10 Insurance News Reports from 10 Years Ago

In August, 2006…. Blackberries, Palms and Nokias were out there but smartphones were not the ubiquitous device they are today; it would be 10 months before the iPhone would burst on the scene. How else did the world, specifically the insurance world, differ back then? Or appear the same? You be the judge.

August is typically a slow news month. But the Insurance Journal national news archives from August 2006 show there was plenty to report:

1. Claims from Hurricane Katrina that hit a year earlier were in the news; most were handled without complaint but hundreds of lawsuits were in the system and trial lawyers were out in force.
2. The government was developing rules for unmanned space flights, not unmanned autos.
3. Car makers were saving lives with safer cars and employing collision avoidance technology.
4. Six out of 10 business were buying terrorism insurance.
5. Fallout from the Spitzer investigation into broker compensation and transparency continued.
6. A Ceres report identified 180 insurance products designed to deal with climate change.
7. Starr’s Hank Greenberg was suing AIG for conspiring to steal employees, customers and trade secrets.
8. A majority of Americans said they favor mitigation efforts and strong building codes while opposing insurance subsidies for property owners in high risk areas.
9. Average commercial insurance premiums were flat except for property coverages in hurricane regions.
10. A stolen federal laptop raised concerns that motor carrier records would be compromised.