Archive for February 2009

AIG Auction of Auto Insurer Said to Stall as Zurich Withdraws

Feb 26th, 2009 | Category: Insurance Today

(Bloomberg) – American International Group Inc., the insurer selling units to repay a government loan, may pull its U.S. auto unit from the market after Zurich Financial Services AG withdrew an offer, two people familiar with the matter said. The auction of 21st Century Insurance, which AIG expected to generate about $2 billion, stalled after […]

Auto Insurance Rates Here Collide With The Facts

Feb 25th, 2009 | Category: Insurance Today

Michigan motorists are the safest drivers in the nation, car crashes here are down 54 percent and auto thefts have dropped 46 percent since 1986. Yet, auto insurance companies are soaking Michiganders with the highest auto insurance rates in the U.S. These are insurance policies that the state’s no-fault insurance law requires drivers to buy. […]

Medical Marijuana, Hospital Laborists and Americans Without Insurance

Feb 25th, 2009 | Category: Insurance Today

Expectant Mothers Find a New Face in the Delivery Room Laborists –  hospital-based specialists  –  are filling in the gaps as a growing number of obstetricians stop delivering babies because of malpractice insurance costs and long hours, the Boston Globe reports. Pregnant women don’t even meet a laborist until they arrive at the hospital to […]

Financial meltdown makes mess for insurers

Feb 20th, 2009 | Category: Insurance Today

Already hit hard by severe losses on their investment portfolios, insurance companies nationwide — particularly life insurers – continue to face challenges as they attempt to convince investors that their capital reserves are safe. Fears also remain that the insurance cycle is entering a down period and increasing investment losses could cripple the insurance industry […]

Industry Questions Wisconsin Gov.’s Hike in Auto Insurance Limits

Feb 20th, 2009 | Category: Insurance Today

A proposal in Wisconsin Gov Jim Doyle’s budget would increase mandatory auto insurance limits and drive up costs for many drivers as much as 40 percent, according to the insurance industry. The governor would raise the current liability limits of $25,000 for each person, $50,000 for each accident, and $10,000 for property damage per accident […]

Driving Distracted? It can Affect Your Insurance Rate

Feb 20th, 2009 | Category: Insurance Today

(ARA) – The number of tasks that distract us while driving is growing. Who hasn’t spent their commute talking on the cell phone, switching songs on an mp3 player, texting or plugging an address into the GPS? While it may not seem like a big deal, distracted driving is dangerous and can even be deadly. […]

New York State Insurance Fund: Anti-Fraud Efforts Saved $20.7M

Feb 18th, 2009 | Category: Insurance Today

New York State insurance Fund (NYSIF) Executive Director David P. Wehner said the NYSIF’s 2008 fraud prevention program accounted for more than $20 million in total savings – a record amount exceeding all prior yearly totals since the program began. “We are determined to continue an aggressive attack against workers’ compensation fraud in New York […]

Funds expect 2009 growth in life insurance trading

Feb 18th, 2009 | Category: Insurance Today

(Reuters) – Fund managers who buy U.S. life insurance policies to cash in the death benefits have predicted a bumper year in 2009 as investors seek uncorrelated alternatives to mainstream markets. Supply is also is expected to increase as more individuals, stung by tumbling investment portfolios, could sell their policies at discounted prices.

New Progressive Car Insurance Podcasts Give Drivers Info to Go

Feb 17th, 2009 | Category: Insurance Today

(BUSINESS WIRE) – Car insurance consumers now have a new source for information on road trips and the latest in car technology. A new podcast feature has been added to’s “Articles & Blogs” section. The first podcast in Auto Tech, the section with articles on the latest car gadgets, is about how green cars […]

Many Enraged About Homeowners Insurance Rates Going Up

Feb 11th, 2009 | Category: Insurance Today

Eastern Carolina residents get ready. Your homeowners insurance rate is about to hit the roof. Everyone statewide will pay four percent more, unless you live in the coastal areas. The cost there? A 30 percent increase in homeowner premiums. If you live in a 150 thousand dollar home in New Hanover, Brunswick, Pender and Onslow […]