The ruling in New York is that the World Trade Center’s owners cannot demand payouts from the attacks. A federal judge has just made insurance news headlines when he ruled that the owners of the World Trade Center are not permitted to make demands of billions of dollars of additional payments from insurers due to the attacks on September 11, 2001. The owners of the buildings will not be able to receive the money from the airlines and their insurers. The insurance news was made when Judge Alvin Hellerstein made…
Read MoreAuthor: Julie Campbell
Insurance industry professionals must cope with regulation risks
A new study has revealed the largest risks faced by pros, the results of which have now been published in a report. New local and international level regulations are now being seen as the greatest risk faced by the insurance industry, according to a PricewaterhouseCoopers and Centre for the Study of Financial Innovation report. The new rules could considerably increase problems with compliance as well as costs for insurers. According to the 2013 Insurance Banana Skins Survey, new regulations regarding market conduct and solvency could “swamp” the insurance industry with…
Read MoreAuto insurance electronic proof law signed by Missouri governor
Gov. Jay Nixon has now added his signature to House Bill 322 so that coverage cards can be shown digitally. The Governor of Missouri, Jay Nixon, has now signed House Bill 322, which will give drivers the opportunity to use their smartphones and other mobile electronic devices to display a digital version of their proof of auto insurance, which will be considered an allowable format for official situations. These devices are being used by people for a growing number of purposes and could make proof more convenient to display. According…
Read MorePet insurance is among the most popular American worker benefits
A growing number of businesses are now subsidizing and discounting the cost of the coverage for their employees. The trend for companies to offer their workers pet insurance as a part of their benefits packages is a growing one, as people increasingly feel that their animal companions are members of the family. Businesses across the country are working to make themselves more attractive to talented workers. One in three Fortune 500 companies offers plans from Veterinary Pet Insurance (VPI), the oldest and largest animal health insurer in the United States.…
Read MoreFlood insurance claims about to spike from massive Toronto flooding
The IBC has already issued a warning to insurers of the area that there will be many filings. Following a tremendous sudden downpour in the city of Toronto in Canada, that flooded roadways, homes, businesses, subway stations, and even above ground trains, the Insurance Bureau of Canada (IBC) is warning insurers that the flood insurance claims will be many and costly. The city has never before in recorded history experienced a storm like the one that struck on Monday. In its history, only Hurricane Hazel, which struck in 1954, brought…
Read More