Insurers News

California Commissioner Tells Insurers to Cease Price Optimization

California Insurance Commissioner Dave Jones on Wednesday issued a notice to property/casualty insurers doing business in California advising them that so-called “price optimization” in rate making is unfairly discriminatory and violates the law. Price optimization is the practice of setting …

Most Popular Insurance Journal Midwest Stories of 2014

The most popular InsuranceJournal.com news stories in the Midwest ranged from groundbreaking lawsuits to research into making people safer from storms. With an understanding that stories appearing later in the year have less time to rise to the top of …

Missouri Seeking Administrator/Insurer for Workers’ Comp Residual Market

The Missouri Department of Insurance, Financial Institutions & Professional Registration is seeking to contract with one or more entities to administer and provide workers’ compensation insurance for the state’s Workers’ Compensation Alternative Residual Market Plan (ARM Plan). All bidders must …

RMIIA: Colorado Hailstorm Caused $213M in Insured Losses

Insurers say a hailstorm last month carried a hefty price tag. Rocky Mountain Insurance Information Association spokeswoman Carole Walker said Monday the Sept. 29 storm pounded thousands of vehicles and roofs, causing an estimated $213 million in insured losses. The …

Competition Softens Rate Hikes for Architects, Engineers in 2014: Survey

Although most insurers providing professional liability insurance for architects and engineers sought to raise rates last year, the size of the increases generally failed to meet their expectations. Nevertheless, nearly all leading insurers offering this specialty coverage did see premium …

Report Released on Insurer Procurement Diversity in California

A survey of supplier diversity in the insurance industry for California’s largest 206 insurance companies was issued on Wednesday. The results, which are posted on the California Department of Insurance website, shows a majority of insurers are taking steps to increase …

University of Washington to Pay $15M After Medical Mistake

The University of Washington will pay $15.2 million in a medical malpractice judgment after a mistake caused a debilitating brain damage to a girl in 2008. The sum ordered a King County judge is one of the largest medical malpractice …

Court: California City May Proceed With Bankruptcy

A U.S. federal judge on Monday approved the city of Stockton’s petition for bankruptcy in a case that sets the stage for a lengthy battle between bondholders and the California pension system. In a case being studied by other cash-strapped …

Double-Digit Returns Absent From Year-End, 2013 Financial Forecasts

Although analysts following the property/casualty insurance industry expect underwriting results for 2012 to be better than 2011 when full-year numbers are tallied, double-digit overall returns-on-equity are still not visible on the near-term horizon, they say. Industry analysts who supplied combined …

Fitch Downgrades Argentine Insurers Ratings after Sovereign Downgrade

Fitch Ratings has downgraded the long-term National Scale ratings of 12 insurance companies in Argentina, and has also revised the companies’ rating outlooks to negative from stable. Fitch said it took the rating actions following its Nov. 27 downgrade of …