Michigan is facing an ongoing battle over its no-fault automobile insurance regulations, specifically where it involves the unlimited coverage it provides for catastrophic injuries, and whether that should be hedged back in order to attempt to control rapidly increasing premiums. A secondary issue within the state – and which is not receiving quite as much attention – is the rising costs of injury treatments from auto accidents. At the moment, these expenses are greater than those for the treatments of injuries that have resulted from other circumstances. According to AAA…
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U.K. auto insurance rates rise as large claims shrink
This year has shown a continuation of the increase in car insurance rates in the United Kingdom, as some motorists find themselves faced with premiums that are as much as 50 percent higher than they were in 2010. Equally, according to the U.K. Motor Market Review, which is performed annually by top reinsurance advisor (and part of global insurance broker, Willis Group Holdings) Willis Re, the number and frequency of large claims from serious injuries and deaths resulting from crashes in the country have fallen by a notable 10 percent…
Read MoreInsurers keenly aware of retail risk on the eve of Black Friday
With Black Friday and Cyber Monday looming on the horizon, insurers are keeping a keen eye on risk in the retail industry. Black Friday is the most important shopping day of the year and, in many ways, the most important day of business for most retailers. The famous deals offered during Black Friday have never failed to draw masses of shoppers to stores. When so many people gather in one space, accidents are almost unavoidable. With insurers falling under more scrutiny in recent months, they have begun warning retailers to…
Read MoreEast Coast snow storm causes havoc in New York – insured losses estimated in the billions
The East Coast has been assaulted by a violent and unprecedented snow storm. The storm moved in last week ahead of Halloween and the effects were most acutely felt in New York City. The insurance industry is still reeling from devastating natural disasters that occurred earlier in the year, many of which cost billions of dollars in insured losses. According to government officials, the storm has become the 11th economic disaster hitting the nation this year. Thus far, the storm has claimed eight lives and left 2.2 million people without…
Read MoreColorado Springs terminates red light cameras program
Colorado Springs police has announced that they will no longer be using cameras in order to help to capture images of red-light runners, despite the fact that this technique was praised only last week as having made the streets of the city notably safer. Pete Carey, interim police chief of the city, used a 2012 budget work session for the Police Department to tell the City Council about the decision. Carey said that it had not yet been determined whether or not the red light cameras had worked to reduce…
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