Natural catastrophes are by far the biggest risk in non-life property insurance. Based on its own risk assessment models, Swiss Re estimates, for example, that a major UK storm could lead to economic losses amounting to GBP 12 billion and …
The Georgia Department of Insurance has released comprehensive mold endorsement filing guidelines, providing insurers long-awaited guidance on the minimum level of mold coverage required in homeowners and commercial lines policies. The American Insurance Association (AIA) was part of an industry …
Pennsylvania Insurance Commissioner Diane Koken has issued an announcement urging the state’s policyholders to review their insurance policies for information on coverage of property damage from weather-related disasters. “Knowledge is a consumer’s best policy, and it is critical that consumers …
Vermont Gov. Jim Douglas (R) yesterday signed into law a bill that will reportedly greatly enhance insurers’ and policyholders’ ability to conduct the business of insurance electronically. The new law, formerly HB 148, enacts a version of the Uniform Electronic …
AIR Worldwide Corporation (AIR) announced the certification of its 2003 Atlantic Tropical Cyclone Model by the Florida Commission on Hurricane Loss Projection Methodology. For the seventh consecutive year the AIR model has been certified for use in residential rate filings …
Standard & Poor’s has revised its outlook on GE Property & Casualty Insurance Co., GE Casualty Insurance Co., GE Auto & Home Assurance Co., and GE Indemnity Insurance Co. (collectively referred to as GE PC) to negative from stable because …
Florida Gov. Jeb Bush’s proposed medical liability reform package, which was unveiled Thursday, would reportedly solve the state’s insurance crisis by implementing major legal and insurance reforms, changing the physician discipline system, and establishing insurance rate rollbacks of 20 percent. …
The Ohio General Assembly’s Joint Committee on Agency Rule Review accepted an administrative rule sought by the Ohio Department of Insurance regarding an insurance company’s use of a consumer’s credit score for personal automobile and homeowners insurance. “Credit scores” are …
Michigan Gov. Jennifer Granholm (D) has signed into law a bill limiting insurer exposure under the Standard Fire Policy Act. The state follows similar action earlier this year by Virginia, Minnesota and Nebraska, according to the Alliance of American Insurers. …
The State Compensation Insurance Fund released a statement regarding the lawsuit filed May 28 against California Insurance Commissioner John Garamendi and the California Department of Insurance (CDI). The suit, according to State Fund, is intended to “clarify his [Garamendi’s] and …