American International Group, Inc. (AIG) reported a net loss of $2.4 billion for the third quarter of 2010, compared to net income of $455 million in the third quarter last year. The loss was attributable to restructuring and goodwill charges and losses from sales of assets. Income from continuing insurance operations, largely property/casualty insurer Chartis and life insurer SunAmerica Financial, was stable, at $2.1 billion. Chartis’ third quarter 2010 operating income was $1.1 billion compared to $719 million in the third quarter of 2009. SunAmerica’s operating income fell 18.5 percent to $978 million.
The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) said that its political action committee, InsurPac, distributed more than $1.7 million in the 2010 campaign cycle resulting in a 93 percent congressional victory rate. In the 2010 election cycle, more than 5,000 independent agents supported InsurPac with personal, voluntary contributions. InsurPac distributes to federal campaigns and has a bipartisan track record. Charles Symington, Big “I” senior vice president of government affairs, said InsurPac distributed $1,722,750 in support of 265 races, winning at least 247 of them. He said that in disbursing contributions, InsurPac does not look at party affiliation but supports U.S. congressmen, senators, and candidates for federal office who have been advocates and supporters of the independent agency system.
The frequency of Texas home fires dropped 15 percent among Allstate customers during the first half of 2010, when compared to the same period last year. This decrease puts fire frequency back in line with historical levels, after Allstate saw a spike in the first half of 2009. Allstate analyzed non-weather related home fire claims to raise awareness about National Fire Prevention Month in October. The Allstate data found the top fire-starters this year in Texas have been electrical fires throughout the home and grease fires started in the kitchen. Allstate surveyed 40 fire officials statewide to compare their most common fire causes. Most reported cooking and electrical hazards at the top of their list also. Common hazards included overloading electrical outlets and the improper use of extension cords.