Tag: insurance industry

FEMA pushes for renewal of National Flood Insurance Program

Flood insurance

NFIP set to expire without Congressional action The National Flood Insurance Program (NFIP) is scheduled to expire, once again, on May 31 of this year. The program is the primary source of flood insurance for homeowners throughout the country. Many private insurance companies either do not offer or have stopped offering flood insurance coverage in states where floods and heavy rainfall is common. As such, many homeowners rely on the federal program to protect them from natural disasters. Unfortunately, the program has been crippled by monumental debt, which has threatened…

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Louisiana Citizens Insurance awarded temporary court order concerning $105 million in assets

S.Vagus
health insurance lawsuit

Citizens wins court order in long-standing legal battle with policyholders Louisiana’s Citizens Property Insurance, a state-run provider of insurance coverage for homeowners, has won a temporary court order that allows it to retain $105 million in assets that would have gone to policyholders. These policyholders are accusing the company of being late on adjusting claims relating to 2005’s Hurricanes Rita and Katrina. Citizens has long argued that adjustments were made appropriately, but this stance did not win the company favor with previous judgments that required the company to pay policyholders.…

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U.S. RE Analytics releases new tool to help insurers manage their risk exposure

Nordstrom

Insurance technology with new risk managment tool for industry use U.S. RE Analytics, a consulting firm that provides services to the insurance and reinsurance industries, has developed a new tool that could help some insurance companies manage the cost of reinsurance more efficiently. The tool, called U.S. RE Risk Optimizer, is designed specifically to assist companies that are exposed to catastrophic natural disasters. These disasters have proven to be a serious financial risk over the past two years. Two consecutive years of severe natural catastrophes have caused the price of…

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Insurance for the Olympic Games a major issue for UK insurers

S.Vagus

Insurance professionals prepared to provide coverage for the Olympics There is a scant one hundred days before the 2012 Olympic Games begin in the United Kingdom. Preparations for the event are still underway and London’s insurance community is beginning to feel the pressure. Many of the city’s insurance agents and providers have been working for over a year to establish a safety net for the event. The Olympics is fraught with risk as the event attracts thousands of foreign visitors and athletes and collects them into a single, localized area.…

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Majority of the public believes the 2009 auto industry bailout helped the economy, despite opposition

Marc

New poll shows public opinion on bailout tactics for industry. A new poll performed by Harris Interactive, has determined that the vast majority of the American public would not support any additional insurance, construction, banking, or auto industry bailouts, and that while only a small percentage of people think that the insurance and banking bailouts of 2008 helped the economy, the vast majority feel that the auto industry bailout of 2009 (especially of Chrysler and GM) did provide an economic boost. The poll also indicated that a large number of…

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