Archive for April 2009

American Insurance Association Opposes Bad Faith Legislation In Maine

Apr 27th, 2009 | Category: Insurance Today

(Insurancenewsnet) – The American Insurance Association (AIA) opposed Maine LD 1305, An Act To Provide for Prompt Resolution of Insurance Claims by Providing for a Direct Remedy by Consumers, at a hearing today before the Insurance and Financial Services Committee. According to AIA, the legislation would create a new private right of action against insurers […]

GEICO Honors the Military’s Top 6 Safety and Service Leaders

Apr 27th, 2009 | Category: Insurance Today

(Business Wire) – Tonight GEICO will honor six members of the military with the GEICO Military Service Award for their generous acts of service to their communities. “I am honored to celebrate this year’s awardees,” said GEICO Chairman Tony Nicely. “For 21 years we’ve recognized exceptional military personnel who are dedicated to protecting their fellow […]

Insurers Argue Proposed Crop Insurance Cuts Are Too Deep

Apr 23rd, 2009 | Category: Insurance Today

(Dow Jones) – A proposal to cut government payments to the private insurers that administer the U.S. crop insurance program could cause some insurers to drop out, said the chief of their trade group. Insurers “are going to have to take a hard look at the financial wall that is before them,” said Bob Parkerson, […]

Farmers acquires 21st Century Insurance

Apr 20th, 2009 | Category: Insurance Today

American International Group bailed out of the auto insurance business on Thursday, selling Woodland Hills-based 21st Century Insurance to Farmers Insurance Group for $1.9 billion. Los Angeles based-Farmers, a subsidiary of Zurich Financial Services Group, will keep the 21st Century brand.

Insurance rates going up

Apr 20th, 2009 | Category: Insurance Today

Indianapolis – From groceries to appliances, prices are going up. You can now add insurance premiums to that list. It’s the sort of rate hike that quickly raises the ire of insurance policy holders. Insurance companies, watching their own profits and portfolios fall, are passing the buck to consumers. Americans can expect to pay higher […]

US Drivers, Homeowners Cutting Back On Insurance

Apr 17th, 2009 | Category: Insurance Today

(CNN) – Insurers used to suggest that home and auto insurance policies were fairly recession-proof, with drivers and homeowners typically maintaining the same coverage each year, no matter what. Not anymore. Auto-insurance coverage quotes obtained online at insurance-shopping Web site dropped an average $100 in March from six months ago, the result of drivers […]

Driving Uninsured: Economy Leaves Many Without Car Insurance

Apr 14th, 2009 | Category: Insurance Today

The next time you hit the road, there’s a good chance the person driving next to you may not have car insurance. According to a new report by the Federal Highway Administration, 1 in 6 drivers nationwide go uninsured. The study blames the tough economy and people cutting back where they can make ends meet.

Electric Insurance Company Extends Agreement With TeleGlass National

Apr 14th, 2009 | Category: Insurance Today

Electric Insurance Company, a national, leading provider of personal and commercial lines insurance products, announced today that it has extended its agreement with TeleGlass National to provide mobile glass repair service and zero-cost glass repairs for policyholders (in states where permitted by law). An additional benefit of the program provides for full replacement glass coverage […]

Crash tests show small car ratings are misleading

Apr 14th, 2009 | Category: Insurance Today

Buyers choosing the smallest cars for low price and high gas mileage could be endangering themselves and their passengers, says a major auto-safety researcher. In new crash tests, the Insurance Institute for Highway Safety rammed three automakers’ smallest cars into their midsize models. Although the small cars had passed other IIHS tests, they flunked in […]

Health Insurance Options in a Tough Economy

Apr 14th, 2009 | Category: Insurance Today

In the last four months, 2.6 million jobs have disappeared from the American economy. About half the people who held those jobs also lost their health insurance. But a job loss doesn’t have to mean a loss of insurance coverage, too. A provision in the recently passed economic stimulus bill makes health insurance significantly more […]