It Figures

$6.8 Million

Colorado’s Division of Insurance announced that Allstate Insurance Group decreased its rates for private passenger automobile policies in the state, providing a savings of $6.8 million to consumers through reduced premiums.

Actuarial analysis submitted to the state DOI by Allstate indicated that favorable loss experience during the past few years contributed to the decrease. “Loss experience” describes the claims for losses presented by the company. A favorable loss experience means Allstate received and paid fewer claims than expected.

$1.5 Million

Maximum amount government liability caps would be increased to by 2015, if the Oregon’s proposed Senate Bill 311 is approved. The cap would be the maximum amount of money a jury could award for injuries caused by state and local government negligence.

The bill resulted from a 2007 Oregon Supreme Court ruling that the current $200,000 cap was inadequate to meet the needs of a boy who suffered brain damage from medical negligence at Oregon Health & Science University.

Under the proposal, the cap increases $100,000 a year to a maximum of $1.5 million by 2015 for individual claims against state government, $3 million for all claims from a single incident. After that, the amounts are indexed to inflation. (AP)

$61.7 Billion

The amount of loss American International Group Inc. posted in its fourth quarter. The quarter’s net loss of $61.7 billion compared to a 2007 fourth quarter net loss of $5.3 billion.

The insurer reported that continued severe credit market deterioration and charges related to ongoing restructuring activities contributed to the record net loss for the fourth quarter.

Topics Oregon