Tag: New York City

Auto insurance fraud ring disrupted in New York

Marc
auto insurance technology traffic

38 people involved in large fraud operation in New York have been indicted A large auto insurance fraud ring has been disrupted in New York. According to the Northwestern District Attorney’s Office, 38 individuals have been indicted on insurance fraud charges from grand juries in Hampshire and Franklin counties. These people are alleged to have been participating in auto insurance within their local areas and within New York City itself. The indictments come on the heels of the completion of a year-long investigation from the Insurance Fraud Bureau of Massachusetts.…

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Flood insurance could soon be mandatory for 35,000 property owners in New York

Dan
Flood Insurance Flood Map

FEMA introduces revised flood maps that could expand flood insurance requirements The Federal Emergency Management Agency (FEMA) has introduced new flood maps for the East Coast U.S. this week that could force many property owners and businesses to purchase flood insurance coverage. The federal agency has been working to revise flood maps over the past two years, addressing some of the emerging threats that have been brought to light by powerful storms, such as Hurricane Sandy. These storms have caused widespread flooding in many parts of the East Coast and…

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Insurance groups rally against New York rule that puts pressure on agents

Two insurance groups have filed an appeal with the New York Supreme court regarding a decision regarding the state’s new broker disclosure rule. The rule, New York Insurance Regulation 194, requires insurers to inform policyholders on how policies are paid out even if such information is not requested. Several other states have similar rules, much to the chagrin of the insurance industry that often withholds information it deems arbitrary. The two insurance groups are looking to have the rule revoked. The Independent Insurance Agents & Brokers of New York and…

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Damages start to add up for recent storm disasters

H. Cutner

AIR Worldwide, a catastrophe modeling firm, is estimating that the damages from the ongoing winter storm ravaging the north-eastern United States, a storm the firm claims is the largest since the 1950’s, could be affecting more that 100 million people across 30 states. Insurers are saying the cost of damages to properties, automobiles, and persons could be as much as $1.4 billion – that would be the cost when the storm was at its peak during February 1st and 2nd. The storm broke snowfall records for most of the state…

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New York employees receiving health insurance from employers decreasing

Marc
New York employees receiving health insurance from employers decreasing

Before 2001, 69% of New York workers received health insurance from their employers.   That year, those covered by employer health plans dropped to 58%. This puts city workers below the state average. Sixty-five percent of workers nationwide obtain their health insurance from their employers.  Seventy percent of New York companies offer health insurance; this has stayed steady. In 2009 only 60% of companies nationwide offered health insurance. According to David Sandman, senior vice president of the New York State Health Foundation, “Job-based coverage is the backbone of the United…

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