According to the National Insurance Crime Bureau, Ohio is the state in which there are the largest number of property insurance claims due to the theft of metals such as copper. This insurance fraud-fighting industry-supported organization revealed that there were 2,398 claims of this nature made by property owners in Ohio, within the three year span from 2009 to 2011. Comparatively, across the country, there were more than 25,000 claims of this type within that same period of time. This represents an increase of 81 percent over the number of…
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Hartford Financial Services Group to focus on P&C insurance and group benefits
Hartford Financial Services Group (HIG) has announced that it will be leaving its annuity business in order to concentrate on its property and casualty insurance and group benefits businesses, as well as its mutual funds business. This announcement follows closely behind the advice that had been offered in February by John Paulson, a hedge fund manager, when he encouraged Hartford to spin off its business for property and casualty insurance. Hartford’s response had been that it would look over the plan that had been submitted by Paulson, but cautioned that…
Read MoreCalifornia ranks ninth in American auto insurance prices
According to a report by Insure.com, the residents of California experienced some relief in their auto insurance prices when they fell from $1,991 last year to $1,709 now. In 2011, California insurance rates held sixth place in the country for the most expensive annual car insurance premiums. However, this year it has dropped to ninth place. The report did not examine the reason that the prices fell. On the other hand, Louisiana remained in first place, where the average premium for coverage was $2,536 this year. The report claimed that…
Read MoreHolocaust 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 MoreInsurance Law Podcast examines the use of social media as a tool for the insurance industry
A.M. Best, a worldwide ratings and financial data services company serving the global insurance industry, has released its latest installment of the Insurance Law Podcast. The series focuses on insurance issues from a legal perspective and seeks to supply viewers with an understanding of how insurance laws are affecting the industry as a whole. This week’s podcast focused on the issue of insurers using social media to price policies and investigate claims. The latest podcast features attorneys Daniel Santaniello and Heather Calhoon from Luks, Santaniello, Petrillo & Jones law firm.…
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