Property insurers pay out an average $1.5 billion per year for hail-related claims, which are typically the slowest claims to be filed. In an effort to help improve the accuracy of hail claims, Weather Decision Technologies (WDT) Inc. announced the …
Fireman’s Fund McGee Marine Underwriters has contracted with Oceanwide.com to license its Genoa software product. According to the company, Fireman’s Fund McGee will be the first U.S. insurer to offer this system to all customers. This online platform allows all …
The National Association of Mutual Insurance Companies (NAMIC) will host an insurance industry panel discussion on mold entitled “Is Mold the Next Asbestos?” at its 106th Annual Convention, Sept. 23-26, 2001, in Washington, D.C. Larry Forrester, NAMIC president, stated that …
The loss estimates for Australia’s HIH continue to mount. Last May they appeared to have leveled off at around U.S.$2.1 billion, but new information released by the liquidators now show they could go as high as U.S. $2.8 billion. HIH …
Standard & Poor’s addressed the recent weakness in the Japanese stock market, stating that “the current level of Japanese stock prices is within the tolerance of its counterparty ratings on Japanese banks and insurance companies.” The Nikkei stock average dropped …
Fortis, the Dutch-Belgian financial services group, announced that overall net operating profit rose 4 percent to €1.54 billion ($1.41 billion) during the first half of the year, helped by the sale of Fortis Financial Group to Hartford Financial Services and …
The battle over New Jersey’s auto insurance rates and regulations, which began when State Farm Indemnity, the largest writer in the State, announced its intention to withdraw from the market, continues to rage as the IIANJ, the AIA and A.M. …
North Hollywood insurance broker Shahin Sean Pelaseyed was sentenced to 180 days in county jail and five years probation by a Van Nuys District Superior Court. The sentencing comes six months after Pelaseyed pled no contest to one felony count …
An eight-month joint investigation conducted by investigators from the CDI Criminal Investigations Branch’s Fraud Division, the California Highway Patrol and the National Insurance Crime Bureau (NICB) resulted in the felony arrests of Turhan Folse, 54, aka Turhan Quinlan, aka John …
S&P took rating actions on Acceptance Insurance Companies Inc. (AICI) and its insurance operating subsidiaries. S&P downgraded American Growers Insurance Co. (AGIC) because of declining earnings and uncertain prospects for recovery in the near term. Acceptance Insurance Co. (AIC) was …
