Insurance industry infighting may delay Congressional action on National Flood Insurance Program

A fight amongst lobbying groups could put a hold on Congress’ decision regarding the ailing National Flood Insurance Program. The program, which provides millions with access to affordable flood insurance, has been wracked with crippling debt for several years and has finally run out of money and reached a point where it could no longer be sustained. Last month, lawmakers allotted more money to the program in an effort to ensure its survival for another five years, but the plan failed when confronted by the program’s enormous debt. Lawmakers were…

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Cover-All Technologies receives high praise for its My Insurance Center NexGen solution

Top comprehensive technology solutions provider for property and casualty insurers, Cover-All Technologies Inc., has announced the positive review it received in a report released by Celent, an independent analyst firm. The Celent report, called “Policy Administration System Vendors North American Commercial P/C Insurance 2011” examined the My Insurance Center (MIC) NexGen solution and referred to it as one of the most configurable and advanced systems that is currently offered to the industry. The ABCD Vendor View from Celent is a structure for evaluating solutions that offers vendors a perspective of…

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ACIA announces acquisition of Fremont Insurance Company

Dearborn, Michigan-based Auto Club Insurance Association (ACIA) has announced its acquisition of the Fremont Insurance Company by way of a merger with Fremont’s parent company, Fremont Michigan InsuraCorp, Inc. The wide range of products offered by Fremont, its business position throughout northern and western Michigan, its strong relationships with independent agencies, and its solid financial performance are predicted to be advantageous to the ACIA from the very start, and should offer new potential and opportunities to both organizations. Based in Fremont, Michigan, the acquired insurer offers property and casualty insurance…

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Trends reveal huge growth in online insurance purchases

Last week, Allstate announced their acquisition of Esurance, the online auto insurance provider. The purchase was billed as an effort to expand Allstate’s online market, providing customers with more options and flexibility when purchasing coverage. There is another factor that may have contributed to the acquisition, according to a new report released by comScore, a global source of digital market intelligence. The firm conducted a survey in the U.S. that suggests that the online market is becoming increasingly popular amongst consumers. The survey shows that, of those participating, 20% of…

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Pro business Texas insurance bill passes

The Senate of Texas has passed a new insurance bill that has been the subject of a great amount of controversy. The bill will extend the life of the Texas Department of Insurance and will impose stricter guidelines on the agency itself. Previous to the bill’s passage, a number of amendments were proposed to make the legislation more consumer friendly. Each amendment was rejected, however, as they were deemed unfruitful to the state’s insurance industry. The state’s Democrats were behind the amendments to the bill. They argue that their propositions…

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