Economy News

One Insurer Bets on Political Campaigns While Another Drops Out

While one company has gotten out of the business of insuring political campaigns, another is throwing its hat in the ring. Markel Risk Solutions, based in Glen Allen, Va., is offering campaigns a multiline, admitted insurance product that will cover …

Declarations

Battling Ida “They were literally fighting each wave. They did that for days.’” โ€”Ocean City, N.J. resident Bob Ashenbrenner, describing local officials’ efforts to reinforce breached dunes near his home as the remnants of Tropical Storm Ida battered beaches along …

‘Fog in Channel’ – The Disconnect between England and France

The rest of that phrase, from a long ago Times headline, reads “- Continent Cut Off.” It succinctly summarizes the past, present and probably future state of relations between two of Europe’s oldest nation states – England and France. Although …

Insurance Agents Urge Reform of Estate Tax

Insurance agents are pleased that the House of Representatives is paying attention to the estate tax but want lawmakers to seize the opportunity to reform the tax rather than simply extend current provisions. Yesterday, the U.S. House of Representatives passed …

House Advances Sweeping Overhaul of Financial Services Regulation

Lawmakers in the House of Representatives voted Wednesday to give government regulators the power to break up financial firms that threaten economic stability, and to expose the Federal Reserve to unprecedented congressional scrutiny. In a milestone for the Obama administration’s …

France Tries to Calm Britain’s Angst over Regulation Threats

France tried to reassure Britain on Thursday that its push for tougher financial regulation in the European Union would not undermine the City of London, saying new rules would not hurt anyone system in particular. Tensions between the two countries …

New Jersey City Considers Billing Insurers for Fire Calls

One New Jersey city is considering billing insurance companies for fire department services. Passaic Mayor Alex Blanco is proposing insurers pay $500 for residential fire calls and $25,000 for fires in commercial buildings. Fire department calls to car accidents could …

Washington Rates Workers’ Compensation Rate

Workers’ compensation rates in the state of Washington will climb by an average of 7.6 percent next year under changes adopted by state officials. State Labor and Industries Director Judy Schurke (SHUR’-key) says the rate hike will raise about $117 …

House Committee Passes Federal Insurance Office Act

The U.S. House Financial Services Committee has passed a measure to create a scaled-back federal office that would be a national insurance information agency with some authority in the area of international insurance agreements. The new federal office would not …

Swiss Re Economists See Gradual Recovery; Regulation Concerns

Swiss Re’s Economic Forum, held today at the reinsurer’s iconic London headquarters, presented a far more encouraging picture of the world’s financial condition than a year ago. However, there may be light at the end of the tunnel, but the …