The Insurance Association of China’s chairman has announced that the country will likely be opening its doors to the largest auto market in the world to make it possible for foreign companies to enter into the mandatory auto insurance marketplace in 2012. Currently, this auto insurance market of $31.5 billion is entirely led by insurance companies from China, for example, Ping An Insurance and PICC Property and Casualty Co., but regulators are working to bring in a greater amount of competition. Jin Jianqiang, in Taipei, explained that insurers from other…
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Allstate net income tumbles for third quarter after payouts for natural disasters
Following the $1.08 billion payout by Allstate Corp. for natural disaster claims, the net income for the company’s third quarter fell by 55 percent. Equally, the insurer also said that its investment results were better, and that its auto insurance segment profits assisted in offsetting some of the losses resulting from this year’s storms. Overall, it saw a $165 million net income, which translates to 32 cents per share, when compared with the figures in 2010 which were 68 cents per share and a net income of $367 million. Allstate…
Read MoreMercury Insurance shows their approval for newly proposed auto discount in California
Mercury General Corp. has just announced its support of an auto insurance initiative comparable to last year’s Proposition 17, which was turned down by voters in June 2010. Supporters of this initiative are thrilled with Mercury’s backing, and are hoping that this second effort will make the difference. Insurance trade group, American Agents Alliance’s executive director, Mike D’Arelli, submitted the proposed initiative’s summary to the California attorney general’s office; taking the first step toward a vote on the initiative. Mercury had previously been a supporter of Proposition 17, having spent…
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