The East Coast has been assaulted by a violent and unprecedented snow storm. The storm moved in last week ahead of Halloween and the effects were most acutely felt in New York City. The insurance industry is still reeling from devastating natural disasters that occurred earlier in the year, many of which cost billions of dollars in insured losses. According to government officials, the storm has become the 11th economic disaster hitting the nation this year. Thus far, the storm has claimed eight lives and left 2.2 million people without…
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Nationwide in talks to purchase Harleysville Group, deal has insurance agents on edge
Late last week, Nationwide Mutual Insurance entered into negotiations with Harleysville Group Inc., a large insurance company operating in 32 states, to purchase the company. Details regarding the acquisition are sparse as Nationwide has been keeping a tight lid on information concerning the potential deal. The one thing that is very clear, however, is that the deal has Harleysville independent insurance agents on edge. If the deal goes through, the role of agents from both companies may soon change. Typically, Nationwide uses only contract agents to sell insurance policies exclusive…
Read MoreNationwide posts first quarter profits for 2011, says major storm cut into earnings
Nationwide Mutual Insurance Co. has released their earnings for the first half of 2011. The acclaimed insurance company posted profits just shy of $400 million, a marked decline from last year in which the company earned over a billion. Profit diminished by 48% in just the first quarter, a fact the insurer is quick to blame on the violent storms and other natural disasters wreaking havoc earlier this year. The company has also released its earnings for the second quarter, reporting further losses due to weather related issues. The previous…
Read MoreUnderstanding what is required from motorcycle insurance
The Motorcycle Industry Council’s data indicates that more than half – 55 percent – of all motorcycle riders were aged 40 or higher as of 2008, and this has changed the landscape of motorcycle insurance. In 1990 – a mere eight years earlier – only one-quarter of all motorcycle riders were in that same age bracket. These drivers are no longer people who are young and feel that they are invincible. Instead, the average motorcycle rider typically has a minimum of some college education, with a great deal more in…
Read MoreNationwide answers probing questions in Florida
Representatives from Nationwide Mutual Insurance where called upon by Florida officials to testify on how insurers handle life insurance payouts in the state. Several of the state’s insurance companies have been the target of controversy lately after being accused by regulators of holding back payouts. Allegedly, these companies withhold funds despite having full knowledge that a policyholder has passed away. According to regulators, these funds may be being held in safekeeping until they are designated as unclaimed, at which point the insurer is no longer liable for payouts. Nationwide assured…
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