Mayhem on the high seas

An attack by Somali pirates came late last week when the maritime bandits hijacked an oil tanker over one thousand miles from the Somalia coast. The seizure of the Greek oil tanker, Irene SL, occurred Wednesday about 200 miles east of the Gulf of Oman; a region that was thought to be safe. This was the second hijacking in this area; causing insurance underwriter’s to re-evaluate the current premiums that ship owners are paying for marine kidnap and ransom coverage. Brokers stated,  “a study last month estimated the total cost…

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Largest insurer in Europe encourages consumers to shop their car insurance

Allianz, one of the biggest insurers in Europe, is anticipating that 1 in 10 drivers will cut back their auto insurance coverage this year. In an effort to retain customers, they have launched a new service called, “Your Cover Car Insurance”. Exclusive to online users, Your Cover is designed to help motorists see if they can keep the same amount of coverage they currently have but for a lower price. An independent study conducted on behalf of Your Cover showed that 10% of drivers are looking to cut back on…

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Bank of America sells off Balboa Insurance

In order for the Bank of America to recover from the global credit crisis… It decided to divest to the QBE Insurance of Australia its Balboa Insurance, totaling to at least $700 million. This is the company’s most recent asset that was sold off, after selling the stakes BlackRock and China Construction Bank last year. These previous sales were done in an effort to repay the government bailout aids – adding them to the list of banks that made good on their debt. QBE is the largest insurance company in Australia, and after…

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Captive Insurance Companies: New Money Saving Trends for Businesses

Officials from Helena, Montana, are reporting that an increasing number of businesses and organizations are forming their own insurance companies in an effort to manage costs. These impromptu coalitions are being called “captive” insurance companies. The specific objective of these companies is to finance or insure the risk of their parent groups. Steve Matthews of the State Auditor’s Office says that the trend is to keep insurance premium taxes from leaving the state. In 2010, Montana licensed 26 captive insurance companies, bringing the total number of such companies in the…

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New Data Protection Insurance

With the world continuing to move into a more technologically driven future, the threat against virtual security is becoming much more prevalent. In the medical field, changes are being made to move patient records into electronic data bases and that means that they will become susceptible to hackers. As a result of this many insurance companies are beginning to offer protection for physicians and their patients, known as data breach protection. When a data breach incident occurs, physicians are required by law to report the happening to a PR agency,…

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Fireman’s Fund announces green partnership

The demand for green products is growing every year and has now made its way into the insurance world. Major insurer, Fireman’s Fund Insurance Company, is the first to deliver new options like, “Green Insurance”. The property/casualty and commercial insurer are the innovators of green insurance by rewarding their clients with discounts and special “green” coverages. In recent days, the company announced a new referral partnership with Scientific Conservation Incorporation, also known as SCI. SCI specializes in commercial building energy efficiency through Predictive Diagnostics and Analytics systems. Their software solutions…

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Washington fines insurers for undisclosed rate changes

Six insurance companies have been targeted for fines by state insurance commissioner, Mike Kreidler. He has ordered the companies to pay a total of $534,000 after an investigation found that the companies frequently failed to document rate changes in their commercial policies only. The companies write business for personal and commercial risks and are subsidiaries of New Jersey company, Chubb & Son.  Companies cited: Federal Insurance Company Pacific Indemnity Company Great Northern Insurance Company Executive Risk Indemnity, Incorporated Last November, Kreidler threatened to suspend the companies for nine month, but the move was…

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Massachusetts helps small businesses

During Massachusetts Governor Deval Patrick’s inauguration speech, he discussed that his commitment to small business and the importance of this focus. State Housing and Economic Development Secretary, Greg Bialecki, said Patrick and his staff have been conversing with small business owners in order to address their top areas of concern, especially health care.  With the costs of health insurance potentially going up with the new health care laws, small business owners are very hesitant to hire new employees. According to Bialecki, it is hard to get out of a recession…

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Big Insurer, Big Information!

Later this year, heavyweight insurer Blue Cross and Blue Shield Association will transform their healthcare data analysis service into its own business. Founded only 4 years ago, Blue Health Intelligence reviews millions of claims and details how healthcare is being put to use by policyholders. Claiming its database surpasses that of the government, Blue Health Intelligence uses its analysis to determine trends and offer insights to quality of coverage – a service that is quite cost effective. Current trends in the industry, spurred by looming legislative reform, are suggesting that…

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