Car insurance rates vary wildly from state to state. This is often due to differing regulations throughout the U.S. It is also because driving in some states is more dangerous than driving in others. Insure.com, an online insurance quote system, has conducted a survey to determine where auto insurance is most expensive in the country. The survey has ranked each state in terms of insurance premiums and the availability of affordable plans, using 900 insurance models as a benchmark. The survey found that Louisiana, Oklahoma and Michigan are the leaders…
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A.M. Best report on Saudi Arabia insurance market shows a promising future for the country
A.M. Best, a global ratings and financial services firm that serves the insurance industry, has released a new report concerning the insurance market in Saudi Arabia. Over the past decade, the Saudi Arabian market has been inundated with its fair share of complications. Political turmoil and international pressures have stressed the market significantly in this time, but the market has shown profound resiliency to such factors. The report shows that the market’s ability to adapt to dramatic change has paved the way to a promising future. The report notes that…
Read MoreNorth Korea establishes its first international investment insurance firm
A surprising development in the global insurance industry: North Korea has established its first investment insurance firm. The firm’s aim is to attract foreign investments to the troubled country. It is expected that the North Korean firm will purchase reinsurance policies from international companies and offer this coverage to companies looking to do business within its borders. The firm is being built to mimic an insurance system in South Korea, which has served as a way to help business owners recover from financial losses due to risky investments. Because of…
Read MoreFlorida PIP reform a point of contention amongst lawmakers, special session may be necessary
Though Florida lawmakers have been working toward making changes to the state’s personal injury protection (PIP) insurance regulations, reform efforts have run into trouble. Legislators have been arguing over House Bill 119, which would have required accidents victims to be treated in emergency rooms rather than clinics. Since the bill gained resounding support earlier in the months, over a dozen amendments had been added one its way to the Senate. The amendments have been a source of chaos, as some legislators have expressed confusion regarding what the bill will actually…
Read MoreFannie Mae takes charge on forced-place insurance, announces changing of rules
The issue of force-placed insurance has been thrust into the limelight this week by the Federal National Mortgage Association, more commonly known as Fannie Mae. Forced-placed insurance is a practice that some insurance companies and banks utilize to force homeowners to purchase expensive insurance policies. In New York, insurance regulators have been investigating the issue in the local industry. Spurred by state, federal and consumer attention, Fannie Mae has announced that it will be changing the rules concerning forced-placed insurance. For one, the government-sponsored enterprise will be overseeing forced-placed policies…
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