Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
N.Y. Holds Hearings on ‘Force-Placed’ Insurance
Jun 4 2012 // Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the...
Maryland to Privatize State-Run Workers’ Comp Insurer IWIF
Jun 4 2012 // The Injured Workers’ Insurance Fund (IWIF), Maryland’s state-run workers’ comp insurance carrier, will become a private, nonprofit company under a new name Chesapeake Employers’ Insurance, effective...
Michigan Court Rules for Insurer in Tragic Hit-and-Run
Jun 1 2012 // The Michigan Supreme Court says an insurance company doesn’t have to pay benefits in a hit-and-run case because the incident wasn’t reported within 30 days. The court’s conservative majority overturned a...
Top Trade Credit Insurer Pulls Cover for Exports to Greece
May 31 2012 // The world’s biggest trade credit insurer, Euler Hermes, has suspended cover for exporters shipping to Greece because of the mounting risk of them not being paid in the event the debt-laden nation is forced out of the...
New Oklahoma Law Caps Premium Tax on Captive Insurance Companies
May 30 2012 // A proposed new law that places a cap on premium taxes paid by captive insurers is expected to increase the number of companies conducting business in Oklahoma, state regulators say. Senate Bill 1617, requested by Oklahoma...
Kentucky’s April Hail Storm Cost Insurers $175 Million
May 30 2012 // A major hail storm last month in Kentucky is estimated to have caused $175 million in insured losses and damages when balls of ice as large as baseballs battered cars and homes and knocked out power to thousands. The PSC...
Fallout from Dewey Law Firm Collapse Hits Insurers, Other Clients
May 29 2012 // For eight years, hundreds of victims of militant attacks in Israel have pursued litigation against a Jordanian bank they claim provided financial services to Hamas and other militant groups. Now the plaintiffs have a new...
58% Wind Rate Boost by Louisiana’s Last Resort Insurer
May 28 2012 // Louisiana Citizens Property Insurance Corp. plans an average rate increase for wind-only policies of 58 percent, sparking an argument among top state officials on whether the increase is legal. The Advocate reports that...
U.S. Insurers Have Capacity to Provide 2012 Hurricane Coverage: Fitch
May 25 2012 // Sufficient capacity remains available in the insurance and reinsurance markets to meet the demand for coverage prior to the approaching U.S. hurricane season, according to Fitch Ratings. Early forecasts for the 2012 U.S....
Insurer to Cover Half of R.I. City’s $389K Loss Caused by Embezzlement
May 24 2012 // An insurance company has paid the city of Woonsocket, R.I., $200,000, which covers about half the money the city says it lost to embezzlement. City Finance Director Thomas Bruce III tells the Woonsocket Call the city filed...
Maryland’s State-Run WC Insurer IWIF to Become Private Nonprofit Co.
May 23 2012 // The Injured Workers’ Insurance Fund (IWIF), Maryland’s state-run workers’ comp insurance carrier, will become a private, nonprofit company under a new name Chesapeake Employers’ Insurance, effective...
Penn. Pain Management Doc Pleads Guilty to Defrauding Insurers
May 23 2012 // A Pittsburgh-area doctor who specialized in pain management faces a lengthy federal prison sentence after pleading guilty to prescribing unnecessary painkillers and defrauding insurance carriers in the...
Insurers Paid $200M to Victims of June 1, 2011 Massachusetts Tornadoes
May 23 2012 // Massachusetts officials said that insurers so far paid out $200 million in claims related to devastating tornadoes in western and central Massachusetts that occurred on June 1, 2011. The Massachusetts Insurance Division...
AIA Calls for More International Market Access for U.S. Insurers
May 23 2012 // The American Insurance Association has issued a statement, which points out several instances of a “disconnect between the continued significant global insurance capacity and a strong demand for insurance products...
EU Trade Credit Insurers Considering Restrictions on Greek Coverage
May 22 2012 // Euler Hermes, the world’s No. 1 trade credit insurer, said it might restrict the cover it provides to exporters doing business with Greece, citing fears the debt-laden nation could be forced out of the...
Tennessee Cracks Down on Roofing Contractor Fraud
May 21 2012 // Roofing contractors operating in Tennessee will have to provide residents whose homes are damaged due to tornadoes and other storms with more information about their company and about their rights to cancel contracts under...
UK’s ABI Warns Metal Theft Crime Wave Costs Insurers over $1.6 Million a Week
May 21 2012 // “The victims of the UK’s metal theft crime wave are now being paid out over £1 million [$1.58 million] every week by insurers,” according to the Association of British Insurers. Thieves are making off...
Verizon Sets Up Captive Insurer in N.J.
May 21 2012 // New Jersey officials announced this month that the state approved a captive insurance company for telecommunications giant Verizon Communications Inc. The new captive, called Exchange Indemnity Company New Jersey (EICNJ),...
N.Y. Proposes New Rule to Fight No-Fault Fraud
May 21 2012 // New York State regulators are expanding their effort to stop no-fault auto insurance fraud. The New York Department of Financial Services announced a draft regulation, Regulation 68, that would make it easier for insurers...
The Health Workers’ Compensation
May 21 2012 // Injured But Still Standing Like the economy, the workers’ compensation market has suffered in recent years. Results for 2011 were no better than 2010. The good news: results for the market were not worse either. The...