Future One, Big ‘I’ Study on Independent Agencies..

The number of independent insurance agencies has increased, newer agencies are growing and the system as a whole is dynamic, according to the 2012 Agency Universe Study. The study also documents that independent agencies appear to be increasingly using social media.

Read more..  to know the key findings of the study...

(Ref: Insurance Journal, October 18, 2012)

More PIP Rate Changes Coming in Florida

Some of the largest providers of automobile insurance in Florida have filed for rate decreases in their personal injury protection rates of as much as 10 percent in the first major sign that the PIP reforms passed by lawmakers earlier this year are having their intended effect.

As part of a comprehensive rewrite of Florida’s PIP law earlier this year, lawmakers required all auto insurers to make a filing as of October 1, reflecting a 10 percent reduction in the PIP portion of their rates or provide a detailed reason why it is unable to do so. Read more...

(Ref: Insurance Journal, October 12, 2012)

Sinkhole Hits Businesses, Home Values in Rural Louisiana

Dennis Landry’s bed and breakfast was in the middle of a record business year before a sinkhole prompted authorities to tell 150 households in the towns of Bayou Corne and Grand Bayou in Louisiana to evacuate. Soon after, wary customers began cancelling their reservations as the sinkhole expanded, swallowing up hundreds of feet of swamp and his profits with it.

“It was like we were clipping along at 65 miles per hour and all of a sudden, it was like all four wheels came off. All of a sudden, bam. Hit a brick wall,” he said of the sinkhole that emerged in early August. Read more...

(Ref: Insurance Journal, October 2, 2012)

Bundlers of Joy: Satisfaction with Home Insurers at 12-Year High

Overall customer satisfaction with homeowners insurance companies is the highest in the 12 years J.D. Power and Associates has measured it, driven in part by the practice of bundling auto and homeowners insurance policies.

Overall satisfaction averages 785 in 2012 (on a 1,000-point scale), according to the research firm. That’s up 16 points from 2011.

Additionally, satisfaction improves by 19 points among customers who bundle their auto and homeowners policies with the same insurer, compared with an improvement of 10 points among customers who have their auto policy with another insurer, according to J.D. Power and Associates 2012 U.S. National Homeowners Insurance Study. Read more..

(Ref: Insurance Journal, Sept 27, 2012)

Is Long-Term Care Insurance Dying?

Poor results in the long-term care insurance sector have led many providers to exit the market, leaving its future uncertain, Moody’s Investors Service says in a new report.

The report, “Long-Term Care Insurance: Sector Profile,” says that despite the need for non-medical coverage by an aging population, the product’s future is also in question because of persistent losses and a challenging operating environment. Read more..

(Ref: Insurance Journal, Sept 19, 2012)

BDO USA Hires Assurance Partner for Insurance Clients in New York..

Financial services firm BDO USA, LLP appointed John Green as assurance partner in the Metro New York insurance industry practice. In his new role, Green will be responsible for business development and overseeing assurance engagements for insurance clients in the northeast region. Previously, he was partner-in-charge of the insurance industry group at public accounting and advisory services firm Marcum, LLP. Read more..

(Insurance Journal, Sep 13, 2012)

Most Unusual Claim of the Year !

A dog that got bitten by a turtle, a hound found literally hanging around the barbecue grill and a cat that went for a ride after getting stuck in a car engine are among the nominees announced by Veterinary Pet Insurance Co. (VPI) for its VPI Hambone Award honoring the “Most Unusual Claim of the Year.” The nominees also include a dachshund-terrier mix that was found buried alive by firefighters and a potbellied pig that accidentally overdosed on human medication. Read more..

(Ref: Insurance Journal, Sept 6, 2012)