The role of insurance in the economy

Insurance and economy go hand-in-hand Insurance has managed to attract a lot more attention from consumers in recent years than it had in the past. Many people are now conscious of how insurance affects their lives, but few people are aware of the connection that insurance has with the economy. Indeed, it is more common for people to be aware of how the economy affects the insurance businesses than vice versa. To say that insurance is the underpinning of the modern economy may seem like hyperbole. When put into perspective,…

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Strong M7.7 Earthquake Strikes Remote Region of Southern Pakistan

BOSTON, Sept. 24, 2013 – According to catastrophe modeling firm AIR Worldwide, at 7:29 a.m. Eastern time (4:29 p.m. local time), a magnitude 7.7 earthquake struck southern Pakistan. The epicenter was located 69 km (43 miles) north-northeast of Awaran in the province of Balochistan. The quake struck at a depth of 20.0 kilometers and was followed minutes later by a M5.9 aftershock. The USGS issued a red alert for this temblor, meaning that high casualties and widespread damage are probable. Rescue efforts have begun in full force with Balochistan officials…

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Typhoon Usagi Weakens Before Landfall in China’s Guangdong Province: AIR Worldwide

According to catastrophe modeling firm AIR Worldwide, Severe Typhoon Usagi, the 19th named storm to form in the Northwest Pacific this year, made landfall near the city of Shanwei (150 kilometers northeast of Hong Kong) in the Chinese province of Guangdong at 6 p.m. (local time) Sunday. Accompanied by heavy rains, a central pressure of 941 millibars, and 10-minute sustained winds of 85 knots (157 km/h) according to the Japan Meteorological Agency (JMA), Usagi struck as a strong Category 2 typhoon. Prior to landfall, the Hong Kong Observatory raised the…

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Massive Wildfire Burns More Than 140,000 Acres of Yosemite Wilderness

According to catastrophe modeling firm AIR Worldwide, a massive wildfire that started just over a week ago is currently racing along the remote northwest corner of Yosemite National Park. Dry, warm conditions and winds gusts between 15 to 30 mph are fueling the blaze, which is currently at 7% containment. The fire has already consumed more than 225 square miles of Yosemite’s wilderness-known to be some of the most beautiful in the world-and is threatening two groves of California’s iconic sequoia trees. According to the U.S. Forest Service, the fire…

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This week in insurance news video round up

Below please find our notes and links about video featured insurance news… Health insurance shows 84 million Americans uninsured or underinsured for a span of 2012 According to research conducted by the Commonwealth Fund, there were 84 million people who either went uninsured or underinsured for a span of time in 2012. The reason has to do with a provision of the Affordable Care Act that allows young adults to remain on the health insurance plans of their parents for longer periods of time. In the case of underinsurance, research…

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Insurance News Round Up For This Week

  Insurance News Round Up… Here are the stories we cover in this week’s insurance news round up! Health insurance navigators targeted by new HHS rule In order to address one of the many concerns that states have concerning some of the health insurance provisions of the law, the Department of Health and Human Services has issued a new rule concerning the use of health insurance “navigators.” Navigators are meant to help consumers find the best coverage available to them through state or federally run insurance exchanges. The new rule…

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This week in Insurance News Headlines

Live Insurance News Video – This week in the headlines…   Stories we covered in today’s headlines along with notes and highlights… Title: Consumer satisfaction in homeowners insurance sector continues to climb  Insurance agents will be happy to hear that the latest report in from J.D. Powers makes note of consumers satisfaction is higher than ever when a claim is reported to the agent first opposed to them  being redirected to the insurance company. The study shows that consumer satisfaction is climbing despite the problems that recent natural disasters have…

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Insurance News Video Broadcast

This Week’s Round Up – Insurance News Broadcast for April 4th, 2013 See Notes and Highlights of The Stories Featured in Video: Study claims health insurance rate shock may be coming Health insurance companies throughout the U.S. have been warning of the impending rate shock that could be spurred by the Affordable Care Act. According to the study, health insurance companies are expected to pay out an average of 32% more on payouts for medical claims for individual consumers. Federal officials are questioning the accuracy of the study suggesting that…

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States to look for alternatives if the Affordable Care Act does not survive

Arizona Health Insurance industry

Arizona claims health care reform should happen on the local, not federal, level Arizona is among the 26 states that have risen up to challenge the Affordable Care Act, the federal health care law often referred to as “Obamacare.” These states claim that the federal government has overstepped its boundaries in passing the law. These claims primarily concern a handful of provisions found within the Affordable Care Act, one of which makes health insurance coverage mandatory for all U.S. citizens. Arizona, in particular, believes that the key problem with the…

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Insurance Law Podcast examines the use of social media as a tool for the insurance industry

A.M. Best, a worldwide ratings and financial data services company serving the global insurance industry, has released its latest installment of the Insurance Law Podcast. The series focuses on insurance issues from a legal perspective and seeks to supply viewers with an understanding of how insurance laws are affecting the industry as a whole. This week’s podcast focused on the issue of insurers using social media to price policies and investigate claims. The latest podcast features attorneys Daniel Santaniello and Heather Calhoon from Luks, Santaniello, Petrillo & Jones law firm.…

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