Economy News

Hurricane Forecasting Satellite Could Fail Anytime

An aging U.S. weather satellite crucial to accurate predictions on the intensity and path of hurricanes could fail at any moment and plans to launch a replacement have been pushed back seven years to 2016. In a letter obtained by …

N.Y. Aims to Cut Costs, Time of Workers Comp Dispute Resolution

New York State Insurance Superintendent Eric Dinallo has issued a plan to reform the resolution of disputed workers’ compensation claims. According to officials, the plan “substantially speeds” the resolution of disputed claims from over 6-months to 90-days. Dinallo outlined the …

Calif. Fraud Task Force Holds Innagural Meeting

California’s Advisory Task Force on Insurance Fraud held its first meeting last week, with the goal of creating innovative methods to combat insurance fraud and forwarding an aggressive anti-fraud campaign introduced by the Commissioner. The Task Force’s members include leaders …

N.Y. Businesses Renew Call for Reform of ‘Scaffold Law’

Business associations and groups representing New York’s agriculture sector and construction industry have again urged Governor Eliot Spitzer and state legislators to reform New York’s so-called “scaffold law.” The scaffold law — also known as sections 240/241 of the Labor …

Conn. Workers’ Comp, Sick Pay Bills Falter as Legislature Closes

Connecticut employers sighed with relief as several labor and workers’ compensation bills that had been advancing died when the state Legislature adjourned its regular session at midnight on June 6. Chief among them was a bill that would have increased …

Ga. Drought Damaging Crops, Jacking Up Irrigation Expenses

The sky above Randy Scarbor’s south Georgia cantaloupe fields was overcast, but the clouds were from massive wildfires to the east. May 2007 set records for dry conditions in Georgia. Across the main crop-producing regions of Georgia, the most severe …

World Financial Leaders Call on G-8 for ‘Deep Emission Reduction Targets’

The leaders of more than 20 of the world’s largest companies – many from the insurance industry* – have signed a “Declaration on Climate Change by the Financial Services Sector.” The document, published by the United Nations Environment Program (UNEP) …

Mich. Study: Industry Can Be Key Player in State’s Economic Recovery

Michigan’s insurance industry will lead the state in job creation in the coming decade, resulting in more than 16,000 total new jobs by 2014, helping transition the state to a high-tech 21st century economy and providing a much-needed stabilizing influence …

Why the U.S. must make TRIA permanent

I think it is important to take a moment to talk about the importance of the Terrorism Risk Insurance Act and why I believe we must act again to establish a more permanent federal initiative to provide coverage from potential …

Why the United States must make TRIA permanent

It is important to take a moment to talk about the importance of the Terrorism Risk Insurance Act and why I believe we must act again to establish a more permanent federal initiative to provide coverage from potential terrorist attacks. …