At an average cost of $502 per year, home insurance in Oregon is among the least costly in the nation, according to a nationwide survey. For example, the average homeowner’s premium was $1,257 in Louisiana and $603 in neighboring Washington. The average premium nationwide was $804, and Oregon ranked 48th lowest out of the 50 states and the District of Columbia. Read more…

(Bloomberg) – American International Group Inc., the insurer that may need a fourth bailout by the U.S. government, scrapped a separate sale of its Philippine life insurance unit and will make it part of its AIA group.

“It was appropriate at this time to include the Philippine American Life and General Insurance Co. in the new AIA structure as the rest of AIA is being separated from AIG and positioned as an independent operation,” AIG’s Philippine unit said in an e- mailed statement today, without elaborating. Read more…

(CompNewsNetwork) – Insurance Commissioner Thomas R. Sullivan announced recovery on behalf of consumers totaling $3,088,500 for 2008. This is on par with previous years. The Consumer Affairs division recovers an average of $3 to$4 million dollars per year.

“We are here to help,” said Commissioner Sullivan, “and I think this demonstrates that the efforts of our Consumer Affairs team are working for the benefit of Connecticut consumers.”
Read more…

(NAPSI) – An accident can take seconds to occur, but if your car is damaged, managing the repair process can take days. From reporting the claim and getting a rental car to choosing a repair shop, it’s a lot of work and really, who has the time?

Fortunately, drivers with a claim have other options. For example, leading car insurer Progressive offers its customers a concierge level of claims service that takes care of the entire process from beginning to end. Read more…

Operating a home based business is a great way to earn income for many people. According to statistics, three out of ten people work at home. This type of business has a lot of benefits in comparison with traditional 9 to 5 office jobs: you can be your own boss, work in your pajamas, set your own work schedule, and spend more time with your family.

But don’t forget that any home business is just that – a business. Whether you spend 2 hours or 42 hours per week at your home office, it remains a business with all the risks and rewards associated with running your own company. Read more…

(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 the companies couldn’t agree on a price, said one person, who declined to be named because the negotiations were private. Read more…

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.

It’s a dream deal for insurers, whose profits have soared this decade, and a nightmare for drivers who, in the worst economy in the nation, increasingly can’t afford to pay these exorbitant, and rising, rates. Read more…

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 deliver, but some experts say the change will improve safety. Laborists start caring for women on arrival and have defined shifts, so they’re not overworked and fatigued. Read more…

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 further. Read more…

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 to $100,000, $300,000 and $25,000, respectively. Read more…