If No-Fault Insurance Goes, Who Fares Best?
Tuesday, June 12, 2007
Jun. 10--It's not your typical Florida sunset. Unless the Legislature decides otherwise, come Oct. 1, the portion of Florida's no-fault auto insurance law that requires drivers have a minimum of $10,000 in personal injury protection, or PIP, will expire after being the law for 36 years. State Farm, Florida's largest auto insurer, has received state approval to lower its rates 16 percent, based largely on PIP going away....
Insurance on the Road to Recovery
Tuesday, June 12, 2007
Jun. 11--TRENTON -- New Jersey motorists are seeing steady auto-insurance rates and lodging fewer complaints against underwriters -- more signs that the four-year-old reform law has taken hold, experts say. "As a whole, the companies have probably exceeded expectations," said Jim Gardner, a spokesman for the New Jersey Department of Banking and Insurance. A little less hurt: New Jersey has the highest auto rates in the country: In 2004, state regulators put the average rate at $1,167, while the National Association of Insurance Commissioners said the national average was $838....
Survey Shows Slower Premium Growth
Monday, June 11, 2007
The Insurance Information Institute (III) invited a panel of Wall Street stock analysts and industry professionals to forecast the outlook for the industry. According to the III, most insurance industry analysts predict slower property / casualty (P/C) premium growth for 2007.The annual survey results indicate that the respite in catastrophe losses in 2006, combined with a strong performance in virtually all other major lines of P/C insurance, will likely propel the industry to its best underwriting performance since 1936....
The Incentive Effects of Increasing Per-Claim Deductible Contracts in Automobile Insurance
Sunday, June 10, 2007
ABSTRACT A new rating system of automobile insurance for vehicle damage in Taiwan was launched in 1996, introducing a deductible that increases with the number of claims. In this article, we provide a theoretical rationale for the existence of an increasing per-claim deductible system and show that the new system is most likely an optimal choice for those insured who tend to have lower claims probability when incentives are present. Using a unique dynamic data set, we are able to conduct a natural experiment to examine the incentive effects (both positive and negative) by looking at the change in claim tendency before and after switching between two deductible plans: an increasing per-claim deductible and a zero deductible....
Your Money: ROAD SENSE ; Pound Notes
Sunday, June 10, 2007
pounds IF you are a driver who has made several claims on your car insurance or have convictions then you may well be better off with a comprehensive policy rather than a third-party one, according to online comparison service Insurancewide.com(c) 2007 Sunday Mirror; London. Provided by ProQuest Information and Learning....
State Farm to Lower Rates for Policyholders in W.Va.
Saturday, June 09, 2007
Vehicle owners insured through State Farm Mutual Automobile Insurance Co. will get a break on their premiums again this year.The amount of the reduction will vary, but the average savings equals $47.State Farm, which insures about one in every four cars in the state, announced Thursday that it will lower rates an average of 2.5 percent beginning July 2, for an annual savings of $16.5 million....
Hospitals Fear Loss of PIP: Hospitals, Doctors and Many Floridians Without Health Insurance Could Be Big Losers If the State's Controversial No-Fault Auto Insurance Law is Allowed
Friday, June 08, 2007
Jun. 7--With nearly 21 percent of Floridians under age 65 lacking health insurance, hospitals and doctors fear they would be stuck with millions of dollars in unpaid bills from accident victims if Florida's no-fault auto insurance law expires. The Florida Hospital Association estimates they now collect $350 million in reimbursements from personal injury protection, or PIP, claims each year. In the battle to reform or eliminate Florida's no-fault auto insurance law, auto insurers say consumers who have other health insurance will save money, because they won't have to buy PIP....
Slovenian Triglav Acquires Leading Macedonian Insurer
Thursday, June 07, 2007
Slovenian Triglav acquires leading Macedonian insurer BELGRADE, June 4 (Xinhua) -- Slovenia's largest insurance company Zavarovalnica Triglav signed here on Monday a contract on the purchase of a leading Macedonian insurer, which is a key step for the company's ambition to be a regional market leader. The contract to buy Vardar Osiguranje was signed by Triglav chairman Andrej Kocic, its chief supervisor Damjan Mihevc and Vardar Osiguranje general manager Stojan Klopcevski, said a statement released by Triglav....
Morning Briefs-Brightway Miller Insurance
Wednesday, June 06, 2007
MILLER INSURANCE'S NEW NAME NOW BRIGHTWAYJacksonville-based Miller Insurance Group has changed its name to Brightway Insurance. The company sells multiple lines of insurance including auto, home and life policies....
Virginia Beach Residents to Observe Distracted Driving Awareness Day, June 6
Wednesday, June 06, 2007
Drive Smart Virginia and GEICO are partnering to take action against distracted driving by sponsoring the 2nd annual "Distracted Driver Awareness Day," June 6 in Virginia and North Carolina.Member companies of Drive Smart Virginia, GEICO associates and USAA employees will be at Farm Fresh locations throughout Hampton Roads and parts of North Carolina that day to distribute pledge cards and information about developing safer driving habits. WNIS radio will be broadcasting live from Virginia Beach with interviews from Dale Butcher, a victim of a distracted driving accident, and Joe Thomas, regional vice president for GEICO and Ron Racinowski, general manager of USAA....
Bristol West Launches Select 2.0 in Utah
Tuesday, June 05, 2007
DAVIE, Fla., June 4 /PRNewswire-FirstCall/ -- Bristol West Holdings, Inc. today announced that it has begun writing private passenger automobile insurance in Utah. With the addition of Utah, Bristol West now writes insurances in twenty-five states.Jeffrey J. Dailey, Bristol West's Chief Executive Officer, said, "We are very pleased to be able to offer independent agents and insurance consumers in Utah, the 33rd largest auto insurance market in the United States, additional choices for their auto insurance needs....
Young Drivers Warned
Tuesday, June 05, 2007
YOUNG drivers could see their annual car insurance premiums soar to more than [pounds]3,000 by 2017, it was revealed yesterday.Over the past ten years, the cost of car insurance for young drivers has gone up by 92 per cent. com Average premiums for all drivers are now about [pounds]409 a year, but for 17 to 21-year-olds, the figure is [pounds]948, with young men forking out [pounds]1,181....
NO FAULT INSURANCE Don't Ignore the Issue
Tuesday, June 05, 2007
There will be serious consequences if no fault insurance sunsets in October.Spokesmen for the auto insurance industry say that auto insurance premiums will drop if no fault disappears in October.Safety net hospitals, especially Shands Jacksonville and Baptist Medical Center in Jacksonville, will lose important sources of revenue for treating the uninsured....
Edgewater Assists Automobile Insurers Bureau of Massachusetts With Mainframe Migration to Web-Based Application
Tuesday, June 05, 2007
Edgewater Technology, Inc. (NASDAQ: EDGW, or "Edgewater"), an innovative technology management consulting firm, today announced it has been selected by Automobile Insurers Bureau of Massachusetts ("AIB") to assist in the migration of AIB's existing mainframe systems to a web-based application.Edgewater will also establish hardware and software requirements."As the insurance space continually becomes more and more competitive, it is apparent that we must be able to provide our staff, members and partners with more robust capabilities in order to better service the Massachusetts insurance industry....
CarInsurance.com Enters Michigan Auto Insurance Market
Tuesday, June 05, 2007
ALTAMONTE SPRINGS, Fla., June 4 /PRNewswire/ -- CarInsurance.com has expanded its auto insurance agency into Michigan to sell auto insurance, making it the 21st state where it does business as an online insurance agency. CarInsurance.com said it is offering Michigan residents insurance coverage through Esurance, Safeco Insurance, and Unitrin Direct. CarInsurance.com has brought lower rates to Michigan and offers competition by bringing insurance carriers directly to the consumer and by lower insurance costs through technology....
Comet Surrenders in Medieval Total Wars ; QUESTIONS OF CASH
Sunday, June 03, 2007
My son bought a PC from a Comet store to run the Medieval Total Wars 2 game. Trading Standards and Ombudsmen enquiries have led nowhere. But, on the basis of your son's assurance about his discussions, Comet has agreed to exchange his PC for a higher specification model, with your son paying the difference in cost....
Insurance Shock for Young
Saturday, June 02, 2007
Young drivers could see their annual car insurance premiums soar to more than pounds 3,000 by 2017. Motorists aged 17-21 are already paying more than double the annual average insurance, research from uSwitch.com found. Over the past 10 years, the cost of car insurance for young drivers has gone up by 92%....
Missing Link?
Saturday, June 02, 2007
Over the years, a handful of lame humorists have suggested the Richmond area is populated by more than its share of Neanderthals. Not so the ABC television network, which announced recently that its fall schedule will include a new sitcom called "Cavemen."The folks at Martin also hatched the beloved GEICO gecko....
Fitch Affirms Selective Insurance's IDR at 'A-'; IFS at 'A+'; Outlook Stable
Friday, June 01, 2007
Fitch Ratings has affirmed Selective Insurance Group, Inc. (Selective) (Nasdaq:SIGI) as follows:Fitch assigned the 'A+' IFS rating to the newest member of the pool, Selective Auto Insurance Company of New Jersey. The affirmations reflect Selective's consistently favorable operating results, disciplined underwriting culture, strong independent agency relationships, and improved diversification through continued efforts to reduce its concentration in New Jersey....
A Risk-Free Road Trip
Friday, June 01, 2007
HOLIDAYMAKERS taking their cars abroad this summer need to watch out their insurance may not cover them if they break down or have an accident. According to research by Marks Spencer Money, only one in five drivers taking their cars to the Continent were covered if their vehicle broke down last summer and only a third were insured if they pranged their car or it was stolen. Most motorists do not realise that their comprehensive policy will not automatically extend to driving outside the UK and that only one in ten policies includes European breakdown cover....
Unitrin Direct Enters the Kentucky Auto Insurance Derby
Friday, June 01, 2007
LOUISVILLE, Ky., May 31 /PRNewswire-FirstCall/ -- Unitrin Direct, an auto insurance company that combines affordable coverage with a high-level of customer service, has been approved to do business in Kentucky, which could mean significant savings for the state's nearly three million licensed drivers.Kentucky is the 23rd state where auto insurance has been made available by Unitrin Direct, a company with a proven history of saving its customers money and an A (excellent) rating by A.M. Best. Using the latest communications technology, including newly installed Avaya and Tealeaf systems, Unitrin Direct has streamlined the process of getting either an online auto insurance quote or a phone quote from a licensed agent....
DMV Guarding Against Insurance Cuts
Friday, June 01, 2007
May 31--TALLAHASSEE -- Florida lawmakers quietly tucked $25 million in the back of the 400-page state budget to keep driver's license offices open and state troopers on the road. With just days left in the annual spring session, top Republicans were warned that the end of the state's no-fault auto insurance law this October could result in deep budget cuts for the state agency that oversees motorists. There is, unfortunately, no real way around that."...
EDITORIAL: Missing Link?
Thursday, May 31, 2007
May 30--Over the years, a handful of lame humorists have suggested the Richmond area is populated by more than its share of Neanderthals. Not so the ABC television network, which announced recently that its fall schedule will include a new sitcom called "Cavemen." The folks at Martin also hatched the beloved GEICO gecko....
Bill Advances to Raise Car Insurance Minimum
Thursday, May 31, 2007
Louisiana motorists would be required to carry more liability insurance under a bill that passed the Senate on Tuesday on a 22-10 vote.The proposal, Senate Bill 223, next faces action in the House.Sen. Mike Michot, R-Lafayette and sponsor of the plan, said the current, $10,000 maximum for property damage is a problem because that rate was set more than 20 years ago, when an average new car cost $10,606....
St. Petersburg Times, Fla., On Money Column
Wednesday, May 30, 2007
May 27--DON'T LEAVE YOUR CASH UNCLAIMED: Anybody can wind up on Florida's missing money list, even the governor. Included are two accounts that apparently belong to Gov. Charlie Crist -- a car insurance premium refund and a utility refund. I recommend checking unclaimed property lists periodically for any state where you've lived....