California insurance regulators have taken action against GeoVera Insurance Co., providers of residential earthquake insurance, this week. Regulators took notice of the company after having received a multitude of complaints from policyholders. According to these complaints, the insurer’s underwriting procedures are not as adequate as they are supposed to be. Regulators have investigated the matter and found that the insurer’s practices were indeed falling short of the state’s standards. GeoVera will be facing major changes as regulators look to make the company more compliant with state laws. The insurer will…
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Consumers being warned to protect their social media information from insurance companies
As social media becomes a popular tool for the insurance industry for investigating claims and, at times, pricing insurance policies, consumers are being warned to watch what information they share on their favorite networking platforms. A new study from the Paw Research Center, a market research and trend analysis firm, shows that the majority of adults in the U.S. (64%) have an active social media presence. The study finds that a scant few of these people have any knowledge on how to protect the information they share on these platforms…
Read MoreAllstate Insurance announces expansion and hiring in the Southeast and Texas
Allstate Insurance Company has announced a number of different areas in which it will be making new hires this year. These include Alabama, North Carolina, South Carolina, Georgia, as well as Texas. This large insurer, has said that it is hoping to bring in 124 new agency owners within the Southeastern states. As a part of that intention, it is offering a referral reward of $5,000 to anyone who refers a qualified candidate who receives an appointment this year. As a part of a candidate’s qualification, he or she must…
Read MoreTax benefit causes AIG profits to skyrocket
American International Group Inc. (AIG) has announced a fourth quarter 2011 profit of $19.8 billion following a large tax benefit that it received after it submitted its predictions regarding its ability to maintain the generation of profits over the upcoming years. The bailed-out insurance company received tax benefits worth $17.7 billion within the last three months of last year. This was a sum that was significantly greater than the $1.6 billion operating income that it received from its insurance businesses and other branches throughout that same time. Equally, though, the…
Read MoreInsurer santalucía trusts SAS® to help address Solvency II and integrate risk management
MADRID – Building on its successful use of SAS in actuarial activities, Spanish insurer santalucía will use SAS Risk Management for Insurance to help meet Solvency II, Pillar I requirements to manage risks and calculate metrics. SAS, the leader in business analytics software and services, is a risk analytics solutions leader for the insurance industry. With 370 agencies, 9,000 employees and 7.5 million clients throughout Spain, santalucía chose SAS to undertake multidimensional risk analysis that includes both the standard model approach and the ability to develop integrated internal models in…
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