Total SA natural gas leak births insurance nightmare as the industry tackles yet another man-made environmental disaster

Trouble is brewing in the North Sea where a major natural gas leak is causing problems for Total SA, a multinational oil company. The leak began at one of the companies abandoned platforms, dubbed the “well of hell” by environmentalists. Total is claiming that it will take at least six months to shut off the flow of natural gas due to high pressures within the reservoir beneath the platform. The company now faces serious backlash from the insurance industry for being at the heart of yet another man-made environmental disaster.…

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Facebook clashes with employers over passwords and user accounts

Facebook is a majorly successful social network. Hundreds of thousands of people use the network each day to share information with their friends and participate in various online communities. The network is also popular amongst businesses, though not in the same way as it is with consumers. To many businesses, Facebook is a tool for social media marketing. It can be used to market to a specific demographic, or to investigate a potential hire. The latter purpose is becoming more commonplace, and Facebook is looking to put an end to…

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California insurance regulators clash with insurers over coverage for small businesses

California insurance regulators are pushing for new legislation that would institute limitations on a controversial form of health insurance that is targeting small businesses. This coverage is a type of self-insurance that is designed for businesses with 25 or fewer employees. Regulators claim that these policies are being used by health insurers to find companies with the healthiest workers, lowering their risk of costly payouts. Insurance Commissioner Dave Jones is concerned that these policies undermine one of the key principles of the Affordable Care Act: Lowering premiums by allowing insurers…

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American housing market shows first signs of rebounding benefiting insurers

To the benefit of many insurance companies, the housing market in the United States is beginning to show some signs of recovery as mortgage companies begin their reappearance. New home loan guarantor, NMI Holdings, has just announced its hiring of the FBR & Co. investment bank in order to help in the raising of $550 million following the collapse of three of its competitors that were taken down by record homeowner defaults. Only one out of those three competitors remains anywhere above credits at a junk grade. Equally, Essent Guaranty…

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Department of Health and Human Services says that health insurance rates are too high in nine states

The Department of Health and Human Services (HHS) has announced that health insurance rates in nine states are far too high to be reasonable. HHS Secretary Kathleen Sebelius has determined that these rates are excessive under the authority granted to the agency by the Affordable Care Act. The law gives federal and state insurance regulators the authority to review health insurance rate increases of 10% or higher and determine whether they are necessary. The insurance companies in these nine states will be requires to justify their rates or make changes…

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