Tag: insurance industry

Insurance industry could soon see greater federal flexibility

H. Cutner
US life insurance policy payout ruling

Senators have now proposed a bill that could give the Federal Reserve more wiggle room. A bipartisan group made up of U.S. senators has now proposed a new bill that would provide the Federal Reserve a larger amount of flexibility for the regulation of companies that are systemically important to the insurance industry, such as American International Group Inc. (AIG). This new bill is meant to put new “capital standards” into place that are customized to the “unique characteristics”. This, according to the bill, which had senators sponsoring it who…

Read More

SIM cards could be a problem for the insurance industry

Logan B.
Cell Phone Insurance technology

SIM card vulnerability has insurance industry worried Germany’s Security Research Labs, a leading security firm, has found a serious flaw with the SIM card that are used in most mobile devices, which could have serious implications for the insurance industry. The discovery has been enough to spur the United Nation’s International Telecommunications Union into action. The organization suggests that the discovery is very significant and represents a potential threat to the global insurance industry and millions of consumers with smartphones and tablets. Flaw could affect millions of mobile consumers Security…

Read More

Homeowners band together to protest flood insurance rate hikes

Logan B.
flood insurance rates

Flood insurance rates set to soar in the US Hundreds of thousands of homeowners throughout the U.S. are bracing for the impact of higher flood insurance rates as the Federal Emergency Management Agency (FEMA) makes sweeping revisions to its flood maps and federal lawmakers seek to introduce further reforms to the National Flood Insurance Program. FEMA has been slow to revise its flood maps; so much of the concern among homeowners is related to reforms that were passed last year concerning the federal flood insurance program. These reforms are scheduled…

Read More

AIR Worldwide Appoints Bill Churney Chief Operating Officer

Guest Author
insurance news

BOSTON, July 23, 2013 ─ Catastrophe modeling firm AIR Worldwide (AIR) has appointed Bill Churney to the position of chief operating officer. Churney will have immediate responsibility for all product management, software product development, global business development, marketing, consulting, and client service activities. “We’re extremely pleased to welcome Bill Churney to the newly created position of COO to help lead AIR as we continue to experience rapid growth in the global market for catastrophe modeling and related risk management services,” said Ming Lee, CEO of AIR Worldwide. “Bill has been…

Read More

Some could avoid flood insurance rate hikes in the US

S.Vagus
flood insurance rates

New measure could provide reprieve from flood insurance rate increases Hundreds of thousands of homeowners in the U.S. could be facing higher flood insurance costs due to legislation that was passed last year. Earlier this week, however, a measure was introduced to the Senate that could give homeowners as much as a one-year reprieve from higher flood insurance rates. The measure has managed to gain strong support from legislators who believe it is in the best interests of consumers, many of whom have been suffering from the financial pressures associated…

Read More