Monsters Under the Bed !

Neither insurance policyholders nor courts look kindly upon exclusions from the broad coverage provided by insurance policies. Policyholders often balk at exclusions when preparing to pay their hard-earned dollars to buy insurance policies, and courts apply favorable rules of insurance policy interpretation to prevent the improper overuse of exclusions from the coverage provided by insurance policies.Read more..

 (Ref: Insurance Journal, Nov 19, 2012)

Insurer ING US Files for IPO

ING U.S. Inc, a unit of Dutch financial services group ING Groep NV, filed to raise up to $100 million in an initial public offering as its parent complies with a European Union mandate to split its businesses.

ING Groep is splitting its banking and insurance operations as part of a restructuring deal with the European Commission, turning into a smaller Europe-focused bank. Read more.. 

(Ref: Insurance Journal, November 12, 2012)

Flood Insurance Still Relatively Rare in Northeast

Many homeowners who suffered losses because of flooding from Hurricane Sandy are likely to find themselves out of luck. Standard homeowners policies don’t cover flooding damage, and the vast majority of homeowners don’t have flood insurance.

Yet it’s likely that many Northeasterners will purchase it in coming months, hoping they’ll be covered the next time around, at a cost averaging around $600 a year. Read more..

(ref: Insurance Journal, Oct 31, 2012)

Louisiana Employment, Wages Increased in 2011

Employment in Louisiana increased by a modest 0.8 percent in 2011 compared with 2010, but wages grew by 3 percent during the same period, according to data released by the Louisiana Workforce Commission.

The data covers employment and total wages by North American Industry Classification System (NAICS) sectors and sub-sectors for the state and by NAICS sectors for all parishes. Read more...

(Ref: Insurance Journal, October 25, 2012)

 

 

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)