-06-2016 18:39
  
  One of more than 3,500 lawsuits alleging links between people’s illnesses and DuPont discharging C8 into drinking water and the Ohio River is headed to trial in federal court. The lawsuits are part of a multidistrict litigation set up in …
  
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• Midwest Risk Management Groups, Bearence and AERO, Form Partnership

  01-06-2016 18:35
  
  Bearence Management Group, based in Des Moines, Iowa, and AERO Risk Management, headquartered in Minneapolis, Minn., have formed a strategic partnership to provide clients of both firms with access to expanded risk management and insurance placement capabilities. In conjunction with the agreement, …
  
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• Yellock Joins Scottish American as Marketing Director in Dallas

  01-06-2016 18:26
  
  Managing general agent Scottish American has hired Johnnie O. Yellock II as marketing director in the company’s Dallas office. A Texas native, Yellock is a former Air Force staff sergeant. Both of his legs were seriously injured by an improvised …
  
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• Wisconsin Agents Group Honors Robertson Ryan Leaders

  01-06-2016 18:25
  
  At the 2016 Independent Insurance Agents of Wisconsin (IIAW) annual conference, several leaders at Robertson Ryan & Associates (RRA) were recognized for their insurance industry achievements. Jason Bott was recognized for his time on the IIAW Board of Directors with …
  
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• Near-normal hurricane season predicted by Colorado State team

  01-06-2016 18:12
  
  The U.S. coastline has a below-average chance of being struck by a major system, according to Colorado State University’s forecast.
  
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• Former Mass. Health Insurance Official Charged With Stealing $122K

  01-06-2016 17:50
  
  A former official at the Massachusetts Group Insurance Commission (GIC) has been indicted in connection with allegedly stealing more than $122,000 from the state agency. Ennio Manto, 52, of Braintree, Massachusetts, was indicted on May 27 by a grand jury …
  
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• IIABNY CEO Poppa Honored by Long Island Insurance Agents

  01-06-2016 17:29
  
  Richard Poppa, president and CEO of the Independent Insurance Agents & Brokers of New York (IIABNY), has received the Vincent A. Alba Lifetime Achievement Award from the Independent Insurance Agents & Brokers of Suffolk County (IIABSC). IIABSC presented the award …
  
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• Around the P&C insurance industry: June 1, 2016

  01-06-2016 17:15
  
  News from IMCA, Verisk, InVest and more.
  
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• Anbang Withdraws Application for New York Review of FGL Deal

  01-06-2016 17:12
  
  Anbang Insurance Group Co. withdrew its application to the New York Department of Financial Services to acquire Fidelity & Guaranty Life and plans to refile “in the near future,” according to a regulatory filing. The Chinese insurer, which agreed in …
  
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• 4 options to consider when adjusting HVAC hail claims

  01-06-2016 16:30
  
  Almost all hail-damaged HVAC systems can be repaired and returned to pre-loss condition.
  
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• 3 options to consider when adjusting HVAC hail claims

  01-06-2016 16:30
  
  Almost all hail-damaged HVAC systems can be repaired and returned to pre-loss condition.
  
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• Munich Re America Taps Stuhl for Broker Relations Senior VP Post

  01-06-2016 15:43
  
  Joe Stuhl has been named senior vice president and broker executive for Munich Reinsurance America’s (US) reinsurance division. Previously Stuhl was a client manager in the reinsurance division and oversaw some of the division’s broker relationships. Stuhl first joined Munich …
  
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• Reinsurance Rates Continued Stabilization Trend at June Renewal; Florida Down Just 3.1%: JLT

  01-06-2016 15:21
  
  Reinsurance rate declines continued to slow at the June 1 renewal, reaffirming a trend of gradual price stabilization that first emerged during last year’s June renewal season, according to reinsurance brokerage JLT Re. JLT Re’s index for Florida property catastrophe …
  
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• Atlantic, Gulf States, Metro Areas Ranked by Homes Exposed to Storm Surge: CoreLogic

  01-06-2016 14:48
  
  More than 6.8 million homes on the Atlantic and Gulf coasts are in danger of hurricane storm surge damage. The total cost for reconstruction of the homes located in 19 states and the District of Columbia is more than $1.5 …
  
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• SMEs Reap Benefits from Trade Credit Insurance as Economic Risks Rise: UK’s ABI

  01-06-2016 14:31
  
  Nearly £36 million ($52.6 million) was paid in insurance claims to small businesses last year, due to customer insolvency or late payment, according to figures released by the Association of British Insurers (ABI). With the Bank of England recently cutting …
  
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• Car-sharing, Auto insurance, and the role of telematics

  01-06-2016 14:00
  
  Questions and challenges the insurance industry will have to navigate as it finds ways to respond to the car-sharing and ride-hailing phenomenon.
  
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• 4 tips to sell Renters' insurance to millennials

  01-06-2016 13:45
  
  Young adults are most likely to rent their homes, but are least likely to purchase Renters' insurance coverage.
  
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• Munich Re to Spend $1.1B by 2020 to Restructure Primary Insurance Unit

  01-06-2016 13:35
  
  Munich Re, the world’s second-biggest reinsurer, plans to spend 1 billion euros ($1.1 billion) by 2020 restructuring operations at its loss-making primary insurance unit in Germany. The plan for ERGO’s German operations includes cutting 1,835 jobs, or about 13 percent …
  
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• Munich Re Plans to Spend $1.1B by 2020 to Restructure Primary Insurance Unit

  01-06-2016 13:35
  
  Munich Re, the world’s second-biggest reinsurer, plans to spend 1 billion euros ($1.1 billion) by 2020 restructuring operations at its loss-making primary insurance unit in Germany. The plan for ERGO’s German operations includes cutting 1,835 jobs, or about 13 percent …
  
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• 7 ways to create credibility and establish trust with prospects

  01-06-2016 13:00
  
  When prospects see that salespeople aren't putting on an act, it sends a powerful message that dispels doubt and attracts customers. It’s called trust.
  
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• Chipotle Serves Up Lessons for Restaurant Brokers, Insureds

  01-06-2016 12:50
  
  The Centers for Disease Control and Prevention (CDC) estimates that one-in-six Americans gets sick every year from contaminated food or beverages. Those in the restaurant industry cannot ignore the risks. The recent chain of events that roiled Chipotle Mexican Grill …
  
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• Chipotle Serves Up Lessons for Restaurant Brokers and Their Insureds

  01-06-2016 12:50
  
  The Centers for Disease Control and Prevention (CDC) estimates that one-in-six Americans gets sick every year from contaminated food or beverages. Those in the restaurant industry cannot ignore the risks. The recent chain of events that roiled Chipotle Mexican Grill …
  
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• Sompo Canopius Hires de Haldevang as Global Head of Specialty

  01-06-2016 10:28
  
  Sompo Canopius AG announced that Bernie de Haldevang is joining the group as global head of specialty. He will be responsible for further developing the group’s political risks lines and its accident & health and casualty lines, as it looks …
  
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• EU Members Should Run Stress Tests for Banks’ Cyber Risks: EU Banking Chief

  01-06-2016 10:14
  
  Domestic authorities in European Union member states should stress-test their financial institutions for cyber risks, a top EU supervisor said, saying banks might be required to hold extra capital as a buffer against what is an emerging threat. Speaking to Reuters in …
  
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• EU Guidelines Seek to Limit Crackdown on Uber, Airbnb

  01-06-2016 09:20
  
  European Union governments should not ban services like home-rental site Airbnb or ride-hailing app Uber except as a last resort, the EU says in new guidelines, seeking to rein in a crackdown on the “sharing economy.” In guidelines seen by …
  
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• Canada ‘Needs to Do More’ to Mitigate Climate Disasters Such as Wildfires, Flood

  01-06-2016 09:06
  
  The Canadian government needs to do more to mitigate climate disasters such as floods and wildfires, a top green watchdog said on Tuesday as the Alberta town of Fort McMurray struggled to recover from a huge inferno. Environment Commissioner Julie …
  
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• Tennessee Lawmaker’s Suggestion for Handling Traffic Tickets: Ignore, Burn Them

  01-06-2016 07:23
  
  A Republican Tennessee lawmaker says getting a traffic camera ticket isn’t a problem – he just burns them. State Rep. Andy Holt set such ticket ablaze on May 26 and posted the video to Facebook. A news release issued in …
  
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• Alabama Jury Awards $5.5 million to Family of Man Killed in Crane Accident

  01-06-2016 07:12
  
  A west Alabama jury has awarded $5.5 million to relatives of a man who died when a crane toppled over in 2012. The Tuscaloosa News reports that jurors in Hale County returned the verdict May 17 in the death of …
  
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• Risk Strategies Establishes Florida Footprint With Acquisition of Atlass Insurance

  01-06-2016 07:00
  
  Risk Strategies Company, a privately held, national insurance brokerage and risk management firm, has acquired Florida-Based Atlass Insurance Group, significantly adding to the resources of its Private Client practice. Founded in 1981, Atlass Insurance is an insurance brokerage and risk …
  
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• GOES-R Satellite Promises Less Art, More Science in Storm Forecasting

  01-06-2016 07:00
  
  For forecasters trying to better pinpoint the havoc of storms, the future begins next year. That’s when the test phase for the new GOES-R satellite should be complete, providing the  National Weather Service with an improved tool to track lightning, …
  
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• Why Agencies Should Focus on E-mail

  01-06-2016 06:00
  We’ve all heard claims that e-mail is dying and that the next social media platform—whether it is Facebook, Twitter, Google+, LinkedIn, Instagram, Pinterest or Snapchat—is the new silver bullet for marketers.
  
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• Tap into your 5 senses

  01-06-2016 06:00
  
  Use sight, hearing, smell, touch and taste for sales success
  
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• Profiling insurance pros under 40: Lisa Lemanski

  01-06-2016 06:00
  
  The IIABA's Outstanding Young Agent of the Year is an active member of the Young Agents Council of the Michigan Association of Insurance Agents
  
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• Odd couple: Adjusters and agents

  01-06-2016 06:00
  
  Coexist peacefully with a process to resolve claims disputes
  
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• Maximizing your agency M&A values

  01-06-2016 06:00
  
  In the midst of the recent record-setting merger-and-acquisition activity among insurance agents and brokers, you may have pondered: Should we consider selling the firm, and if so, how can we best prepare to maximize our valuation?
  
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• Match your marketing goals with the correct technology

  01-06-2016 06:00
  
  Planning your marketing strategy is an essential process in any agency's success, but pairing the right technology tools to that strategy is successful execution.
  
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• Is Your Workers’ Comp Program Award-Worthy?

  01-06-2016 06:00
  
  Are you particularly proud of your organization's workers’ comp program?
  
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• Infographic: The highs and lows of Commercial Auto's combined ratio

  01-06-2016 06:00
  
  In Commercial Auto, the shift toward a harder market has been a long time coming.
  
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• How long will congressional action be generally favorable for independent insurance agents?

  01-06-2016 06:00
  
  Threats to state regulation loom from U.S. and EU governments
  
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