Terrorism insurance act may receive an extension in the US

terrorism insurance law

Senate panel unanimously approves extension of Terrorism Risk Insurance Act A U.S. Senate panel has approved the extension of the federal terrorism insurance initiative. The Terrorism Risk Insurance Act, which was signed into law in 2002, created a backstop for insurance claims relating to acts of terrorism. This initiative is designed to mitigate the risks associated with terrorism occurring within the United States and provides coverage for businesses and any entity that is deemed eligible. A select few insurance companies are allowed to participate in the initiative by providing products…

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Insurance news made in case of shooting, faked death, and fraud

Insurance fraud

A Florida suspect of attempted murder who is now living in Canada has been declared legally dead. Alex Varga has found himself at the heart extremely curious insurance news headlines in a Florida case in which he was the suspect in a shooting, but where he fled the country until finally making his way to Canada, where he has discovered that his wife – still in Florida – had declared him dead in order to collect on his life policy. Varga will now likely never be tried for the shooting…

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Insurance news made with a new confirmed Medicare and Medicaid chief

Marilyn B. Tavenner

The acting chief has now been confirmed as the new confirmed head – the first in six and a half years. This week, the Senate has made insurance news with its approval of the nominee of President Obama for the chief of Medicare and Medicaid, Marilyn B. Tavenner, who has been acting chief until now. This is the first confirmed chief that has held this position in six and a half years. The vote in support of Tavenner in the Senate was 91 to 7, showing a widespread approval for…

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Drama washes over insurance industry as companies continue legal battles

Insurance Industry Legal Battles

Insurance industry still in turmoil after economic recession The controversies surrounding the U.S. insurance industry and its relation to the 2008 economic recession continue to prove to be an active battlefield. This week, AIG, one of the country’s largest insurance companies, has announced that it may pursue a lawsuit against Bank of America’s Countrywide insurance unit. The lawsuit accuses Countrywide of playing a role in the financial disaster. AIG was cleared to pursue this lawsuit after U.S. District Judge Mariana Pfaelzer approved of such action this week in Los Angeles,…

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Liability insurance for guns proposed by federal lawmakers in the US

gun liability insurance

Lawmakers consider liability insurance a solution to the gun control issue Gun control has been a very hot topic in the U.S. The country has seen a spate of violent crimes associated with guns in recent months, some of which have sparked public outcry for stricter measures to control the availability of various types of firearms throughout the country. The issue has become controversial due to the second amendment of the U.S. constitution. Federal lawmakers have been struggling with the issue since public outcry for gun control has begun, and…

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Aon report focuses on impact of US natural disasters

Natural Disaster damage insurance trends

US disasters deal costly blow to global insurance industry, according to Aon Aon Benfield, a leading reinsurance and catastrophe modeling firm, has released its latest Annual Global Climate and Catastrophe Report. The report highlights the impact that natural disasters have had throughout the world and how these disasters have hit the global insurance industry and economy. According to the report, two of the world’s costliest natural disasters occurred in the U.S. While these disasters were largely confined to the borders of the country, Aon notes that their influence has sent…

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Insurance news from U.S. policyholders reveals they’re spending more

Insurance news cost

37 percent of American survey respondents say they spent more over the last 12 months. The results of a survey of policyholders in the United States are making insurance news as they have revealed that Americans believe they have spent more for their coverage over the last year. The majority feel that the reason for this increase in spending is due to higher premiums. Among the participants in this Princeton Survey Research Associates International insurance news making study, 37 percent claimed that they had spent a larger amount last year…

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Flood insurance approval for $9.7 billion in claims from U.S. Congress

Flood Insurance

The final congressional nod was achieved when the Senate passed the bill on Friday. The new United States Senate has now passed a bill for $9.7 billion which has brought about the final approval of Congress to assist in the payment of flood insurance claims for businesses, homeowners, and renters whose properties were damaged by Superstorm Sandy when it hit at the end of October 2012. This has replenished the funds for NFIP, which were reaching urgently low levels. The National Flood Insurance Program (NFIP) was predicted to run dry…

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Insurance news from Nationwide reveals a massive computer breach

insurance news security breach

The insurer has announced a network attack that has compromised data from 1.1 million people. Nationwide Mutual Insurance Co. has just revealed that back in October, someone hacked into a part of their computer network, making insurance news when the data of over 1.1 million people was breached. The attack occurred on October 3 and involved the same network that is used by Allied. It has now discovered that this insurance news involves a breach that has compromised personal data from customers which can include names, birth dates, driver’s license…

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