BusinessWeek - American Family Mutual Insurance Co. on Friday was ordered to pay $17 million as part of a class-action lawsuit over aftermarket vehicle parts in Missouri. Following a 3 1/2-week trial, a Jackson County jury determined American Family wrongly paid auto damage claims based on the use of non-original replacement parts.
Monday, March 12, 2007
USA Today - Florida homeowners could see property insurance rates cut by as much as 40% under a plan finalized Sunday by lawmakers hoping to reverse hurricane-fueled increases many residents say have threatened to price them out of their homes. Lawmakers said the wide-ranging proposal they’ll vote on Monday is expected to provide savings of up to 20% for many of the coastal customers of Citizens Property Insurance Corp., the state-created company that has become Florida’s largest property insurer.
Monday, January 22, 2007
Insurance Journal - With elevated hurricane activity predicted over the next 15 to 20 years, insurers took advantage of last year`s respite to fix the roof while the sun was shining, setting aside billions to bolster the industry’s claims-paying capacity, according to the Insurance Information Institute. At the same time, insurers are lowering rates for most drivers, as well as many businesses and homeowners, with exceptions in coastal communities.
Tuesday, January 09, 2007
Insurance Journal - The rate and number of drunken-driving deaths declined in 2005 according to the National Highway Traffic Safety Administration (NHTSA). While 23 states and Puerto Rico saw a decrease in the fatality rate for crashes involving drunken drivers, the death rate increased in 21 other states and the District of Columbia.
Wednesday, December 27, 2006
Claims Magazine - The Ninth U.S. Circuit Court of Appeals in San Francisco recently ruled that claim adjusters are not eligible to receive overtime pay for work done during their daily routines. They stated that "insurance adjusters generally meet the duties and requirements for an administrative exemption."
Friday, November 10, 2006
Insurers To Pay Homeowners And Businesses An Estimated $3.7 Billion In Second Quarter Catastrophe Claims
National Association Of Mutual Insurance Companies - According to ISO’s Property Claim Services (PCS) unit, property/casualty insurers are expected to pay homeowners, businesses and auto owners an estimated $3.7 billion in catastrophe claims for the second quarter of the 2006 year. At $6.2 billion, the second quarter of 2001 posted the greatest amount paid for catastrophe driven property losses in the last 10 years while this year’s second quarter ranks fourth highest in insured catastrophe claim payments for a second quarter over the past 10 years and brings total estimated catastrophe payments for the first half to $5.2 billion.
Wednesday, July 26, 2006
National Association Of Mutual Insurance Companies - The list of Wards 50 top performing insurance companies was released July 18 by Ward Group, an operational consulting firm and leading provider of benchmarking and best practices services to the insurance industry. Annually, Ward Group analyzes the financial performance of more than 3,000 property/casualty insurance companies domiciled in the United States and identifies the top performers. The Wards 50 property/casualty insurance companies produced a 14.1 percent return on average equity from 2001 to 2005 compared to 6.3 percent for the property/casualty industry overall.
Thursday, July 20, 2006
National Association Of Mutual Insurance Companies - Ohio insurance consumers continued to benefit from a healthy property/casualty market in 2005 and rates are not expected to change significantly in 2006. Homeowners insurance rates offered by the state’s top ten insurers rose less than one percent in 2005 while automobile insurance rates decreased 1.6 percent. Department statistics indicate that homeowners insurance rates across the state rose 2.2 percent in 2004, following increases of 9.9 percent in 2003 and 18.1 percent in 2002. In 2005, rates rose only 0.3 percent statewide. State Farm, Ohio’s largest home insurer with 22.4 percent of the market, dropped its rates 2.5 percent in 2005.
Friday, February 24, 2006
Insurance Journal - Allstate Corp., the nations second-biggest auto and homeowners insurer after Bloomington-based State Farm Insurance Cos., will be offering a voluntary termination program to employees in its corporate office as a way to cut expenses. Spokesman Mike Trevino said that he didnt know exactly how many will take it, but that he expects the workforce in the home office complex to be reduced by about 10 percent, or 600 to 700 workers. The job cuts are one of several moves that Allstate is making to get its expenses more in line those of competitors, including those who advertise more heavily on television.
Friday, January 27, 2006
Insurance Journal - Four days after Hurricane Wilma crossed southwest Florida and tore into South Florida, insurance agents told Insurance Journal they had not encountered the onslaught of claims they expected, but since a large percentage of the hurricane-stricken area was without electricity, expect claims to increase as policyholders’ power was returned. Many agents in Dade and Broward counties have also been without electricity for a week now, are having problems receiving calls, and Florida Power and Light says power will not be returned to some areas until Nov. 21.
Monday, October 31, 2005