Fewer Storms Forecast for 2012 Hurricane Season..

The 2012 Atlantic hurricane season is projected to be less active than in recent years with 11 tropical storms, six of which will intensify into hurricanes, U.S. private forecaster Weather Services International said on Wednesday.

Two of the six hurricanes will be major with winds of at least 111 miles (178 km) per hour, the Andover, Maryland-based forecaster said. 

Read more...

(Ref: Insurance Journal April 26, 2012)

Current Market Not a ‘Classic’ Hard Market..

While prices are clearly rising in certain lines including property and workers’ compensation, other conditions of a traditional hard market are not in place, according to property/casualty brokerage and insurer executives.

“There are multiple markets out there,” Eric Anderson, CEO, Aon Risk Solutions, Americas, told an audience at the Risk and Insurance Management Society (RIMS) meeting last week in Philadelphia.

A market is defined by more than just pricing, according to the Aon executive. The dynamics include terms and conditions, adequacy of limits, individual carrier appetites, geography and other factors in addition to pricing. Read more...

(Ref: Insurance Journal, April 23, 2012)

Why is life insurance so important??..

Life insurance is vital due to the change in lifestyle patterns. Life insurance is very important in the case where someone depends upon you financially. When things go wrong, it can be very relieving and will help in the daily lives. So, its adequate for someone to insure his/her life for the financial security of the dependants.

Remember to consider the right amount of coverage to provide the financial security your family deserves. Always, buy the amount of life insurance you can afford, which fits in your budget, so that you can continue to pay the policy. Insurance is a promise for your future; for your dreams and for your life. Fill the online life insurance quote and secure your life with our services and lead a risk free life ahead! 

https://www.olympicinsurance.us/life_insurance 

Rate of Cyber insurance low: Survey reports

Nearly three in four corporate risk managers are not buying insurance policies to cover data breaches and damage to customers’ privacy despite the rising threat of hacking, according to a survey released on Monday.

Not only are most North American companies shunning coverage entirely, many of those who are taking out “cyberinsurance” are buying policies with only limited protection in case of an attack, consultants Towers Watson said in their annual review of corporate risk.

In the wake of high-profile attacks on companies like Sony and Citigroup, insurance brokers reported last summer that interest was soaring in policies to protect against civil suits and regulatory fines from data breaches.

That, in turn, led a number of insurers to start offering policies, which had an immediate downward effect on rates. Insurance brokers Marsh recently said that pressure has continued, as capacity exceeds demand.  

Read more...

(Ref: Insurance Journal, April 17,2012)

Food Liability Insurance Program..

Utah-based Veracity Insurance Solutions, LLC has launched the Food Liability Insurance Program (FLIP). FLIP is a sister program to Veracity’s Artists, Crafters, and Tradesmen Insurance Program (ACTinsPro) and is designed for businesses or sole proprietors in the food vending industry.

Veracity provided online liability insurance for artists, and will now offer comprehensive insurance coverage to food vendors as well. Veracity developed the FLIP program with Great American Insurance. It is similar to ACTinsPro, but includes food and beverages. Read more...

(Ref: Insurance Journal, April 12, 2012)

Severe weather : Home insurers rethinking coverages..

As weather disasters strike with more frequency, U.S. homeowners first get hit with the destruction or total loss of property. Many are then hit with the unexpected loss of homeowners insurance policies as insurance companies re-evaluate their financial liabilities.

“Insurance companies have significantly and methodically decreased their financial responsibility for weather catastrophes like hurricanes, tornadoes and floods in recent years,” the Consumer Federation of America said in a statement after studying industry data.

The industry concedes that it is trying to avoid getting trounced by those same punishing weather patterns.

IIABL Legislative Update - April 4, 2012

Following are the bills and its corresponding information.
Senate Insurance Committee
SB 167- Provides for portable electronics insurance policies - Favorably with amendments
SB 231- Provides relative to prior authorization forms- Favorably with amendments

SB 233- provides for use of a parish address as the major geographic factor in writing automobile insurance. The insurance industry is opposed to SB 233 because it would require insurers to use parish rating territories instead of zip code rating territories. This will result in broader geographic rating territories, which will not be as precise as zip code rating.

House Insurance Committee
HB 258-  Provides relative to homeowners insurance credits and discounts
HB 513-  Provides relative to the Bail Bond Apprentice Program within the Dept. of Insurance
HB 624- Requires registration of certain appraisers with the Department of Insurance, and lists associated fees
HB 849- Provides relative to reinsurance credits and accreditation requirements
HB 970- Provides relative to insurance holding companies. Became HB 1191  

Tornadoes raise home insurance rates in Missouri..

The state Department of Insurance reports that premiums increased 5 percent between July 2011 and last month. The figure is based on an analysis of rates charged by insurers covering 80 percent of homes. The St. Louis Post-Dispatch reported that although insurers used to be more worried about hurricanes on the coast, tornadoes have been getting more attention as they cause more damage. Read more... 

(Ref: Insurance Journal News -April 3, 2012)

Paperless option on insurance proof!

Arizona motorists can use their smart phones to prove to a police officer that they have insurance for their vehicles. Gov. Jan Brewer has signed into law a bill to have Arizona join Idaho in permitting motorists to use a wireless communication device to show proof of auto insurance. Arizona was the second state to approve such a bill. Idaho became the first state in the nation to pass an electronic proof of insurance bill. read more...

(Ref: Insurance Journal News March 31, 2012)