Live Insurance News

Life insurance reserves calculations change approved by regulators

December 6, 2012April 30, 2013

State authorities have moved forward a new and controversial standard for insurers in the sector. Life insurance news has been made by state regulators that have now given their approval for a new standard for the way that insurers in the sector will perform their reserves calculations, despite the heavy controversy and claims that it will not work. Critics say that the economy will face too much of a risk in larger states, and the implementation will be too expensive. The approval was made by the National Association of Insurance…

Nationwide Insurance falls victim to hacking

November 27, 2012November 25, 2012 S.Vagus

Nationwide Insurance customers targeted by data breach Nationwide Insurance has announced that it has fallen victim to a security breach from an intrepid hacker. According to the South Carolina Department of Insurance, the breached compromised the information of thousands of consumers and a significant amount of personal information was stolen from the Nationwide Insurance system. The agency suspects that the hacker stole social security numbers, drivers license numbers, and even dates of birth from consumers in South Carolina and Georgia. Information of thousands of consumers stolen The South Carolina Department…

Independent insurance agencies seeing major growth in US

October 26, 2012October 23, 2012 Nordstrom

Study shows promising trends for independent insurance agencies The number of independent insurance agencies, as well as the revenue they produce, is on the rise, according to a new study from Future One, a collaborative group comprised of the Independent Insurance Agents & Brokers of America and a group of independent agency companies. The study, called “2012 Agency Universe Study,” shows that independent agencies are becoming more popular throughout the U.S. The study provides some insight on why agencies may be growing more popular and what that could mean for…

Liberty Mutual highlights underpricing as a serious problem

July 28, 2012April 30, 2013

Insurer takes aim at the problem of underpricing in the commercial market Liberty Mutual, the third largest property and casualty insurer in the U.S., expects the price of the country’s commercial insurance lines to continue to grow, but not at an adequate pace to resolve some of the problems running rampant in the insurance industry. Liberty Mutual CEO David Long notes that underpricing has been a significant problem in commercial lines for some time. Underpricing has had a particular impact on the worker’s compensation sector. There may be a solution,…

2012 Farm Bill needed in light of drought disaster

July 27, 2012July 27, 2012 Nordstrom

Drought spurs organization to appeal to federal lawmakers The drought that has gripped much of the U.S. over the past several months is showing no signs of abatement. Indeed, the drought may be getting worse as many states become official disaster areas due to the extremely dry conditions. The drought has already taken its toll on farmers, but is likely to continue causing problems well into the future. This possibility has led the American Soybean Association (ASA) to petition federal legislators to pass the so called 2012 Farm Bill that…