Economy News

New Orleans Still Debating How to Evacuate Thousands of Residents

With hurricane season less than two months away and memories of Katrina less than two years old, city leaders are still trying to sort out how they will evacuate residents this year if another storm approaches. Tourism leaders oppose using …

Editor’s Note: Perils of Citizens’ policy

As Florida lawmakers continue to deal with insurance problems, the insurance industry is not the only interest calling on them to look before they leap and avoid making matters worse for property owners, taxpayers and the state economy. Associated Industries …

Business Moves

AXIS Capital, Aon Media/Pro AXIS Capital, a global specialty commercial property/casualty insurer and reinsurer, agreed to acquire the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines, from Aon Underwriting Managers. Headquartered in …

Study claims U.S. ‘tort tax’ amounts to $865 billion cost each year

News Currents America’s legal system imposes an economic cost of more than $865 billion, or more than $9,800 per family, every year, according to a new study released by the Pacific Research Institute (PRI), a free-market think tank based in …

Florida Climate Change Web Site Unveiled, “Conversations” Begin

In anticipation of this week’s “Conversations on Climate Change,” Florida Chief Financial Officer Alex Sink and Commissioner of Agriculture and Consumer Services Charles Bronson unveiled an official Web site for their Cabinet initiative. Conversations on Climate Change is a series …

Let Private Markets Handle Most Disasters, Insurers Advise Congress

The best way for the federal government to help property owners recover from a natural disaster is to let private insurers do what they know, except in the case of a megadisaster, when federal aid would be needed. That was …

Study Claims U.S. ‘Tort Tax’ Tops $9,800 Per Family

America’s legal system imposes an economic cost of more than $865 billion every year, or more than $9,800 per family, according to a new study released by the Pacific Research Institute (PRI), a free-market think tank based in San Francisco. …

Declarations

All eyes on Allstate “I will carefully monitor Allstate’s actions throughout this process to ensure that policyholders entitled to reinstatement are fully protected.” — Louisiana Commissioner of Insurance Jim Donelon commenting on the settlement his department reached with the insurer …

Wash.’s Gregoire declares “rate holiday”

Washington Gov. Chris Gregoire announced that a partial “rate holiday” has been finalized by the Department of Labor and Industries, designed to save workers and employers about $315 million in workers’ compensation insurance premiums. Beginning July 1, employers and workers …

Declarations

All eyes on Allstate “I will carefully monitor Allstate’s actions throughout this process to ensure that policyholders entitled to reinstatement are fully protected.” — Louisiana Commissioner of Insurance Jim Donelon commenting on the settlement his department reached with the insurer …