(BBC NEWS) – It would allow banks who pay a fee to have their bad loans underwritten by the taxpayer up to a certain level.

BBC business editor Robert Peston says the move is designed to avert a further loss of confidence ahead of gloomy results expected from the big banks.

Treasury officials and bank executives have spent the weekend in talks.

The BBC’s business editor said: “It’ll be designed to give banks and their investors a bit more certainty about the losses they’d face as the recession undermines the ability of many borrowers to repay their debts.

“Our biggest banks would identify their bad loans and foolish investments, then pay a fee to a new state-backed insurer to protect themselves from the losses over a certain level.” Read more…

(AIG Commercial Insurance) – AIG Commercial Insurance will service all casualty insurance coverage for the public sector through its Lexington Insurance Co., the insurer announced.

Specifically, effective as of Jan. 1, 2009, Lexington’s Casualty Division will manage the public entity commercial umbrella and excess casualty portfolio of AIG Specialty Excess, a division of AIG Excess Casualty, which along with Lexington specializes in addressing the risks of public entities, utilities and transit agencies.

The company said the change streamlines access to excess casualty insurance through a centralized underwriting and claims resource for clients and brokers. Lexington, and other AIG Commercial Insurance units, offer workers’ compensation, excess workers’ compensation, environmental, property, construction, auto liability, executive liability and accident and health programs for public entities.

It’s great when you are confident in safety of your money in general, and in your insurance company’s reliability in particular.

Unfortunately, the credit crisis affected virtually every sphere of life, and in times of the financial turmoil, like it is going now, many began worrying about its consequences for insurance and wonder to what extent the insurance industry was affected. Read more…

(InjuryBoard) – North Carolina law requires every motor vehicle to be insured by a liability insurance policy.

Private passenger automobiles are required to have liability insurance limits of no less than $30,000.00 per person and $60,000.00 per accident. 

Such a policy would only provide a maximum coverage of $30,000.00 per person and a maximum of $60,000.00 for everyone injured in the accident. For instance, if there were four people who were injured in an accident, those four people would have to split the $60,000.00 maximum insurance coverage. Read more…

Employees donate time and money to help people in need

(BUSINESS WIRE) – Zurich in North America, a leading property and casualty insurance provider and its U.S. subsidiary Farmers Insurance Group are making this holiday season brighter for people who need a helping hand. Employees from both companies are volunteering their time across the country to help children, the elderly, the homeless and members of the armed forces. “I am proud of the many ways our Zurich offices from coast to coast have volunteered and given back to the communities where we work and live,” said Mike Foley, CEO of Zurich North America Commercial. “Economically challenging times have not deterred our employees from serving as a Zurich HelpPoint, by helping replenish food pantries, granting children’s wishes, and providing warm clothing for veterans, seniors and families in need. It’s the true spirit of the holiday season.” Read more…

The insurance giant is selling its HSB subsidiary for $742 million to Munich Re in its third unit sale this month.

NEW YORK (CNNMoney.com) – As part of its plan to pay back a massive government bailout, American International Group Inc. is selling assets, with its most recent sale on Monday.

New York-based AIG (AIG, Fortune 500) said Munich Re, a German reinsurer, will buy AIG subsidiary HSB Group Inc., parent of The Hartford Steam Boiler Inspection, an equipment insurer. Read more…

(PRWEB) – Auto insurance rates continue to rise, adding pressure to cash-strapped consumers. Some drivers are letting their car insurance policies lapse, by either not renewing on time or failing to pay their bills, according to Insurance.com. In light of this worrisome trend, the company is urging drivers to explore payment options with their carriers—rather than go without car insurance.

“Every day we’re hearing from consumers who let their car insurance policies expire—by either not paying their bills on time, or allowing a gap between the end of their current policy and the time a new policy is acquired,” said Sam Belden, Vice President at Insurance.com, the leading online independent auto insurance agency in the United States. “Not only is this dangerous, it also ends up costing drivers with lapsed policies thousands of dollars when they go to get car insurance again. Having a lapsed policy can be a red flag for insurance companies.”

Insurance.com offers these recommendations for protecting your rates and your credit.

1. Avoid a Lapse in Coverage—Never ignore your car insurance bill. Driving without insurance is against the law and you’ll be personally liable if you have an accident. And, a short-term decision like letting your policy lapse will have big, long-term consequences—your rates may be 25 to 50% higher.

2. Explore Payment Options—Many carriers offer discounts of up to 15% if you pay your bill all at once. If you’re not able to afford that lump sum payment, ask your company about monthly payment plans. There may be a small fee for such a payment plan, but some carriers will waive that fee if you elect to pay by Electronic Funds Transfer, which automatically withdraws your car payment at the designated increments.

3. Make a partial payment—If you cannot afford to pay your entire insurance bill, talk to your company about making a partial payment when your payment is due. Some companies will continue your coverage, as long as you pay something—but others may require full payment. There’s no harm in asking if a smaller payment will keep your policy in force.

4. Get a New Policy—If you have not shopped for car insurance in several years, now may be a good time to compare rates. New customers reported an average annual savings of $595 when they shopped and switched carriers at Insurance.com.

5. Protect Your Credit—Missed payments can lower your credit rating, making it more expensive to get car insurance coverage in the future. If a credit card company or department store offers deferred billing, look carefully at the terms, so that you’re not in deeper debt in the New Year.

For those who are resolving to save more money in the New Year, Belden also noted that auto insurance policies can be an easy – but often overlooked – source for savings. “Many consumers are unaware of the numerous discounts offered by their insurance carriers, discounts that add up to hundreds of dollars a year in lower rates,” he said. “Particularly in this economy, drivers should regularly review policies to see if they qualify for lower rates.” Such discounts include:

Low Mileage discounts if you drive less than 10,000 miles each year.  Hybrid discounts if you’ve recently purchased an eco-friendly car.  Early shopping discounts if you renew two weeks before your policy expires. “Good student” discounts for high school and college students with a B or better average. Defensive driving course discount if you’ve taken a class within 3 years.

Insurance.com’s 3rd Quarter RateWatch for Car Insurance found that the lowest car insurance quotes, on average, were up 3% over the previous quarter, rising from $1893 per year to $1949 per year. In a prosperous economy, the hike might be shrugged off or even overlooked entirely by consumers. However, with the holiday shopping season approaching and consumers facing high grocery bills, energy costs and job losses, Insurance.com predicts that more drivers will be looking for ways to save.

ABOUT INSURANCE.COM
Insurance.com is the leading online independent auto insurance agency in the United States. Our innovative technology allows consumers to link directly to the rating systems of more than a dozen top insurance companies. We streamline the shopping process for consumers, empowering them to instantly compare rates and make the smartest decisions for their insurance needs. Since 2000, millions of drivers have benefited from using our online shopping experience or speaking with our expert, licensed agents by phone. Headquartered in Solon, Ohio on the outskirts of Cleveland, Insurance.com also offers information for life, health and home insurance.

ICR

Sari Martin Sari.martin@icrinc.com, 203-682-8345

Susan Hartzell Susan.hartzell@icrinc.com, 203-682-8238

(EmaxHealth) – As employees speak out in regard to health insurance programs NC survey shows that less costly and more affordable health insurance programs are the most popular with employees. Workers are slow to adopt most popular programs; financial incentives motivate behavior changes.

In today’s stressful economic environment, starting a workplace wellness program may be the furthest thing from employers’ minds, but creating a healthier workforce is more important than ever to contain rising health care costs and reduce the health impact employees are facing in these uncertain times.

According to a statewide poll commissioned by Blue Cross and Blue Shield of North Carolina (BCBSNC), employers are still slow to adopt jobsite wellness programs even though they help improve employees’ health, increase loyalty, and the most popular ones aren’t costly to implement.

“With the economy the way it is, employers might be tempted to cut back on wellness programs,” said Bob Greczyn, president and CEO of BCBSNC. “But now’s not the time to cut back, because we’ll all be paying the price in the long run.”

In June, more than 500 employees from around the state were surveyed about workplace wellness programs and the results were compiled into the Healthy on the Job report which was presented today in Raleigh at the 2008 State of Preventive Health Summit.

The results showed the most popular workplace wellness programs with employees are:

* Paid time off for doctor’s visits or health care needs: 78 percent
* Purchasing healthy café or vending options: 67 percent
* Participating in physical activity during work hours: 67 percent
* Completing a health risk assessment (HRA): 66 percent

However, the survey showed that most employers aren’t offering these popular programs. Only 35 percent of employers offer physical activity during the workday, 29 percent offer healthy café or vending options and 31 percent offer health risk assessments. Just 61 percent of employers are offering paid time off for doctor’s visits according to the survey.

Financial incentives are effective in changing worker behavior, according to the survey. Discounts on health insurance premiums have the highest motivational impact on being physically active, losing weight and receiving preventive care. It ranks second among smokers for motivating them to quit smoking. Proof that employers recognize incentives as good motivators: Nearly half of employers offering health risk assessments offer rewards for completing them.

Workplace wellness programs also contribute to employee loyalty. Employees who participated in at least one wellness program more often say they like working for their employer and are more likely to recommend their company to others. What’s more, employees who took paid time off for doctor’s visits and engaged in physical activity at their worksite had higher loyalty scores than those who didn’t participate or whose employers didn’t offer it.

“Too many of our employees are making bad choices about physical activity and nutrition – add stress on top of that and the impact of our health is going to hit the bottom line,” said Greczyn. “Lifestyle and behavior changes are harder to come by. It’s going to take a concerted effort on the part of employers to set the standard so that employees can become healthier on the job.”

Three North Carolina employers have done their part to set the standard. These organizations are highlighted in the Healthy on the Job report for their best practices:

o Durham County has created a culture of wellness through providing an on-site clinic for its employees and giving employees an extra half-hour at lunch to exercise.

o Progress Energy established its wellness program, Healthy Progress in 2007, by establishing a core wellness team and identifying wellness coordinators and champions.

o Inmar in Winston-Salem has built meaningful financial incentives for its employees to participate in a chronic disease management program, tobacco cessation classes and track their physical activity.

TRC Market Research surveyed 509 employees across the state that have BCBSNC insurance through their employer. The survey was conducted in June of 2008. Survey results were compiled and released in the Healthy on the Job report, which can be accessed at workplacewellnessnc.

(Sacramento Business Journal) – Federal Deposit Insurance Corp.’s board of directors on Tuesday approved an increase in deposit insurance by 7 cents for every $100 in deposits. The increase will be charged annually.

The increase of 7 basis points will take effect Jan. 1. Banks now pay between 5 and 43 basis points for FDIC insurance, depending on the strength of the bank.

Under the new rules, insurance rates would be risk-based between 12 and 50 basis points. Most banks will fall in the range of paying between 12 and 14 basis points for insurance, according to an FDIC release.

Failures of banks have cost the FDIC’s insurance fund millions of dollars, and the insurance fund has fallen below its reserve ratio target of 1.15 percent. The changes made today will get the reserve ratio to its required level by 2013.

“With higher levels of bank failures, the FDIC’s resolution costs have increased significantly. This assessment increase creates a path for the fund to return to its statutorily mandated level,” said Sheila Bair, FDIC chairwoman. “The banking system is the bedrock of our economy and deposit insurance has played a vital role in providing stability to the system. Maintaining a strong fund positions the FDIC well to handle future challenges.”

(PRNewswire-FirstCall) – Car insurance premiums can add substantially to the annual cost of operating your auto. Insure.com has calculated the average national premiums to insure the nation’s 20 best-selling vehicles.

Average insurance premiums for the top 20 selling vehicles in the U.S.

               Vehicle                  Average annual premium
               2009 Honda Odyssey              $1,216
               2009 Honda CR-V                 $1,240
               2009 Ford Escape                $1,245
               2009 Ford F-series pickup       $1,275
               2009 Honda Civic                $1,329
               2009 Honda Accord               $1,331
               2009 Chevrolet Impala           $1,348
               2009 Chevrolet Malibu           $1,355
               2009 Ford Fusion                $1,363
               2009 Ford Focus                 $1,369
               2009 GMC Sierra pickup          $1,383
               2009 Chevrolet Cobalt           $1,384
               2009 GM Pontiac G6              $1,386
               2009 Toyota Prius               $1,396
               2009 Nissan Altima              $1,427
               2009 Toyota Tundra              $1,432
               2009 Chevy Silverado
                    C/K pickup                 $1,481
               2009 Toyota Camry               $1,506
               2009 Toyota Corolla             $1,538
               2009 Dodge Ram pickup           $1,553

What makes a vehicle cost more or less to insure? Car insurance companies focus on “loss history” for your particular model: Is it stolen frequently? Do they pay a lot of accident claims for your vehicle? Is it totaled more than other cars? Are there usually passenger injuries in a crash? All these factors play into your premium, along with your own driving characteristics: your age, where you live, your driving record and your annual mileage.

If you’re looking to buy a different car, whether new or used, find out the impact on your insurance bill before you buy. Even model years of the same vehicle can carry premium differences depending on their loss histories. You can compare different vehicles through online quotes, or give your insurance agent a call to ask for quotes for the vehicles you are considering.

No matter what vehicle you tool around in, you may be paying more than necessary for insurance. Make sure you’re getting all the discounts to which you’re entitled from your insurance company.

Methodology

Insure.com’s list is based on the 20 best-selling autos in the U.S. through September 2008, according to Reuters.

We assumed a single male driver, age 40, who owns his own home and car, has a bachelor’s degree and no accidents or driving convictions. The insured works as an administrator in a hospital and drives 12 miles to work each way, five days a week.

The policy limits for our sample driver were $100,000 per person and $300,000 per accident for bodily injury and $50,000 for property damage. Minimum Personal Injury Protection (No-Fault) was included where applicable. The policy has a $500 deductible for comprehensive and collision losses.

Quotes were obtained from six insurance companies in seven ZIP codes across the nation (where available). The insurance costs for each auto were then averaged across all ZIP codes and companies.

About Insure.com

Originally founded in 1984 as Quotesmith Corporation, Insure.com owns and operates a comprehensive consumer information service and companion insurance brokerage service that caters to the needs of self-directed insurance shoppers. Visitors to the Company’s flagship Web site, insure.com, are able to obtain free, instant car insurance quotes, instant life insurance quotes, home, business and health insurance quotes from leading insurers and have the freedom to buy online or by phone from any company shown. Insure.com also plays home to over 2,000 originally authored articles on various insurance topics and also provides free insurance decision-making tools that are not available from any other single source. Insure.com generates revenues from receipt of industry-standard commissions, including back-end bonus commissions and volume-based contingent bonus commissions that are paid by participating insurance companies. We also generate advertising revenues from the sale of Web site traffic to various third parties. Shares of the Company’s common stock trade on the Nasdaq Capital Market under the symbol NSUR.