Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 16 Apr 2014 18:13:38 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Insurance Agents Learn How to Market to People Unlike Themselves http://www.insurancejournal.com/news/national/2014/04/16/326531.htm Wed, 16 Apr 2014 17:35:15 +0000 http://www.insurancejournal.com/?p=326531 The middle-aged white woman told the audience of mostly older white male businessowners that much of the country and many of their future customers don’t look like them or necessarily share all their values. While whites make up 64 percent …

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RPX Launches Non-Practicing Entity Patent Litigation Insurance with Lloyd’s http://www.insurancejournal.com/news/national/2014/04/16/326537.htm Wed, 16 Apr 2014 17:09:02 +0000 http://www.insurancejournal.com/?p=326537 RPX Corp., a provider of patent risk management products, has launched a new insurance service for businesses facing patent infringement litigation with non-practicing entities (NPEs).  As a coverholder at Lloyd’s, RPX Insurance Services, LLC will provide marketing, underwriting, and claims …

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Great American Broadens Property Endorsement for Social Services http://www.insurancejournal.com/news/national/2014/04/16/326524.htm Wed, 16 Apr 2014 16:58:44 +0000 http://www.insurancejournal.com/?p=326524 Great American Insurance Group has enhanced its signature property broadening endorsement for human and social service organizations. The enhanced coverage, offered through its Specialty Human Services Division, is designed to protect an organization’s valuable property. A feature of the signature …

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Agents Brewing Up Program Business for Craft Beermakers http://www.insurancejournal.com/news/national/2014/04/16/326421.htm Wed, 16 Apr 2014 15:11:00 +0000 http://www.insurancejournal.com/?p=326421 Craft beers have been capturing an increasing share of the domestic beer market over the past decade and this specialty niche is still growing. By 2020, America’s craft brewers will have more than 20 percent market share, according to the …

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Federal Insurance Office Seeks Comments on Auto Insurance Affordability http://www.insurancejournal.com/news/national/2014/04/16/326408.htm Wed, 16 Apr 2014 13:30:11 +0000 http://www.insurancejournal.com/?p=326408 The insurance office within the U.S. Treasury is looking into whether minorities and low and moderate income Americans have access to affordable auto insurance. On April 10, the Federal Insurance Office, citing its authority under the Dodd-Frank act to monitor …

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Flood Insurance Presents Opportunity, Obstacles for Private Insurers http://www.insurancejournal.com/news/national/2014/04/16/326285.htm Wed, 16 Apr 2014 12:00:28 +0000 http://www.insurancejournal.com/?p=326285 Privatization of the National Flood Insurance Program (NFIP) would present a huge growth opportunity to the property/casualty market, allowing insurers to tap into about $3.3 billion of yearly premiums. But the flood insurance market has a long way to go …

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Zurich Launches Risk Management Tool for Financial Institutions http://www.insurancejournal.com/news/national/2014/04/15/326343.htm Tue, 15 Apr 2014 16:46:34 +0000 http://www.insurancejournal.com/?p=326343 Zurich has launched a new Enterprise Risk Management (ERM) healthcheck assessment tool for financial institutions.  The tool was created to assist financial institutions in response to recent regulations making them more accountable for risk management. “The ERM Healthcheck helps financial …

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Ironshore Specialty Adds Product Recall to Crisis Management Coverage http://www.insurancejournal.com/news/national/2014/04/15/326326.htm Tue, 15 Apr 2014 16:37:50 +0000 http://www.insurancejournal.com/?p=326326 Ironshore Specialty Casualty, the specialty insurance unit of Ironshore Inc., has expanded its crisis management coverage to include a product recall enhancement for product manufacturers.  Ironshore’s “Crisis ThreeSixty” (with recall reimbursement expense) offers a crisis management feature to assist clients …

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Insurance Industry Welcomes Terrorism Bill But Not Co-Pay Hike http://www.insurancejournal.com/news/national/2014/04/15/326281.htm Tue, 15 Apr 2014 15:19:39 +0000 http://www.insurancejournal.com/?p=326281 Insurance industry lobbying groups are hopeful that the bipartisan legislation introduced in the Senate on April 10 to reauthorize the Terrorism Risk Insurance Act, or TRIA, will have a better chance for passage than some of the earlier House attempts. …

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Why Hands-Free Cell Phones Are Not Safer: Safety Council http://www.insurancejournal.com/news/national/2014/04/15/326289.htm Tue, 15 Apr 2014 13:42:07 +0000 http://www.insurancejournal.com/?p=326289 A National Safety Council public opinion poll indicates that 80 percent of drivers across the country believe that hands-free devices are safer than using a handheld phone despite evidence this is nit true. More than 30 studies show hands-free devices …

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1 in 7 Cars on Road Have Unrepaired Defect http://www.insurancejournal.com/news/national/2014/04/15/326291.htm Tue, 15 Apr 2014 13:36:01 +0000 http://www.insurancejournal.com/?p=326291 Even with U.S. auto recalls on pace to reach the highest level in a decade this year, there’s a good chance many of the vehicles won’t get fixed. About a third of all recalled cars and trucks don’t get repaired, …

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Private Premiums Under Affordable Care Act 15% Below Forecast, Says CBO http://www.insurancejournal.com/news/national/2014/04/15/326287.htm Tue, 15 Apr 2014 13:29:51 +0000 http://www.insurancejournal.com/?p=326287 The health law will cost $104 billion less over the next decade, the Congressional Budget Office said after premiums for private Obamacare plans came in lower than the agency expected. The premium for a benchmark “silver” level plan, the second-most …

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Energy Firms Unprotected for Major Cyber Events: Willis http://www.insurancejournal.com/news/national/2014/04/15/325848.htm Tue, 15 Apr 2014 12:30:20 +0000 http://www.insurancejournal.com/?p=325848 Energy companies have no insurance against major cyber attacks, reinsurance broker Willis said, likening the threat to a “time bomb” that could cost the industry billions of dollars. Willis highlighted the industry’s vulnerability to cyber threats in its annual review …

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North Carolina’s Anders Wins Top Big ‘I’ Service Award http://www.insurancejournal.com/news/national/2014/04/14/326237.htm Mon, 14 Apr 2014 16:38:12 +0000 http://www.insurancejournal.com/?p=326237 The Independent Insurance Agents & Brokers (IIABA or the Big “I”) recently awarded agent Cloyce Anders of North Carolina with the Woodworth Memorial Award, the highest honor the association bestows on one of its members, during the annual Big “I” …

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Travelers CEO Fishman Eyes Potential Foreign Acquisitions http://www.insurancejournal.com/news/national/2014/04/14/326195.htm Mon, 14 Apr 2014 16:32:20 +0000 http://www.insurancejournal.com/?p=326195 Travelers Companies, which acquired Dominion of Canada General Insurance in 2013 and increased its ownership stake in its joint venture in Brazil in 2012, is likely to continue expanding internationally. In his annual letter to shareholders, Travelers CEO Jay Fishman …

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Republicans to Use Burwell HHS Hearings to Question Affordable Care Act http://www.insurancejournal.com/news/national/2014/04/14/326174.htm Mon, 14 Apr 2014 12:29:42 +0000 http://www.insurancejournal.com/?p=326174 Republican lawmakers said hearings on Sylvia Mathews Burwell’s nomination as U.S. Health and Human Services secretary provide a fresh opening to raise questions about President Barack Obama’s health-care law. Obama’s choice of Burwell, the director of the Office of Management …

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Independent Insurance Agents Find Some Pundits, Politicians in Washington Agree http://www.insurancejournal.com/news/national/2014/04/13/326143.htm Mon, 14 Apr 2014 03:19:11 +0000 http://www.insurancejournal.com/?p=326143 News flash: a conservative and a liberal in Washington agree — on quite a few matters, in fact. Before an audience of independent insurance agents last Friday, conservative commentator Tucker Carlson and liberal commentator Paul Begala agreed that the coming …

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Municipal Bond Insurance Sales Expected to Rise With Interest Rates http://www.insurancejournal.com/news/national/2014/04/13/326049.htm Mon, 14 Apr 2014 02:30:12 +0000 http://www.insurancejournal.com/?p=326049 Demand for municipal bond insurance is poised to increase as rising interest rates reduce investor appetite for riskier state and local debt, according to Janney Montgomery Scott. Bond insurance accounted for 4.4 percent of new muni issuance last quarter, up …

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Secure Settlements Launches Mortgage Settlement Insurance http://www.insurancejournal.com/news/national/2014/04/11/326103.htm Fri, 11 Apr 2014 16:32:50 +0000 http://www.insurancejournal.com/?p=326103 Secure Settlements, Inc. (SSI), a data intelligence and risk analytics company for the mortgage industry, has partnered with RFIB Group Ltd. and certain underwriters at Lloyd’s of London to offer a new product that will insure lenders utilizing SSI’s ClosingGuard …

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Hartford CEO McGee’s Pay Up 58% to $17.7 Million As Stock Surges http://www.insurancejournal.com/news/national/2014/04/11/326051.htm Fri, 11 Apr 2014 13:45:16 +0000 http://www.insurancejournal.com/?p=326051 Liam McGee, the chief executive officer of Hartford Financial Services Group Inc., had his compensation increase 58 percent last year as he presided over a stock surge and sold assets to narrow the company’s focus. His package climbed to $17.7 …

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Sebelius Resigning as Obama Health Chief http://www.insurancejournal.com/news/national/2014/04/10/326055.htm Fri, 11 Apr 2014 01:27:53 +0000 http://www.insurancejournal.com/?p=326055 U.S. Health and Human Services Secretary Kathleen Sebelius is resigning after overseeing the botched rollout of President Barack Obama’s signature healthcare reforms, a White House official said on Thursday. Her departure removes a lightning rod for Republican critics as Obama …

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9 Ex-Players Sue NHL Over Head Injuries http://www.insurancejournal.com/news/national/2014/04/10/326053.htm Fri, 11 Apr 2014 01:16:48 +0000 http://www.insurancejournal.com/?p=326053 The National Hockey League was sued by nine former players who claim a culture of “extreme violence” resulted in head injuries and subsequent long-term consequences related to trauma. The NHL has failed to warn players against the risks of head …

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Forecasters See Quiet Atlantic Hurricane Season http://www.insurancejournal.com/news/national/2014/04/10/326047.htm Fri, 11 Apr 2014 01:01:47 +0000 http://www.insurancejournal.com/?p=326047 Rising heat in the equatorial Pacific Ocean portends the quietest Atlantic hurricane season in five years, Colorado State University researchers said. Nine named storms, with winds of at least 39 miles (63 kilometers) per hour, are expected to develop this …

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Senators Announce Bipartisan Bill to Reauthorize Terrorism Insurance http://www.insurancejournal.com/news/national/2014/04/10/326042.htm Fri, 11 Apr 2014 00:54:58 +0000 http://www.insurancejournal.com/?p=326042 A bipartisan group of U.S. senators has agreed on legislation to extend the government’s financial backstop of terrorism insurance for seven years. The legislation would raise private insurers’ co-payments to 20 percent from 15 percent. “In the long shadow of …

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Larson, Aga Join Leavitt Recreation & Hospitality http://www.insurancejournal.com/news/national/2014/04/10/326019.htm Thu, 10 Apr 2014 19:28:28 +0000 http://www.insurancejournal.com/?p=326019 Leavitt Recreation & Hospitality (LRHI) added Ali Larson and Marvin Aga as commercial insurance producers focused on outdoor recreational businesses, including campgrounds, RV parks, resorts, hunting lodges and ammunition manufacturers. Larson has experience in property, auto and life insurance. Prior …

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NAPCO Report: Prices Decreasing, Competition Increasing in P&C Space http://www.insurancejournal.com/news/national/2014/04/10/326001.htm Thu, 10 Apr 2014 17:00:01 +0000 http://www.insurancejournal.com/?p=326001 Insurers have become increasingly competitive and are reducing rates for most accounts as a result of low global insured catastrophe losses and added capacity from non-traditional market sources, according to wholesale insurance broker-NAPCO’s biannual State of the Market: NAPCO Property …

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Why Agencies Need to Pay More Attention to Insurer Insolvency http://www.insurancejournal.com/news/national/2014/04/10/325990.htm Thu, 10 Apr 2014 16:41:13 +0000 http://www.insurancejournal.com/?p=325990 A myth is sneaking into the industry that insurer insolvency is not as important today. Belief in this myth is important to many entities. To put it more simply, a number of companies, agencies, and other firms benefit if less …

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ProSight Specialty, Tangram Insurance Launch Social Service Package Program http://www.insurancejournal.com/news/national/2014/04/10/325979.htm Thu, 10 Apr 2014 16:26:53 +0000 http://www.insurancejournal.com/?p=325979 ProSight Specialty Insurance and Tangram Insurance Services Inc. have added a package insurance product offering for the companies’ joint Community First Insurance Program serving social service organizations. The new package lines Community First coverage, which is also paired with a …

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Montana’s Sen. Tester Awarded Big ‘I’s’ Legislator of the Year 2013 http://www.insurancejournal.com/news/national/2014/04/10/325947.htm Thu, 10 Apr 2014 14:58:14 +0000 http://www.insurancejournal.com/?p=325947 U.S. Sen. Jon Tester (D-Mont.) has been named the Gerald Solomon-IIABA Legislator of the Year for 2013 by the Independent Insurance Agents & Brokers of America (the Big “I”). The award was presented Tuesday during the annual Leadership Luncheon, just …

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Auto Recalls On Rise Following Toyota-GM Cases http://www.insurancejournal.com/news/national/2014/04/10/325940.htm Thu, 10 Apr 2014 10:59:54 +0000 http://www.insurancejournal.com/?p=325940 Recall first, ask questions later. After Toyota Motor Corp. and General Motors Co. — two of the largest carmakers — were criticized for dragging their feet before calling back defective models in recent years, automakers are accelerating safety actions. Recalls …

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