The Federal Insurance Office is nearing the end of a lengthy study of current and pending insurance regulations. The study, which was spawned from last year’s Dodd-Frank financial reform bill, will come to an end in January of 2012, at which time federal regulators will release the findings to the public. The results of the study has the insurance industry on the edge of its seat as the study may determine the fate of future regulations that could requires insurers to make vast changes to their business strategies and practices.…
Read MoreTag: property and casualty insurance
Discontented Occupy Wall Street protesters may soon target the insurance industry
Views on the Occupy Wall Street protests vary depending on which news medium is presenting the issue. Some call the protest a meager gathering of discontented hipsters, while others claim it as a full-fledged revolution that will change the foundation of the nation’s financial industry. Whatever the case may be, the protest continues to generate a great deal of hype and has begun attracting the attention of other industries. The insurance industry, in particular, may be a target as many people see the industry as being at fault for the…
Read MoreAllstate acquires Esurance and Answer Financial for $1 billion
In another of Allstate Corp’s efforts to become a larger part of the online insurance marketplace for consumers who prefer to use the internet for their insurance transactions, the company has acquired Answer Financial and Esurance from White Mountains Insurance Group Ltd. for $1 billion. Allstate, a leading national home and auto insurance company based in Northbrook, has stated that it will be maintaining the Esurance headquarters in San Francisco, and that Answer Financial will remain in Los Angeles. As a result of this deal for the online auto insurance…
Read More2011 breaks record for most federal disaster declarations in nation’s history
This year has broken the record for federal disaster declarations according to the Insurance Information Institute, and the year is not over yet. While 2010 may have set a new record for the number of declared disasters in the nation’s history, 2011 has shattered that record in both number and cost. With three months left in the already infamous 2011, analysts are concerned that more natural disasters could be on the way as a final farewell to the year. With two consecutive years of costly catastrophes, many wonder what is…
Read MoreThe Hartford continues downsizing as financial pressures mount
The Hartford Financial Services Group is planning to downsize in the coming months in an effort to make operations more efficient. The company is one of the largest investment and insurance organizations in the country and has been met with lingering financial woes since the 2008 recession. Downsizing will come in the form of staff reduction and the selling off of one of its fringe units: Trumbull Services, which served the property and casualty insurance industry. The company has been consistently downsizing – or streamlining – since late 2008 in…
Read More