Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
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...
Staying Positive: Premium Growth Levels Not Seen Since 2006
May 21 2012 // Property/Casualty Direct Premium Growth – Year-End 2011 Versus Year-End 2010 Despite the economic uncertainties, for the year ending Dec. 31, 2011, property/casualty insurance companies in total increased direct...
Let the Games Begin
May 21 2012 // Insurance Coverage for the 2012 Olympic Games Is a Herculean Task Before the 2012 Olympic Games open in London on July 27, the city will already have experienced an unprecedented round of preparations, notably the...
Survey: Agencies Seek Carrier Help to Expand Into New Niches
May 21 2012 // The challenges of today’s economy appear to be driving some independent agents into new niche insurance markets and product lines. Almost 60 percent of independent agents say they have begun to or plan to expand into...
The Cost of Duplicate Regulation
May 21 2012 // Multistate Regulation Hikes Commercial Insurers’ Expenses and Premiums by 26% Buyers of commercial liability insurance pay on average 26 percent more in insurer expenses if their insurance company has to comply with...
New York Hearings on ‘Forced’ Insurance in Foreclosure
May 20 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...
Florida’s Citizens Defends Plan to Consider Higher Rates on New Business
May 18 2012 // Facing protests from consumers and state officials, Florida’s state-run homeowners insurer has found itself defending a proposal to increase rates for new customers above a legislative cap placed on current...
New York Rule Says Insurers Must Seek Beneficiaries
May 16 2012 // Insurers doing business in New York are now required to regularly search a government list of recent deaths to identify policyholders, then find and pay beneficiaries even when no claims are made. New York State Department...
Medical Liability Insurers Look Strong Now But Face Difficulties Ahead: Fitch
May 11 2012 // The medical professional liability insurance (MPLI) market continues to stand out as a relatively strong corner of the U.S. property/casualty business, with recent underwriting performance remaining favorable, according to...
Judge to Insurer: Pay Legal Fees in Pending Insider Trading Fraud Case
May 11 2012 // A federal judge said during a court hearing in New York on Thursday he is prepared to order an insurance company to keep paying the legal fees of several former hedge fund managers and traders caught up in an insider...
