The government’s role in insurance markets is a matter of increasing importance and controversy. Historically, state insurance departments have regulated insurers and insurance markets, overseeing solvency, rate and form regulation, and consumer protection. More recently, however, the state itself is …
The government’s role in insurance markets is a matter of increasing importance and controversy. Historically, state insurance departments have regulated insurers and insurance markets, overseeing solvency, rate and form regulation, and consumer protection. More recently, however, the state itself is …
Citizens Property Insurance Corp.’s board of governors approved two proposals that will boost the amount of cash available to pay hurricane damage claims this year to $8.8 billion. “I want to make certain everyone understands this and puts it in …
Private consultants will take over management of Louisiana’s state-controlled insurer of last resort after the firm’s outgoing chief physically collapsed and its chief financial officer resigned. Terry Lisotta, secretary of Louisiana Citizens Property Insurance Corp., collapsed April 4 at the …
Atmospheric science experts at Colorado State University have increased their forecast for the 2007 hurricane season, largely due to the rapid dissipation of El Niño conditions. The Colorado team is now calling for a very active hurricane season, with landfall …
Bermuda-based Flagstone Reinsurance Holdings Limited launched its initial public offering on the New York Stock Exchange (symbol FSR) on Friday, March 30, putting up 13,000,000 common shares, at a price of $13.50 per share. The shares traded in a narrow …
Flashlights, radios, tarps and other hurricane supplies would be tax free for 12 days at the beginning of hurricane season, under a measure the Florida House has under consideration. Floridians received a similar tax break last year leading into hurricane …
The headline numbers were eye-popping: Allstate reported a record $5 billion profit for 2006. State Farm Insurance’s profit climbed 65 percent for the year. St. Paul Travelers’ earnings rose sixfold in the fourth quarter, American International Group’s rose eightfold. A …
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 …
U.S. Reps. Judy Biggert, R-Ill., and Barney Frank, D-Mass., introduced bipartisan legislation to revamp the National Flood Insurance Program that boosts the program’s borrowing authority to $21.5 billion, increases the maximum coverage limits and provides for business interruption coverage. Backers …
