Economy News

Report: Economic Benefits of Levees Outweigh Flooding Costs

Despite the massive flooding resulting from levee breaches and storm surge during Hurricane Katrina in 2005, the economic benefits provided by flood control measures in Southeast Louisiana far outweigh the costs of widespread damage from flooding, according to one researcher. …

Obama’s Budget Shows Only Modest Changes in Health Reforms

The Obama administration’s latest spending plan calls for modest changes to the U.S. health care system but does little to incorporate sweeping moves called for Democrats’ larger plan to increase access and cuts costs. In releasing his fiscal 2011 budget …

White House Budget Takes Small Steps on Health Care Reform

With plans to pass sweeping health care reform stalled in Congress, the White House is targeting smaller efforts to improve the nation’s health care system, such as increasing use of cheaper, generic medicines and boosting electronic medical records. The Obama …

IBA West Pacific Northwest Chapter Joins Big ‘I’ Washington

Insurance Brokers and Agents of the West (IBA West) has disbanded its Pacific Northwest Chapter and joined forces with the Independent Insurance Agents and Brokers of Washington (Big “I” Washington). According to IBA West, “in light of continuing fiscal and …

Trade Ministers at Davos Express Pessimism on Reaching WTO Accord

Trade ministers expressed gloom on Saturday, January 30, about the prospects of concluding stalled global trade liberalization talks this year, with many blaming the United States for foot-dragging. Ministers from about 20 major economies held informal talks on the sidelines …

Main Street America Launches New Business Owners Policy

The Main Street America Group launched its new Main Line Business Owners Policy (BOP) property and liability product. The insurer also launched Main Street Station for commercial lines quoting and policy issuance system in Maine, Rhode Island, Vermont and South …

Lawmakers Turn Up Heat on Treasury Chief Geithner Over AIG

U.S. lawmakers challenged Treasury Secretary Timothy Geithner’s credibility on Wednesday after he said he was not involved in a decision by bailed-out insurer AIG to withhold details about $62 billion paid to banks. Geithner held his ground at a hearing, …

WTO’s Lamy Praises Obama’s Comments on Increasing Trade

President Barack Obama’s comments on increasing trade and doubling exports to boost the U.S. economy go in the right direction, the head of the World Trade Organization said on Thursday in Davos. Pascal Lamy, director-general of the WTO, told reporters …

Hales Reports Brokerage M&As Down 40% in 2009; Expects Better 2010

A prolonged soft market coupled with the worst economic period since the Great Depression as well as uncertainty related to national health care reform, caused insurance brokerage buyers and sellers to struggle with how to effectively carry out their growth …

Obama Job Drive Earns Business Plaudits at Davos

Wall Street executives welcomed U.S. President Barack Obama’s plan to create jobs and a softening of his attack on banks, but questioned on Thursday whether proposals in his State of the Union address would become law. Obama pushed job creation …