The Senate of Texas has passed a new insurance bill that has been the subject of a great amount of controversy. The bill will extend the life of the Texas Department of Insurance and will impose stricter guidelines on the agency itself. Previous to the bill’s passage, a number of amendments were proposed to make the legislation more consumer friendly. Each amendment was rejected, however, as they were deemed unfruitful to the state’s insurance industry. The state’s Democrats were behind the amendments to the bill. They argue that their propositions…
Read MoreTag: insurance news May 2011
Financial News: Insurance industry becomes more attractive
The global economy is showing promising signs of recovery, but the recession took a heavy toll on nearly everyone. State governments, in particular, suffered in the wake of the economic calamity. In light of this, some are taking steps to remake themselves to be more attractive to businesses, specifically insurers. Vermont is the latest to join these ranks, joining Utah, South Carolina, Delaware and Hawaii, each making changes to their regulatory policies to bring in big insurers. Many insurance companies partake in a number of business transactions that they would…
Read MoreThe numbers come rolling in for recent tornado outbreak
As the drama in the storm ravaged regions of the Southeast U.S. continues to unfold, AIR Worldwide, a leading catastrophe modeling firm, sheds light on exactly how much the disaster will cost in a new report release today. The firm estimates that insured losses in both the Southern and Southeastern U.S. could total $5.5 billion. The estimate is for the period between April 22nd and 28th, when the storms were at their peak. Representatives from AIR say they will continue to monitor the region to keep their estimates as accurate…
Read MoreChecking the insurance market temperature
A recent survey shows that first quarter property and casualty (commercial) rates have fallen another three percent, on average, for most renewals and small to medium business renewals. Most experts believe that it’s still too early to tell if this is due to the disasters in Japan and other countries earlier this year, or if there is another market influence taking place. The slowdown in decreasing rates may be an indicator that prices will start to level off. There have been some slight increases, more noticeable in larger businesses, commercial…
Read MoreSony’s cyber liability claim may not be covered
In the wake of a massive data breach, entertainment giant Sony is turning to its insurers for help with the cost. A group of anonymous hackers overwhelmed Sony’s security late last month, stealing valuable customer information. Only two weeks after the initial attack, they struck again, getting their hands on even more data. To date, more than 100 million users of Sony’s online gaming and market platform have been affected, causing an estimated $2 billion worth of damages. The corporation has a multitude of insurance companies at their disposal and…
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