Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 20 May 2013 05:48:17 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Lockton: Companies Overlooking Most Crucial Part of Kidnap & Ransom Insurance http://www.insurancejournal.com/news/national/2013/05/17/292500.htm Fri, 17 May 2013 16:46:38 +0000 http://www.insurancejournal.com/?p=292500 The ransom and extortion industry’s danger zone has expanded well beyond Central and South America, yet companies tend to downplay the importance of a kidnap & ransom insurance policy, according to a new report by Lockton. The report, authored by …

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]]> Schwab Temporarily Drops Client Class Action Waiver http://www.insurancejournal.com/news/national/2013/05/17/292423.htm Fri, 17 May 2013 13:14:42 +0000 http://www.insurancejournal.com/?p=292423 Charles Schwab Corp. has temporarily reversed its requirement that clients waive their right to bring class-action lawsuits, adding a new twist in a battle closely watched by the securities industry and plaintiffs’ attorneys. “Effective immediately, Schwab is modifying its account …

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]]> Obama Administration Releases Proposed Fracking Regulations http://www.insurancejournal.com/news/national/2013/05/17/292416.htm Fri, 17 May 2013 10:27:49 +0000 Ayesha Rascoe http://www.insurancejournal.com/?p=292416 The Obama administration on Thursday unveiled a new proposal for regulating hydraulic fracturing on federal lands, rolling back some measures from its original, abandoned draft as it sought to ease concerns the rules would be too burdensome for producers. The …

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]]> S&P Cuts Rating on Buffett’s Berkshire Holding Company But Not Insurance Units http://www.insurancejournal.com/news/national/2013/05/17/292414.htm Fri, 17 May 2013 10:21:48 +0000 http://www.insurancejournal.com/?p=292414 Warren Buffett’s Berkshire Hathaway Inc. had its credit rating cut one notch by Standard & Poor’s, which cited a new methodology for evaluating insurers and Berkshire’s dependence on its insurance business for dividend income. The rating was cut to “AA” …

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]]> BP Oil Spill Claims Chief Braces for Surge in Filings http://www.insurancejournal.com/news/national/2013/05/17/292400.htm Fri, 17 May 2013 10:14:31 +0000 http://www.insurancejournal.com/?p=292400 The deadline for claims against BP Plc in connection with the 2010 Gulf of Mexico oil spill is 11 months away, but the man responsible for paying the claims said on Thursday he is already bracing for a late surge …

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]]> Workers’ Comp Sees Encouraging Signs in 2012 Results: NCCI http://www.insurancejournal.com/news/national/2013/05/16/292289.htm Thu, 16 May 2013 16:57:27 +0000 Andrea Wells http://www.insurancejournal.com/?p=292289 The workers’ compensation market is seeing encouraging signs. Premiums grew for the second consecutive year, the combined ratio declined and claim frequency continued to improve at a pace slightly greater than its long-term historic rate of decline. In 2012, the …

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]]> House Farm Bill Expands Crop Insurance, Cuts Food Stamps http://www.insurancejournal.com/news/national/2013/05/16/292217.htm Thu, 16 May 2013 15:11:44 +0000 http://www.insurancejournal.com/?p=292217 A Republican-controlled panel in the U.S. House of Representatives on Wednesday approved the biggest cuts in food stamps for the poor in a generation and a potentially expensive expansion of federally subsidized crop insurance. The House Agriculture Committee approved a …

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]]> Senate to Hold Vote on Consumer Agency Director Next Week http://www.insurancejournal.com/news/national/2013/05/16/292169.htm Thu, 16 May 2013 13:01:17 +0000 http://www.insurancejournal.com/?p=292169 U.S. Senate Democratic leaders plan to hold a vote next week on President Barack Obama’s choice to lead the Consumer Financial Protection Bureau, a Senate Democratic aide said on Wednesday, but they are not expected to muster enough votes to …

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]]> Will Supreme Court Enter Climate Change Debate? http://www.insurancejournal.com/news/national/2013/05/16/292161.htm Thu, 16 May 2013 12:36:41 +0000 http://www.insurancejournal.com/?p=292161 With a barrage of legal briefs, a coalition of business groups and Republican-leaning states are taking their fight against Obama administration climate change regulations to the U.S. Supreme Court. The U.S. Chamber of Commerce and other industry groups, along with …

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]]> Liberty International Launches Marine Business Owner Policy http://www.insurancejournal.com/news/national/2013/05/16/292117.htm Thu, 16 May 2013 10:00:04 +0000 http://www.insurancejournal.com/?p=292117 Liberty International Underwriters (LIU), part of the Global Specialty unit of Liberty Mutual Insurance, has launched a new policy designed to cover marine liability and property related risks for small and mid-size marine businesses owners and operators. The new policy, …

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]]> Government to Share Cyber Security Information with Private Sector http://www.insurancejournal.com/news/national/2013/05/15/292065.htm Wed, 15 May 2013 19:06:20 +0000 http://www.insurancejournal.com/?p=292065 The U.S. government will use classified information about software vulnerabilities for the first time to protect companies outside of the military industrial complex, top officials told Reuters this week. Secretary of Homeland Security Janet Napolitano said that a system being …

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]]> Travelers Launches OnDemand Risk Control Service for Commercial Clients http://www.insurancejournal.com/news/national/2013/05/15/292047.htm Wed, 15 May 2013 16:59:15 +0000 Amy O' Connor http://www.insurancejournal.com/?p=292047 The Travelers Insurance Cos. has launched an interactive, on demand service for property and casualty insureds looking to manage and mitigate their business risks. The new service, called Risk Control OnDemand, connects Travelers risk experts with insureds through screen share …

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]]> On a Leash: Dog Bite Insurance Claim Trends http://www.insurancejournal.com/news/national/2013/05/15/291947.htm Wed, 15 May 2013 15:03:31 +0000 http://www.insurancejournal.com/?p=291947 Dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2012, costing more than $489 million, according to the industry’s Insurance Information Institute (III) and insurer State Farm. While the number of claims …

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]]> The Goal: Zero Alcohol-Related Driving Deaths http://www.insurancejournal.com/news/national/2013/05/15/291940.htm Wed, 15 May 2013 14:27:36 +0000 http://www.insurancejournal.com/?p=291940 Transportation safety officials are exploring ways to eliminate drunken driving deaths, which account for about a third of the nation’s more than 30,000 annual traffic fatalities— a share that has remained stubbornly unchanged since the late-1990s. The National Transportation Safety …

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]]> Sen. Warren Wants Details on ‘Too Big for Trial’ Bank Settlements http://www.insurancejournal.com/news/national/2013/05/15/291923.htm Wed, 15 May 2013 13:06:09 +0000 http://www.insurancejournal.com/?p=291923 An outspoken freshman U.S. senator with a record of taking on Wall Street wants financial regulators and federal prosecutors to provide an economic justification for allowing big banks to settle investigations without admitting any wrongdoing. In a May 14 letter …

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]]> Shores Named President of Berkley’s Monitor Liability Managers http://www.insurancejournal.com/news/national/2013/05/15/291920.htm Wed, 15 May 2013 12:51:57 +0000 http://www.insurancejournal.com/?p=291920 Joseph G. Shores, president of Berkley Select, will undertake the additional responsibility as president of Monitor Liability Managers, according to parent company W.R. Berkley Corp. in Greenwich, Conn. Shores succeeds Sandra C. Nelson, who the company said will be involved …

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]]> Bipartisan Senators Ask SEC for Action on Credit Rating Agency Pay http://www.insurancejournal.com/news/national/2013/05/14/291912.htm Wed, 15 May 2013 02:46:29 +0000 http://www.insurancejournal.com/?p=291912 A bipartisan pair of U.S. senators urged federal securities regulators to move quickly on fundamental changes to how credit-rating agencies are compensated, a step they said will reduce the type of conflicts that helped fuel the 2007-2009 financial crisis. In …

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]]> Bill to Expand Crop Insurance Passes Senate Committee http://www.insurancejournal.com/news/national/2013/05/14/291896.htm Tue, 14 May 2013 21:08:21 +0000 http://www.insurancejournal.com/?p=291896 The Senate Agriculture Committee approved a farm bill on Tuesday, costing $500 billion over a decade, that would expand the scope of the federally subsidized crop insurance program and modestly trim spending on food stamps for the poor. The 1,000-page …

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]]> AAMGA Looks to Expand Membership http://www.insurancejournal.com/news/national/2013/05/14/291865.htm Tue, 14 May 2013 16:58:32 +0000 Amy O' Connor http://www.insurancejournal.com/?p=291865 After a two year process in which the board of directors of the American Association of Managing General Agents (AAMGA) has examined the changing demographics within the wholesale insurance space, the board has voted to expand its membership to bring …

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]]> 50 Top Apps for Independent Agents http://www.insurancejournal.com/news/national/2013/05/14/291812.htm Tue, 14 May 2013 14:53:24 +0000 http://www.insurancejournal.com/?p=291812 Mobility technology is changing the way the insurance industry operates. But when it comes to working on the go, nothing is as important as mobile device applications. But what apps do independent agents use most? What apps are the most …

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]]> Medical Liability Market Profitable But Deteriorating Results Expected: Fitch http://www.insurancejournal.com/news/national/2013/05/14/291819.htm Tue, 14 May 2013 14:27:46 +0000 http://www.insurancejournal.com/?p=291819 The medical professional liability insurance (MPLI) market was one of the most profitable lines of business in the United States for the past five years, according to a new report. MPLI posted an average calendar year combined ratio of 87 …

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]]> E&O Insights: Directors & Officers Liability Is Not Your Normal Insurance Product http://www.insurancejournal.com/news/national/2013/05/14/291814.htm Tue, 14 May 2013 14:16:38 +0000 Curtis M. Pearsall http://www.insurancejournal.com/?p=291814 If you asked 100 insurance professionals on the agency side what one line of business “scares” them the most, it’s likely that directors and officers (D&O) liability would be at the top. The lack of standardization of policy forms contributes …

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]]> Homeowners Confused About Insurance Coverage: Survey http://www.insurancejournal.com/news/national/2013/05/14/291804.htm Tue, 14 May 2013 14:07:19 +0000 http://www.insurancejournal.com/?p=291804 Many homeowners do not understand what exposures are covered under their home insurance policy, according to a new consumer survey. More than two in five Americans (41 percent) believe that a standard homeowner’s insurance policy protects against mold damage, according …

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]]> MetLife Auto & Home Expands Identity Protection Coverage http://www.insurancejournal.com/news/national/2013/05/13/291756.htm Mon, 13 May 2013 16:55:35 +0000 http://www.insurancejournal.com/?p=291756 MetLife Auto & Home has enhanced its identity protection services to include assistance for digital threats, such as e-mail and social media compromise, as well as data breach victim assistance. The services are provided as part of the company’s identity protection program, …

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]]> Zurich Programs, Aon Affinity to Cover Non-Profit Long-Term Care Organizations http://www.insurancejournal.com/news/national/2013/05/13/291739.htm Mon, 13 May 2013 16:40:27 +0000 http://www.insurancejournal.com/?p=291739 Zurich  North America Commercial’s Programs & Direct Markets business has entered into an agreement with Aon Affinity, the consumer, association and group program business of Aon plc to offer coverage to non-profit long-term care organizations. The program will be available …

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]]> Drowsy Driving Remains Elusive National Highway Dilemma http://www.insurancejournal.com/news/national/2013/05/13/291696.htm Mon, 13 May 2013 15:57:09 +0000 http://www.insurancejournal.com/?p=291696 It probably happens to most drivers. Heading home after an overtime shift and the eyelids flutter. Up all night with a sick baby and you rest your eyes for just a moment on the way to dropping off the kids …

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]]> How Banks Will Recover Funds in $45M Cyber Heist http://www.insurancejournal.com/news/national/2013/05/13/291693.htm Mon, 13 May 2013 15:54:47 +0000 http://www.insurancejournal.com/?p=291693 Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a $45 million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say. Oman-based …

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]]> Greenhouse Gas Milestone; CO2 Levels Set Record http://www.insurancejournal.com/news/national/2013/05/13/291692.htm Mon, 13 May 2013 15:53:40 +0000 http://www.insurancejournal.com/?p=291692 Worldwide levels of the chief greenhouse gas that causes global warming have hit a milestone, reaching an amount never before encountered by humans, federal scientists said. Carbon dioxide was measured at 400 parts per million at the oldest monitoring station …

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]]> 10 Things to Know About the Trucking Industry http://www.insurancejournal.com/news/national/2013/05/13/291688.htm Mon, 13 May 2013 15:40:12 +0000 http://www.insurancejournal.com/?p=291688 1. Intermodal is the transfer of products using multiple forms of transportation — trucks, railroads or ocean carriers. In 2012, intermodal container volumes rose by 5.9 percent over the previous year with 13.1 million moves, according to the Intermodal Association …

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]]> Bock Joins Kemper as CFO http://www.insurancejournal.com/news/national/2013/05/13/291681.htm Mon, 13 May 2013 15:26:09 +0000 http://www.insurancejournal.com/?p=291681 Elizabeth “Libbie” Bock will join Kemper Corp. as the chief financial officer for its Property & Casualty Group, effective May 20. In her new role, Bock will report to Denise I. Lynch, Kemper’s Property & Casualty Group executive, and will …

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