Live Insurance News

Iowa makes insurance news for largest industry GDP in the US

November 30, 2021November 29, 2021 H. Cutner

The state is home to the headquarters of over 180 insurers and is thriving from this sector. Iowa is making unique insurance news this week as the state has been marked as receiving a higher percentage of its Gross Domestic Product (GDP) from that industry and the finance industry than any other state. This, according to a recent announcement from Debi Durham, Iowa Economic Development Authority director. With over 180 insurers headquartered in the state, this has become a critical part of its GDP. Iowa’s primary reputation hasn’t necessarily been…

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…

Insurance news made in case of shooting, faked death, and fraud

October 21, 2013October 19, 2013 Julie Campbell

A Florida suspect of attempted murder who is now living in Canada has been declared legally dead. Alex Varga has found himself at the heart extremely curious insurance news headlines in a Florida case in which he was the suspect in a shooting, but where he fled the country until finally making his way to Canada, where he has discovered that his wife – still in Florida – had declared him dead in order to collect on his life policy. Varga will now likely never be tried for the shooting…

Insurance news made with a new confirmed Medicare and Medicaid chief

May 17, 2013May 25, 2013 H. Cutner

The acting chief has now been confirmed as the new confirmed head – the first in six and a half years. This week, the Senate has made insurance news with its approval of the nominee of President Obama for the chief of Medicare and Medicaid, Marilyn B. Tavenner, who has been acting chief until now. This is the first confirmed chief that has held this position in six and a half years. The vote in support of Tavenner in the Senate was 91 to 7, showing a widespread approval for…

Drama washes over insurance industry as companies continue legal battles

May 8, 2013May 7, 2013 S.Vagus

Insurance industry still in turmoil after economic recession The controversies surrounding the U.S. insurance industry and its relation to the 2008 economic recession continue to prove to be an active battlefield. This week, AIG, one of the country’s largest insurance companies, has announced that it may pursue a lawsuit against Bank of America’s Countrywide insurance unit. The lawsuit accuses Countrywide of playing a role in the financial disaster. AIG was cleared to pursue this lawsuit after U.S. District Judge Mariana Pfaelzer approved of such action this week in Los Angeles,…

Liability insurance for guns proposed by federal lawmakers in the US

February 13, 2013February 12, 2013 S.Vagus

Lawmakers consider liability insurance a solution to the gun control issue Gun control has been a very hot topic in the U.S. The country has seen a spate of violent crimes associated with guns in recent months, some of which have sparked public outcry for stricter measures to control the availability of various types of firearms throughout the country. The issue has become controversial due to the second amendment of the U.S. constitution. Federal lawmakers have been struggling with the issue since public outcry for gun control has begun, and…

Aon report focuses on impact of US natural disasters

January 29, 2013January 28, 2013 Nordstrom

Natural Disaster damage insurance trends

US disasters deal costly blow to global insurance industry, according to Aon Aon Benfield, a leading reinsurance and catastrophe modeling firm, has released its latest Annual Global Climate and Catastrophe Report. The report highlights the impact that natural disasters have had throughout the world and how these disasters have hit the global insurance industry and economy. According to the report, two of the world’s costliest natural disasters occurred in the U.S. While these disasters were largely confined to the borders of the country, Aon notes that their influence has sent…