Insurance News Net

Florida Insurance Law

2007-02-08T02:24:00.000-08:00

Florida escaped last year's hurricane season without any devastating storms. But upheaval in its insurance system is intensifying, fueling a debate about the role of free markets in a turbulent industry. Florida's Legislature and its Republican governor last month approved legislation that would make the state a bigger player in the market for catastrophe coverage. The new law gives a state-created insurer wider latitude to compete with private insurers like Allstate Corp. and State Farm Insurance Cos. in selling homeowners insurance. The state also is expanding its hurricane fund into a $35 billion giant that will compete with companies like ... .

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UNIC Insurance raises volume through public offer

2007-02-06T02:27:00.000-08:00

Following the conclusion of its public offering, UNIC Insurance Plc has added a total of 1.79 billion units of shares to the units of shares outstanding in the name of the company. The insurance company at the close of transaction in the preceding week traded 12.9 million units of shares valued at N25.5 million in 261 deals to lead the insurance sub-sector chart of the Exchange. The sub-sector chart company was followed by Cornerstone Insurance Company Plc with 5.7 million units of shares valued at N5.6 million in 83 deals, while ALLCO Insurance Plc traded 3.08 million units of shares valued at N6.7 million in 80 deals. The Insurance sub-sector had ACEN Insurance PLC, Lasaco Assurance Plc, Law Union and Rock insurance Plc, Standard Alliance Insurance Plc, Sovereign Trust Insurance Plc, Mutual Benefits Assurance Plc, Prestige Assurance Company Plc, Royal Exchange Assurance Plc, Niger Insurance Company Plc, Crusader Insurance Plc, ALLCO Insurance Plc, Cornerstone Insurance Company Plc, WAPIC Insurance Plc, UNIC Insurance Plc, contributing to the sub-sector total of 29.8 million units of shares valued at N62.22 million in 746 deals.

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Lawmakers Eye Child Insurance Program

2007-02-02T02:25:00.000-08:00

WASHINGTON - Congress probably will take its time in considering President Bush's plan for expanding health insurance coverage. Lawmakers, however, are moving more quickly to renew a program that now provides coverage to 6 million people, mostly children.The State Children's Health Insurance Program expires Sept. 30. Democrats and Republicans say they want to swiftly reauthorize the program."There is no greater priority for the Finance Committee in the health arena this year," said Sen. Max Baucus, the committee's new chairman. "It's No. 1."When Congress approved the program in 1997, it provided $40 billion over 10 years. States use the money, along with their own dollars, to subsidize health coverage for families with incomes too high to qualify for Medicaid but too low to afford insurance through the private sector.

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Insurance law far from cure

2007-01-31T02:28:00.000-08:00

Nine months has been time enough to give birth to a new state bureaucracy but not nearly long enough to deliver affordable healthcare to the uninsured in Massachusetts. The law -- passed with such fanfare last April in an attempt to bring reasonably priced, comprehensive healthcare to the approximately 500,000 people in Massachusetts who are uninsured -- is experiencing the labor pains critics long predicted. The Commonwealth Health Insurance Connector Authority is up and running with a 22-person staff earning an average salary of $111,000 a year, compensation sizably heftier than the wages of the uninsured facing monthly premiums for an individual of $380 for the most basic "affordable" plans being considered by the new quasi-independent state agency. That is almost twice what Mitt Romney predicted the plans would cost before he set off on his delusional bid for the presidency, touting universal healthcare as the capstone of his career.

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Michael Peltier: Insurance reform brings choices, risks

2007-01-29T02:27:00.000-08:00

Following a bill signing that included Gov. Crist throwing blue Sharpie pens to supporters, homeowners will soon be given more choices and more responsibility for the choices they make. By Michael Peltier (Contact) Monday, January 29, 2007 TALLAHASSEE — Florida lawmakers last week voted to give consumers more chances to save money when it comes to property insurance, but such freedoms come with a cost: more risk. .

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Citizens Property Insurance Settles Lawsuit Alleging Bribes To ...

2007-01-23T02:29:00.000-08:00

Jan. 20--TALLAHASSEE -- A Texas lawsuit that spawned a federal investigation into Citizens Property Insurance Corp. in the wake of the 2004 hurricanes has been settled by Citizens for just under $1 million. Universal Risk Insurance Services of Houston, an adjuster hired to work 2004 claims, has received $950,000 from Citizens in exchange for dropping its lawsuit, which claimed the company was unjustly fired from its contract. The Houston firm sought up to $3.6 million in lost, past and future profits. Universal's 2005 lawsuit included explosive allegations that the Citizens executive who hired Universal took bribes, including a boutique motorcycle, in exchange for doling out Citizens' adjusting work to other companies. Universal president Joe LeBrun contended he was cut out of Citizens work when he refused to give kickbacks to Citizens' then-chief operating officer, R.

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Should 'returnees' pay more for motor insurance in JA?

2007-01-21T02:29:00.000-08:00

Question: I am a US-based Jamaican. I have been driving here for the past 12 years. I have never had an insurance claim. Except for a few minor traffic violations, I have a relatively clean driving record. As a result, I benefit from premium discounts each time my policy is renewed. I have never had a motor policy in Jamaica even though I drive whenever I visit. I am planning to return home to live in a couple years' time. Since I have had no local driving /insurance history would I benefit from policy discounts that local insurers offer? Would my safe driving experience in the U.S. be considered or, would I be treated like a "new" driver? Assuming that my insurance/driving record in the U.S. was relevant, what information would I need to obtain from my US insurer and for what period? - K.S., USA.

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Coalition Formed to Help Those Without Health Insurance

2007-01-19T02:33:00.000-08:00

A coalition of some of the most influential groups in the country has laid aside politics agreeing on a proposal to take care of at least half of America's 47-milllion uninsured. The announcement was made today with recommendations now going before Congress. For the first time, the sixteen national organizations that have debated health care policy for the past thirty years--wearing many stripes--have now unified. In fact, they're calling themselves the "Health Coverage Coalition for the Uninsured." While most of us get health care almost routinely on a daily basis - 47 million in this country DON'T! In fact, even when sick, they won't see a doctor because they can't pay the bill. Jeremy Lazarus, American Medical Association: "The institute of medicine tells us that 18-thousand Americans die every year because they don't have access to health coverage.

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Insurance reform comes with perks for industry

2007-01-17T02:36:00.000-08:00

TALLAHASSEE -- Behind all the talk of getting tough with insurance companies, this week's special session includes plums for the unpopular industry.In addition to increased protection from paying hurricane losses, they include a gutting of sinkhole coverage, and protections for surplus-lines insurers that cover second homes at unregulated prices."There are some things in there, but you're getting into the weeds," said House Democratic Leader Dan Gelber, D-Miami Beach. "The difference is this year there are very small plums hidden in a bill that, by and large, is a consumer-friendly bill."Insurance lobbyists disagree that the industry stands to gain from anything offered in the special session on insurance."Name one thing good for the industry," said Gerald Wester, a former insurance regulator who now lobbies on behalf of insurance companies.Bills in the House and Senate would limit standard homeowners' policy protection to only the most catastrophic sinkhole collapses, requiring homes to be declared uninhabitable or the subterranean collapse to be visible from above ground before consumers could collect damages.Homeowners who want protection for less-disastrous settling would have to pay more."I see it as for the consumer, they will have a choice," said Sen.

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Ruling kindles insurance anxiety

2007-01-15T02:36:00.000-08:00

GULFPORT - A federal court ruling last week in Mississippi has insurers rethinking business in coastal markets because of the difficulty in separating wind and water damage. U.S. District Judge L.T. Senter Jr. told State Farm Fire and Casualty Co. what policyholders and Mississippi Insurance Commissioner George Dale have said for the last 16 months: Insurers must cover wind damage from hurricanes unless they can prove the excluded peril of storm surge caused the loss. Senter's ruling, which State Farm has said it may appeal, emphasizes the necessity for insurers to separate wind and water damage in hurricanes, something even they concede is tough. "I would state it would be extremely difficult, when a home is sitting on the water and is washed away, as the homes were down there, that it is very difficult - I don't care if you're a structural engineer or a trained claims rep - to solve that issue," Robert L.

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Legislators under pressure to lower spiraling insurance rates

2007-01-13T02:27:00.000-08:00

Florida's insurance crisis takes center stage in Tallahassee starting Tuesday, when legislators convene for a special session devoted solely to the state's property insurance mess and how to get out of it. The pressure is on. Voters were clear in November they want an end to the state's insurance problems, brought on after the 2004 and 2005 hurricane seasons that caused $35.9 billion in insured losses. Homeowner premiums have skyrocketed, and options for coverage are few. .

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House speaker might have a key to insurance puzzle

2007-01-11T02:28:00.000-08:00

Florida Speaker of the House Marco Rubio, R-Miami, has a plan that could shine substantial light on the state's insurance crisis, and help the Legislature do what needs to be done -- cut premiums.We urge Gov. Charlie Crist and other legislative leaders to back him up.The Tampa Tribune recently reported that some experts are questioning the validity of the risk models insurance companies are using to justify some of the huge rate increases being pushed on Florida residents.What is compelling: The doubters include consultants who helped create one of the new models.Rubio wants insurance companies to let the state look at their models and evaluate the underlying assumptions and methodology.If they won't do it voluntarily, Rubio is talking about issuing subpoenas.He should.There are concerns when government asks private companies to share what could be considered trade secrets.

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Katrina Insurance Trial to Begin

2007-01-09T02:43:00.000-08:00

GULFPORT, Miss. - Even as the Mississippi attorney general negotiates a potential settlement with State Farm Fire & Casualty Co., an eight-person jury will begin hearing opening statements Tuesday in one of hundreds of insurance lawsuits filed by policyholders after Hurricane Katrina.By seating the jury of four women and four men to hear the lawsuit brought against State Farm by Norman and Genevieve Broussard, U.S. District Judge L.T. Senter Jr. rejected the insurer's bid to move the proceedings to Oxford, Miss., 300 miles from the Gulf Coast.In court papers filed earlier, State Farm claimed it could not receive a fair trial in south Mississippi because the jury pool has been tainted by "media propaganda" about the insurance industry's handling of claims after Katrina. Lawyers for the Broussards have argued that State Farm hasn't met the legal burden for showing that the case must be moved.A second eight-person panel also was selected Monday for a second Katrina-related lawsuit involving State Farm that is scheduled for trial here later this month.

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First up: Fixing insurance

2007-01-07T02:33:00.000-08:00

TALLAHASSEE -- The campaign trail is about to meet legislative reality as Gov. Charlie Crist tackles the state's insurance crisis just two weeks into his job."This is going to be hard," Gov. Jeb Bush warned in his last days in office.Bush held out little hope that the special legislative session set to start on Jan. 16 will provide solutions."There is no special session that can help," he said.Crist has not yet offered specific legislation. His proposals are expected to be presented to lawmakers this week.Former Senate President Tom Lee isn't any more optimistic than Bush. Lee beat Johnson in the Republican primary for chief financial officer but lost in the general election to Democrat Alex Sink."There isn't much you can do to increase the attractiveness of Florida to the national insurance companies, regardless of what the Legislature does," Lee said.Bush said Florida's insurance challenge is the product of decades of high-density growth in high-risk areas by people on fixed incomes."The big problem in our state is a large number of people who organized their lives around a cost structure of X," Bush said.

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GOP blocks insurance bailout

2007-01-03T02:38:00.000-08:00

JACKSON - A proposal to pump $30 million into the wind pool to help reduce post-Katrina insurance premiums failed in the House on Tuesday, the first day of the 2007 legislative session, in a vote that broke mainly along partisan lines even among Coast lawmakers. But the bill did receive a majority vote, 74-40, and could easily be passed by the House today, as it would not need the two-thirds majority required to pass it on the same day it came out of committee. Meanwhile, a group of Coast business leaders on Tuesday was putting on a full-court press lobbying effort at the Capitol, urging lawmakers to quickly help solve the Coast's insurance crisis, which threatens to stifle recovery. The insurance bill got tangled in the House partisanship surrounding seven other bills, including education funding, brought to the floor Tuesday by Democratic House leaders.

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INSURANCE: Allstate pays $18 million to settle with New York

2006-12-30T02:32:00.000-08:00

Allstate Corp. will pay more than $18 million to settle a probe by New York authorities who said a life insurance unit failed to tell customers about the risks of replacing policies. About 6,500 current and former customers will get roughly $17 million in restitution, New York Insurance Superintendent Howard Mills said Friday in a statement. Allstate, the largest publicly traded home and auto insurer in the U.S., will also pay a $1.25 million fine. .

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Farmers Insurance requests rate reduction

2006-12-28T02:34:00.000-08:00

State Insurance Commissioner John Garamendi said that Farmers Insurance has asked for an 18 percent overall reduction in homeowners' insurance rates for California policyholders. The $171 million in proposed rate decreases by the state's No. 2 homeowners' insurer will affect nearly 1 million owners and renters. The decreases will likely take effect in June. .

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Parting with life insurance early

2006-12-17T02:33:00.000-08:00

Marvin Margolis, an 80-year-old Manhattan financial consultant, is looking for investors willing to bet on when he will die. Two years ago, Margolis bought a large life insurance policy. Now, he's considering selling it to a group of investors, a deal that should give him as much as $2 million to enjoy in his final years. In return, the investors will get the policy's $7 million payout when he dies which they hope will be soon, so they can stop paying his premiums. "This is a wonderful opportunity to use my body as an asset," Margolis said. "I deserve to be able to benefit in some way from my age." Trading in life insurance policies held by wealthy seniors has quietly become a big business. Hedge funds, financial institutions such as Credit Suisse and Deutsche Bank, and investors including Warren Buffett are spending billions to buy life insurance policies from the elderly.

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Selective Insurance Group Announces Officer Appointments

2006-12-15T02:32:00.000-08:00

BRANCHVILLE, N.J., Dec. 14 /PRNewswire-FirstCall/ -- Selective Insurance Group, Inc. announced the following appointments by its subsidiary, Selective Insurance Company of America ("Selective") Jacqueline Alvino (Sussex, NJ), to assistant vice president and tax accounting manager for Selective Insurance Company of America. Ms. Alvino joined Selective in 1998 as a tax analyst. She holds a Bachelor of Science degree in accounting from Seton Hall University in South Orange, NJ and a Master of Science degree in taxation from Fairleigh Dickinson University in Madison, NJ. Ms. Alvino is a member of the NJ Society of CPAs. Michael Bucko (Schnecksville, PA), to assistant vice president, underwriting manager for Selective Insurance Company of America's Mid-Atlantic Region.

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'Ensure home insurance covers empty houses'

2006-12-13T02:36:00.000-08:00

Householders planning to leave their homes unoccupied this Christmas face the theft of £1.6 billion worth of festive presents, according to one home insurance provider.More than 11 million Britons will spend at least one night away from home between Christmas and new year, with almost half leaving behind presents worth an average £285, Direct Line Home Insurance states.Among the findings from the home insurance provider is that 25 per cent of homeowners feel that their properties are more vulnerable during the festive season than at any other time of the year, with 13 per cent saying they felt they would fall victim to crime.The home insurance company's head, Andrew Lowe, said: "Statistics show that there is usually a rise in domestic crime at this time of year and with Christmas being such a busy time it is easy to forget to take extra measures to secure the home."He added that consumers should protect their property with enhanced security and ensure their home insurance policies are up-to-date.Consumers are 13 per cent more likely to be victims of burglary during December than any other month in the year, according to statistics from More Than which were reported in Easier.Kwik-Fit Insurance increases your home insurance cover by 10 per cent during November and December to make sure Christmas presents are insured.

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Long-Term Care Insurance Is Worth A Look, Especially For Middle ...

2006-12-09T02:35:00.000-08:00

As baby boomers turn 60, the question of whether to buy long term care insurance becomes more real, but it's not always easy to wade through the sales pitches and numbers to make an educated decision. Cynthia Saunders, an assistant professor in the University of Maryland department of health care administration and an expert in health insurance, offers some things for people to consider in making the decision about long term care insurance. Saunders decided to purchase long term care insurance when she was 40. What is long term care? Long term care provides benefits when you are unable to do a certain number of activities of daily living, such as dressing, walking and eating, or when you are cognitively impaired. Long term care provides a mix of supportive and medical services, and can be delivered in a variety of places, including a skilled nurse facility, assisted living facility, adult day care center, and/or home.

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Warning On Firm's Insurance Selling Tactics

2006-12-07T02:37:00.000-08:00

People in the Isle of Man are being warned about bullying tactics used by a company selling satellite system insurance over the telephone. A number of residents have contacted the Officer of Fair Trading (OFT) about intimidating tactics used by the firm. Customers say they are being pressured into giving their financial details to sign up for the insurance which, in many cases, they might not need. Anyone who thinks they need extra cover should get other quotes, the OFT said. The off-island company is trying to sell insurance that covers repairs after the manufacturer's guarantee ends. OFT Chairman Quintin Gill said costumer should check they actually need extra insurance before deciding whether to buy cover. "Don't be pushed into something until you've had a chance to think it through and be very wary of supplying your financial details over the phone to companies that cause you any concern whatsoever," said Mr Gill.

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State can't fix insurance by the book

2006-12-03T02:32:00.000-08:00

Floridians who want relief from insurance costs will find little to be hopeful about when reading the agenda for the new state House speaker and the two men who are scheduled to follow him. Reps. Marco Rubio, Ray Sansom and Dean Cannon went around the state holding "idea-raisers," sessions at which they asked Floridians for suggestions. Out of these gatherings came 100 Innovative Ideas for Florida's Future. The title gives away the plot, even if not all the ideas are innovative. Having the loser in a civil lawsuit pay the winner's legal fees, for example, has been debated for years. .

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Our Views: Reject rebate for insurance

2006-11-27T02:41:00.000-08:00

In an election-year rush, legislators and Gov. Kathleen Blanco are preparing to send state checks to homeowners facing rising insurance premium costs because of the effects of hurricanes Katrina and Rita. It’s not just a bad idea, but an immature one. The mature message state leaders should be sending: Louisiana has to work its way through the catastrophic losses. It’s not just a matter of working through the task of repairing damaged homes and businesses. Working through this includes paying higher utility bills over time to repair the lines and poles that were downed by the hurricanes. And for homeowners, the costs are going to include some insurance surcharges to pay off, over time, the costs of the huge insured damages from the hurricanes.

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Fix insurance crisis

2006-11-25T02:34:00.000-08:00

At a recent town hall meeting in Palmetto Bay, a state legislator told an overflow crowd that Tallahassee has received the message and that the special session in December will address the property-insurance crisis. We were told that a number of actions would be considered to relieve the skyrocketing insurance premiums, which for some people exceed $10,000. I said that the Tallahassee circus must stop and that legislators must start to match their actions with their words to regain any credibility. The response was that Tallahassee considers the crisis its ``Iraq.'' Just a few days later, The Miami Herald reported that the special session will either be canceled or delayed and that the 2006 Legislature, in its final days, passed a measure allowing Citizens Property Insurance to double rates, starting with a 50-percent premium increase effective in January.

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Buffett's insurance company hit by £1.2m fine

2006-11-23T02:28:00.000-08:00

An insurance company owned by the investment guru Warren Buffett has received one of the largest fines levied by the Financial Services Authority for lapses in its management that ultimately allowed a client to manipulate its tax bill. The City regulator fined General Reinsurance UK Limited (GenRe) £1.225m for arranging two improper transactions. The fine would have been £1.75m if the insurer had not reported the problem and then cooperated with the inquiry. .

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Life Insurance Explained

2006-11-21T02:30:00.000-08:00

In the world today money is the most essential necessity of an individual's life. It is almost impossible to dwell without money. This is why a person tries to earn maximum possible during his lifetime to provide a decent living to himself and his family. But what if the sole earning member in a family dies? Who will provide financial aid to his family and how? Though there are quite a few answers to it such as will, leaving a legacy behind etc. But the best and foremost option meant for the high as well as the low is a life insurance policy. A life insurance policy as the name suggests not just insures your life but is also the smartest and the most far-sighted way to secure life of those whom you love. .

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USA Lacks Medical Insurance for Latinos

2006-11-19T02:28:00.000-08:00

Washington, Nov 18 (Prensa Latina) Latin American people are still today the ethnic group with lower medical-insurance rate in the United States, a survey by La Opinion daily revealed. The poll by the newspaper also found significant differences regarding health insurance among groups with different nationalities, with greater loss of the hedge for Hispanic people. The daily said the Mexicans, the largest Latin American community in this country, have the largest proportion of people without public or private health insurance all around the nation. Over a third of the Mexicans (35.6 percent) does not have a hedge, compared to a fourth of the Dominicans (25.3 percent). According to La Opinion, this contrast is a consequence of the existence of many more Mexicans without legal papers, and who do jobs without private hedge in the United States.

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Insurance company donates money to museum

2006-11-17T02:32:00.000-08:00

Bloomington-based Country Insurance and Financial Services pledged $1 million to the Illinois High School Association wing of the museum. The gift will put the company's name on that wing, which will include a hall of fame section and interactive displays. The IHSA and Country Insurance have had a 30-year partnership, and both say the money will benefit the community. "I think it's a recognition of how sports and activities play an important part in our culture in Illinois," IHSA director Marty Hickman said. "(It gives) a chance to recognize kids for their achievements even further." Country Insurance and Financial Services CEO John Blackburn said it is more than just a donation. "It's a chance for us to give back to the communities that have build Country over the years," Blackburn said.

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Cheap travel insurance can prove false economy

2006-11-15T02:32:00.000-08:00

Taking out cheap travel insurance can end up costing consumers dearly, especially if they are heading out to the slopes this winter. New figures from the Post Office show one travel insurance claim in three is for medical expenses for people heading out on winter sports breaks. And those falling ill or being injured abroad can face hefty bills. "The costs for medical treatment in ski resorts can be very high," said Kevin McAdam, head of travel and leisure at the Post Office. "For example, inpatient treatment with surgery can cost up to £50,000 in the USA." And it is not just the cover levels that are the problem, with cheap policies often not including needed extras, such as helicopter recovery from the slopes. If consumers simply go for the cheapest travel insurance policy on the market they could discover their claim is rejected and they are left with a hefty bill.

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OneBeacon Insurance Group shares rise 4 percent in trading debut

2006-11-09T17:43:00.000-08:00

WASHINGTON Shares of OneBeacon Insurance Group jump four percent during the property and casualty insurer's trading debut on the New York Stock Exchange. The Boston-based company sold 24 (m) million shares of its Class A shares at the midpoint of its expected price range. OneBeacon's A shares were sold to the public by its parent, White Mountains Insurance Group Limited, which retains an 80 percent equity stake and 98 percent of the voting control of the company. Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. .

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The History and Principles of Insurance

2006-11-09T03:04:00.000-08:00

Insurance as we understand it now might be associated to the Huge Fire of London, which in 1666 devoured 13,200 houses. Fallowing this disaster Nicholas Barbon opened an office to insure buildings. In 1680 he established England's first fire insurance company, "The Fire Office", to insure brick and frame homes. The first insurance firm in the United States provided cover against fire was founded in Charles Town (nowadays Charleston), South Carolina, in 1732. In 1752, Benjamin Franklin formed the Philadelphia Partnership for the Insurance of Houses from Loss by Fire. They refused to insure certain homes where the risk of fire was too Great, such as all wooden houses. .

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Your views: Insurance costs have become unbearable

2006-11-05T02:26:00.000-08:00

Last year, they increased my homeowners policy 77 percent. My dwelling is not considered to be in a flood area, yet they propose to double that rate. The New York Times ran an article Oct. 16 that stated Allstate Insurance Co., the parent company, reported an annual profit of $1.8 billion in 2005 and in 2006 expects nearly $5 billion. How can Allstate Floridian justify an increase in premiums when its parent company shares its deficits or profits? Second, Allstate Floridian does not allow insurance holders to cancel the hurricane portion of their homeowners policy, unless the residence is within 1,000 feet of the ocean. Even if the mortage is paid off. The state approved this. I am able to cancel the comprehensive portion of my automobile insurance, why not the hurricane portion of my homeowner's policy? Something is rotten in Florida.

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Comprehensive bill on insurance sector in Winter Session: FM

2006-11-03T02:57:00.000-08:00

Hyderabad, Nov 03: A comprehensive bill on insurance sector is likely to be introduced in the Winter Session of Parliament, Union Finance Minister P Chidambaram said today. "We are in the process of drafting a consolidated legislation after re-visiting many old laws (pertaining to insurance). Hopefully, it will be introduced in the winter session," he said after launching two new policies of the National Insurance Company Ltd here. The new law was bound to "stir up" a debate, he said, adding "there is nothing wrong in debating. But it must come to an end and we must move along with the rest of the world." He said it was important for the country to reform the critical sector. Insurance penetration in the society was pathetically low with the total premium collected by all the companies, both government and private, standing at Rs 18,000 crore last year, accounting for a mere 0.5 per cent of the GDP, he added.

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Taxi insurance broker is snapped up by Swinton

2006-10-30T02:40:00.000-08:00

AN INSURANCE broker based in Liverpool, Widnes and Wirral has been acquired by industry giant Swinton for an undisclosed sum. Graysons Insurance Consultants specialises in insurance for taxis and private hire vehicles and has been in existence for 20 years. Swinton, the UK's largest high street insurance chain, claimed the deal demonstrated its commitment to the specialist broker sector as well as continuing its growth strategy. It added that it will utilise Graysons' 20-year heritage of taxi insurance brokering to offer its customers highly competitive rates, along with tailored policies. Neil Ackinclose, head of Swinton Taxis, said: "This is a great acquisition, giving us access to a specialist insurer for this local market, allowing us to offer very competitive rates.

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Churchill Insurance warns of firework 'peril'

2006-10-24T03:20:00.000-07:00

Bonfire night is proving to be a very costly time for insurers as over a million homes in the UK are damaged by fireworks says Churchill Insurance. Allied to this, almost a million people have caused damage to a neighbour's property due to fireworks going astray and 1.77 million homeowners have suffered an injury or a loved one has suffered an injury at the hands of a firework, on or around November 5th. Churchill Insurance found that people are most afraid of individuals misusing fireworks in the street, with 60 per cent citing this as their biggest fear. Three quarters of those surveyed expressed the opinion that fireworks should only be handled by people with a licence to do so. Martin Scott, head of home insurance at Churchill, stated: "Personal safety and the potential for damage to property are clearly major issues for homeowners hosting parties on Bonfire Night.

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E-air travel insurance hits market

2006-10-23T07:16:00.000-07:00

Electronic air travel insurance policies are expected to take the place of traditional paper policies and be sold together with electronic air tickets. The E-policy has been launched by Air Union Insurance Brokers Co Ltd, Tianqin Insurance Brokers (Beijing) Co and International Air Transport Association in cooperation with over 20 domestic insurance companies. E-ticket buyers can make their own choices in insurance companies. It is noticeable that two of the initiators are professional insurance broker companies. Air Union Insurance Brokers was jointly established by 13 large State-owned enterprises such as China Airlines, China Southern Airlines and China Eastern Airlines in August 2004 and ranked among the top six insurance brokers nationwide by commission income in 2005. Tianqin (Beijing) is also a nationwide insurance broker founded in March 2004.

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Insurance: What's Covered, What's Not After Storm

2006-10-23T07:15:00.000-07:00

Buffalo, NY (WBEN) - Now that most power has been restored, insurance claims will be pouring into offices around Western New York as homeowners try to recover from losses of trees, dented cars and basement flooding. Ron Papa, the President and CEO of National Fire Adjusters tells WBEN in the case of trees, generally, any damage they caused by falling, such as breakage to a fence or dings in a car, should be covered, while the tree itself would not. To hear Papa's extensive interview on Buffalo's Early News Monday morning, click on the audio link above. .

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Auto insurance cos shift gear

2006-10-23T07:14:00.001-07:00

Low auto premium rates combined with attention-grabbing ads with talking geckos, Fabio or shocking crashes presided over by somber actors may sell auto insurance, but its taking a lot more to keep those customers. As competition among auto insurance companies heats up, more companies are competing on high-tech and highly personal customer care to keep the business. Progressive is offering concierge claims service at its new service centre, a process that cuts the customers time involved in the repair process to 15 minutes. .

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Insurance, Dolphins in Coke final

2006-10-23T07:14:00.000-07:00

The final of the 2006 Coca-Cola FA Cup will be between Insurance of Benin and Dolphins of Port Harcourt after both Premier League clubs won their respective semi-finals on Sunday. Insurance stopped Kaduna United 2-1. 'The Benin Arsenal' went in front after only four minutes through Ambrose Daniel before Kaduna United drew level from the penalty spot in the 43rd minutes courtesy of Aminu Bashir. Former youth international Jacob Aikhonbare, who was the team's leading scorer in the league with seven goals, grabbed the winning goal in the second half. In the other semifinal played in Jos, Victor Ezeji's 75th minute effort was all Dolphins needed to cruise past hard-fighting Niger Tornadoes. .

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Group insurance scheme launched

2006-10-23T07:13:00.000-07:00

Puducherry: The department of Police here has launched "Puducherry Police Savings Linked Group Insurance Scheme" on the occasion of the Police Commemoration Day here on Saturday. It came into force with immediate effect. Inspector General of Police Kishan Kumar handed over to the Senior Divisional Manager of LIC of India (Vellore Division) a cheque for Rs.1 lakh as a token payment of premium. Puducherry Police Welfare Society will operate the scheme and each policeman will have to pay Rs.100 every month. When the policeman died while in service, the bereaved family will be paid Rs. 1 lakh and 65 per cent of premium with an eight per cent compound interest. In the event of retirement, 65 per cent of the premium paid by the individual will be returned at an eight per cent compound interest.

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AN OFFER FROM NATIONAL INSURANCE COMPANY

2006-10-23T07:11:00.001-07:00

Buy a third party motor insurance from National Insurance Company and win a return air ticket to Johannesburg plus more prizes ! The Uganda National Insurance Company (NIC) has put up an offer between the 1st of October 2006 to 31st March 2007 whereby a person automatically enters a draw after purchasing a third party motor insurance. The lucky winner will get a return air ticket to Johannesburg and the rest will win other precious prizes.Get your insurance from NIC Head office & branches nationwide or Simba Telecom outlet. Don't miss this chance. By Kisaakye Irene Uwase This entry was posted on Monday, October 23rd, 2006 @ 12:25 pm on the category News.

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York firm spots insurance hitch

2006-10-23T07:11:00.000-07:00

A York accountancy firm has uncovered a Government computer glitch that has left employees facing unnecessary worry and uncertainty. The error, discovered by UHY Calvert Smith, of The Mount, has led to false reminders for unpaid National Insurance Contributions (NICs) being issued during the last few weeks. Nevil Pearce, partner at UHY Calvert Smith, said that his office had dealt with four of these wrong reminders. "It is likely to run into hundreds, if not thousands, that have gone out throughout York and North Yorkshire," he warned. .

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Wilma spawns insurance crisis for Palm Beach County homeowners

2006-10-23T07:09:00.000-07:00

For Florida homeowners, the year after Hurricane Wilma has been marked by skyrocketing property insurance premiums, dwindling numbers of insurers to choose from, and a growing chorus of pleas to state leaders to fix the troubled insurance market. It delivered hard financial blows to two already-strapped state insurance entities: Citizens Property Insurance Corp., the home insurer of last resort, and the Florida Hurricane Catastrophe Fund. Both ended 2005 with deficits, for which Florida property insurance policyholders now are paying, and will continue to for the next decade. .

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Fresh home insurance warning over subsidence

2006-10-23T07:08:00.000-07:00

UK homeowners have been warned over a potentially major increase in incidents of subsidence due to a dry summer, possibly resulting in a home insurance risk.The British Insurance Brokers' Association (BIBA) has stated that the public should take steps to ensure that they have adequate home insurance to cover the possibility of subsidence damage.Furthermore, the dangers of subsidence are doubled as the summer follows one of the driest winters ever recorded, BIBA claimed.Graeme Trudgill, technical services manager at BIBA, said: "Our advice is very simple – check your policy immediately. "Too many people will be left high and dry because of subsidence caused by the extraordinarily hot and dry summer. This is a warning to us all to arrange the proper cover before we [all] suffer."The warning echoes that of American Express earlier this week, which urged home insurance policyholders to contact their insurer if their property could be at risk.© Adfero Ltd Other Recent Home insurance ArticlesLothian firemen offer safety tips Neighbourhood watch guards home insurance Subsidence 'threatens home insurance' .

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With the rising cost of vet bills, is health insurance a wise ...

2006-10-23T07:07:00.000-07:00

When Aimee and JCClavijo adopted an orange tabby from Broward County Humane Society last year, they didn't think adding a fourth pet could bust their budget. But JazzPurr became ill with a kidney condition shortly after he arrived. That's when the Clavijos decided to sign up for pet health insurance to help with JazzPurr's veterinary expenses, including daily medication that costs about $40 a month. "So far so good. I get about 80 percent back so it pays for itself," said Aimee Clavijo, 31, a sales representative who lives in Sunrise with three cats and a dog and pays $25 month in pet insurance for JazzPurr. More pet owners are making similar choices, as pets have come to be treated more like members of the family, a shift that has moved them from the backyard into the living room.

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PNB to offer medical insurance

2006-10-23T07:06:00.000-07:00

New Delhi, Oct 23. (PTI): The Punjab National Bank, the country's second largest State-run bank, plans to offer a medical insurance cover from November to depositors for a lower price than the market rate and has tied-up with private insurer Reliance General Insurance for the purpose. "We will offer medical insurance cover to depositors from the first fortnight of November," PNB General Manager U S Bhargava told PTI. He said the policy will be optional for all kind of depositors and will be issued by the bank to its 35 million depositors, who have Rs 1,29,000 crore with PNB, on behalf of the insurance company at a price much lower than the market premium rate. Depositors can also go for a medical insurance cover for their family members, Bhargava said. This is part of the bank's initiative to give more value added services to its customers in a competitive environment.

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