Swiss Re expects long lasting economic impact from Thai floods

Swiss Re, a global reinsurance corporation, has released its estimates of the damage done by the recent flooding in Thailand. Heavy rainfall in July caused widespread flooding in many parts of Thailand. Waters first began receding in late October and many parts of the country are still inundated. More than 600 people have lost their lives to the disaster with many thousand more losing their homes. According to Swiss Re, the damage caused by the floods could cost the insurance industry as much as $11 billion. More than 1,500 industrial…

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National Flood Insurance expiration delayed until January, legislators still slow to act

There seems to be no resolution in sight for the troubles plaguing the National Flood Insurance Program (NFIP). The program, which provides thousands of homeowners with affordable flood insurance coverage, is scheduled to expire on December 18, but legislators have yet to make an attempt to fix what has been called by insurance professionals a broken system. NFIP has stood before Congress for several months now through a series of imminent expirations. Thus far, legislators have done little else beyond voting to extend the program for another month, but that…

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Health and accident insurance in India to skyrocket by 22 percent by 2015

According to a report just released by BRICdata, the health and accident insurance market in India is expected to keep up its trend toward massive growth, and will see an increase of 22 percent over a span of 5 years. The anticipated rise, along with the lower need for capital will form an appealing marketplace for new firms to start to take their place. The report also explained that the environment may also be quite attractive for new startups, as well. Though the market is currently dominated by insurance providers…

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MIT report highlights the importance of cyber insurance for the U.S. energy grid

The Massachusetts Institute of Technology has released a new report that highlights the U.S.’s need for a cybersecurity shield. MIT claims that the need for protection is most apparent with the country’s energy grid, which is susceptible to attack as it is governed by a myriad of federal agencies. The report notes that there is no single insurance policy that can accommodate the massive risk inherent with such a large energy infrastructure, but the government should take steps to procure multiple policies that augment one another to ensure safety. MIT’s…

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IBHS gives recommendations to protect from Southern California faces wildfires

The Insurance Institute for Business & Home Safety (IBHS) has released a statement reminding property owners in Southern California that the Santa Ana winds are bringing a serious risk of wildfires with them, and that certain precautions should be taken. The National Weather Service has announced that the region could be affected by another significant shove by the winds, which can gust at more than 60 miles per hour. According to an IBHS senior Scientist, Dr. Steve Quarles, “Santa Ana winds are generally warm and dry, creating tinderbox conditions, but…

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HHS awards grants to 13 states, releases new FAQ to help lawmakers build policies regarding health insurance exchanges

The Department of Health and Human Services has awarded more than $220 million to 13 states working toward building their own health insurance exchanges. The money is part of the Affordable Insurance Exchanges program which funnels money to states in order to help them adhere to the federal mandate. The money will give these states more flexibility when it comes to building an exchange, allowing them to explore alternative management systems and ways to make the exchange program more efficient. Exchanges are part of the Affordable Care Act and each…

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Connecticut regulators find rampant fraud in emergency aid after Hurricane Irene

Connecticut Governor Dannel Malloy has tasked the state’s insurance regulators to investigate allegations of fraud coming from the Department of Social Services. In the wake of Hurricane Irene, hundreds of Connecticut residents sought emergency aid to cover the cost of replacing spoiled food and several other expenses. According to the Department of Social Services, many of the people looking for help from the state were not qualified to receive financial aid because their incomes were too high. These people managed to obtain aid by presenting fraudulent information. Hurricane Irene too…

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