Aetna insurance moving headquarters out of Hartford after 164 years there

New York City Aetna Insurance

The coverage giant has been in Connecticut for over a century and a half and is now moving to New York City. After 164 years in Connecticut, Aetna Insurance is now moving its headquarters out of Connecticut and into New York City. The company had announced its intentions to relocate to NYC earlier this year and has faced intense lobbying from Connecticut officials against its decision. This comes as a hard hit to Hartford, which has already been struggling with considerable financial issues. On the side of Aetna Insurance, it…

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Auto insurance rates in Detroit continue to be a financial burden

Auto insurance - Detroit flag

Insurance coverage for drivers in Detroit continues to grow more expensive Rising auto insurance rates in Detroit may be hindering the city’s economic recovery. Consumers throughout the city have seen their insurance rates soar in the past year. Detroit has been recovering from a record breaking municipal bankruptcy, which has served to make the city somewhat financially unstable. In December of 2014, the city was able to break free of this bankruptcy and its implications, but rising costs of auto insurance coverage could slow further recovery. High insurance rates make…

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Compromise on terrorism insurance in the US may be near

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Federal negotiators may soon reach a fair compromise on the country’s federal insurance backstop Terrorism insurance in the United States may be in jeopardy. In 2002, the Terrorism Risk Insurance Act was passed, creating a federal backstop for insurance claims generated by acts of terrorism in the country. The legislation was meant to provide a transparent system, which allowed insured losses to be shared by both the public and private sectors. The federal backstop has been in contention for some time, as lawmakers have become unconvinced that it is still…

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Auto insurance rates are high in Detroit

michigan auto insurance

Detroit is home to some of the highest car insurance rates in the country Owning a vehicle in Detroit, Michigan, is quite expensive, according to a new study from InsuranceQuotes.com. The study highlights the cost of auto insurance coverage throughout the U.S., taking note of where insurance rates are highest. Notably, Detroit is home to some of the highest insurance premiums in the U.S. The city’s rates are even higher than those found in New York City, where auto insurance has long been plagued by fraud and other issues. Rates…

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Auto insurance fraud ring disrupted in New York

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38 people involved in large fraud operation in New York have been indicted A large auto insurance fraud ring has been disrupted in New York. According to the Northwestern District Attorney’s Office, 38 individuals have been indicted on insurance fraud charges from grand juries in Hampshire and Franklin counties. These people are alleged to have been participating in auto insurance within their local areas and within New York City itself. The indictments come on the heels of the completion of a year-long investigation from the Insurance Fraud Bureau of Massachusetts.…

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Flood insurance could soon be mandatory for 35,000 property owners in New York

Flood Insurance Flood Map

FEMA introduces revised flood maps that could expand flood insurance requirements The Federal Emergency Management Agency (FEMA) has introduced new flood maps for the East Coast U.S. this week that could force many property owners and businesses to purchase flood insurance coverage. The federal agency has been working to revise flood maps over the past two years, addressing some of the emerging threats that have been brought to light by powerful storms, such as Hurricane Sandy. These storms have caused widespread flooding in many parts of the East Coast and…

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Insurance groups rally against New York rule that puts pressure on agents

Two insurance groups have filed an appeal with the New York Supreme court regarding a decision regarding the state’s new broker disclosure rule. The rule, New York Insurance Regulation 194, requires insurers to inform policyholders on how policies are paid out even if such information is not requested. Several other states have similar rules, much to the chagrin of the insurance industry that often withholds information it deems arbitrary. The two insurance groups are looking to have the rule revoked. The Independent Insurance Agents & Brokers of New York and…

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