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)

USI to Acquire TD Bank’s U.S. Insurance Subsidiary

USI Insurance Services, a brokerage and financial service firm based in Briarcliff Manor, N.Y., has agreed to acquire TD Insurance Inc., a wholly-owned U.S. subsidiary of TD Bank, N.A. The terms of the deal were not disclosed.

USI said the acquisition is expected to contribute $58.2 million in revenues to USI on an annual basis. TD Insurance Inc. is one of the largest bank-owned insurance agencies and brokerage firms in the U.S., offering property/casualty insurance and employee benefits. It has 20 office locations from Maine to Florida with most of those concentrated in the U.S. Northeast.Read more...

(ref : Insurance journal, Aug 23, 2012)

Do Brokers Have to Offer the Cheapest Coverage?

The question of whether insurance brokers are required to obtain the lowest cost insurance that meets the insured’s needs was answered recently by the Missouri Supreme Court in the case of Emerson Electric Co. v. Marsh & McLennan Cos., 362 S.W.3d 7 (Mo. 2012).

In the Emerson case, the insured, Emerson Electric Co., utilized the brokerage services of Marsh & McLennan in procuring liability insurance. During the course of the relationship as broker and insured, Emerson paid Marsh to place particular types of insurance with insurers to meet a variety of Emerson’s insurance needs. (Read more...)

(Ref: Insurance Journal, Aug 16, 2012)

N.Y. Man Harnesses Social Media to Protest Against Progressive..

Progressive Corp. is getting a lot of attention in the social media world this week. But it’s clearly not the kind of attention the insurer wants to get.

On Monday, a New York-based comedian named Matt Fisher posted a story online in his Tumblr blog. In his post, provocatively titled “My Sister Paid Progressive Insurance to Defend Her Killer in Court,” Fisher tells the story of his family’s ongoing legal fight against the insurer.

So far, the post garnered over 11,000 notes online and generated thousands of negative Twitter comments. Read more..

(Ref: Insurance Journal, Aug 15, 2012)