A Towers Watson survey has shown that a growing number of corporate officers and directors are looking into the coverage that their companies have or need for protection against possible lawsuits, which indicates that there is an increasing concern over the broad range of risks to which they are exposed. The annual survey, performed by Towers Watson, a worldwide professional services company, was called the “2011 Directors and Officers (D&O) Liability Survey”. It also determined that many American public, private, and nonprofit businesses and organizations have increased their D&O liability…
Read MoreTag: insurance article
Holocaust survivors may soon sue European insurers due to a new House bill’s approval
A House panel pushed legislation ahead on Wednesday to give thousands of Holocaust survivors the right to sue European insurers for insurance benefits that are estimated to total approximately $20 billion. The bill was approved by Foreign Affairs Committee voice vote, allowing the aging Holocaust survivors living in the United States the access they need to American courts in order to force certain insurance companies – such as Assicurazioni Generali in Italy, and Allianz SE in Germany – to have to disclose their pre-World War II policy lists for the…
Read MoreSurvey shows that health insurance is growing more expensive but also more restrictive
A new survey released yesterday by Towers Watson, a leading professional service and consulting firm, and the National Business Group on Health, a trade organization, claims that health insurance is getting more expensive, but is also covering much less than it used to. The survey, which targeted several large companies throughout the U.S., shows that employees are paying more for their coverage this year than they have in the past. They are also subject to more restrictions on their insurance and health care options, with many benefits being cut by…
Read MoreAudit puts Illinois lawmakers in hot water with the state’s insurance companies
Illinois lawmakers and insurers are coming under fire for an insurance deal that was brokered last year. A new report released this week from the state’s Auditor General, William Holland, has highlighted some serious problems with the insurance deal the state made with Blue Cross Blue Shield. The deal saw more than $7 billion worth of insurance policies held by state employees transferred to the major insurance company. One of the problems is that many of the policyholders caught up in the plan lived in one of 24 counties where…
Read MoreAIG unit faces potential fines in California over management of fire claims
American International Group Inc. (AIG) subsidiary, New Hampshire Insurance Co., along with York Risk Services, its claims processing agent, are now facing citations for 125 violations connected with alleged improper handling of California wildfire related claims from 2008. According to California Department of Insurance (CDI) general counsel, Adam M. Cole, “The allegations in this case reflect a troubling lack of attention to consumer needs by New Hampshire Insurance Company.” CDI has stated that each of the various violations for which the insurer has been sited have to do with “an…
Read MoreFlorida lawmakers attempt to manage problematic and controversial solution to Citizens Property Insurance problem
In Florida, lawmakers have been working on fixing the problems of the state-run Citizens Property Insurance Corp. Their efforts have yielded few results and now legislation that could help the program recover from its massive debt has hit a roadblock. Legislators have mostly been focused on reducing the number of people receiving coverage from Citizens by having private insurance companies take on more policies. The Legislature has approved an amendment to the bill that would have accomplished this, House Bill 245, which makes transferring policies more difficult. Now, insurers must…
Read MoreSurvey shows most wealthy people in the United States fear liability lawsuits due to economy
According to a study released by ACE Private Risk Services, the wealthiest families in the United States have a growing concern over the way the uncertain economy may lead to costly liability lawsuits. However, the survey also showed that regardless of this belief, those families with established or emerging wealth have failed to obtain enough liability insurance to properly cover themselves. This indicates a lack of preparation for the lawsuits that they are concerned will occur. This group appears to have a tendency to underestimate how costly these types of…
Read More