Live Insurance News

Thirteen Years Later: The Insurance Industry Remembers

September 11, 2014September 11, 2014 Logan B.

Terrorist attacks cause major shift in the United States Thirteen years ago, the United States was rocked by a devastating terrorist attack that will live forever in infamy. September 11, 2001, will long be remembered as a day of mourning and serves as a constant reminder of the unpredictability of catastrophic events. The event on 9/11 has changed the U.S. and continues to spur shifts within the insurance industry and the government. Every year, it is important to look back on the event and take note of how much has…

Insurance industry campaigns to renew TRIA

September 11, 2014September 9, 2014 Logan B.

terrorism insurance industry news 9/11 Memorial in 2004

Insurers are calling for the renewal of the Terrorism Risk Insurance Act The insurance industry has mobilized to support U.S. legislation that would renew the federal backstop for terrorism risk insurance. The endeavor has received the support of more than 400 trade groups that represent various types of businesses. The industry is urging federal lawmakers to approve a legislation that could have a major impact on terrorism insurance throughout the country. Insurers note that the terrorist attacks on 9/11 have fundamentally changed the way they manage risks within the U.S.…

Insurance industry sees a shift in oil transportation regulations in the US

August 11, 2014August 9, 2014 Logan B.

rail insurance news industry train transportation

Federal agency believes that current insurance policies are unable to account for the cost of major train crashes and derailments The U.S. Department of Transportation has released a statement noting that insurance policies covering railroads that transport oil may not be sufficient. The statement suggests that these policies are unable to account for the costs associated with crashes and derailments of oil trains. Last week, the federal agency proposed new safety rules that would require railroads to hold a higher level of insurance coverage, which may be good news for…

Insurance industry benefits from favorable economic climate in the US

August 4, 2014August 15, 2014 S.Vagus

State of the Economy - Insurance industry

Report shows that new jobs have been added to the insurance sector A favorable economic and business climate has had a beneficial impact on the insurance industry last month. The U.S. Bureau of Labor Statistics has released a report that shows that the insurance industry has added thousands of new jobs in June, marking modest growth for the industry and highlighting economic activity. The demand for employees among insurers has begun to rise, especially in the health sector where insurers are being forced to comply with new regulations coming from…

Terrorism insurance act may receive an extension in the US

June 10, 2014June 10, 2014 Marc

Senate panel unanimously approves extension of Terrorism Risk Insurance Act A U.S. Senate panel has approved the extension of the federal terrorism insurance initiative. The Terrorism Risk Insurance Act, which was signed into law in 2002, created a backstop for insurance claims relating to acts of terrorism. This initiative is designed to mitigate the risks associated with terrorism occurring within the United States and provides coverage for businesses and any entity that is deemed eligible. A select few insurance companies are allowed to participate in the initiative by providing products…