Companies Clamour for Slice of Website Pie ; IN ASSOCIATION WITH Rensburg Sheppards But Pounds Bn Valuations Smack of a Return to the Dot Com Era
Thursday, June 21, 2007
THE consumer desire to secure the best possible deal on everything from car insurance and energy bills to a new fridge freezer is creating a booming business for websites that offer price comparisons. One of the biggest players in the sector, Moneysupermarket.com, is planning a stock market flotation which could value the company at around pounds 1bn. Meanwhile, car insurance specialist Confused.com is currently being valued at between pounds 500mand pounds 1bn as its parent group, insurance firmAdmiral, looks to sell a stake in the site....
Phatra and Muang Thai to Merge
Wednesday, June 20, 2007
Jun. 19--Phatra Insurance and Muang Thai Insurance, two non-life insurers controlled by the Lamsam family, plan to merge under a strategy to crack the top five in market share within five years. The new merged company will be the country's seventh-largest, with a 3 percent market share. The report helped push Phatra shares up on the Stock Exchange of Thailand by 9.66 percent to 193 baht in trade worth 16 million baht....
Md. Court of Appeals Revises Ruling
Wednesday, June 20, 2007
The Court of Appeals has apparently decided it made a mistake in an April decision containing a few dozen words that attorneys say could have radically changed the law in some car accident cases.The top court's opinion in Erie Insurance Exchange v. Wednesday, following a motion for reconsideration by Erie, the court reissued its opinion, minus the footnote and other references making the same point....
Auto Insurance Rates Decline As Tort Law Reaches Four Years
Wednesday, June 20, 2007
Jun. 19--Consumers are coming out on top under Colorado's new insurance law. Insurance rates have dropped by an average of 30 percent in the past four years among the larger insurers in the state, an insurance official estimates. On Monday, State Farm Insurance officials announced the company's ninth rate decrease -- 7.2 percent -- since the new system became law in 2003....
GEICO Launches Site for Motorcycle Riders
Wednesday, June 20, 2007
GEICO unveiled a new Web site -- www.MyGreatRides.com -- created exclusively for motorcycle aficionados to give riders a place to indulge their enthusiasm for their bikes, rides and friends.A true online community, MyGreatRides.com lets members connect with each other. Member-generated discussion topics can range from favorite gear for winter riding to year-round bike maintenance....
Brought to Justice
Wednesday, June 20, 2007
THE following people were dealt with at Cardiff Magistrates Court: David Price, 41, of Ninian Park Road, Leckwith, Cardiff, was fined a total of pounds 220 with pounds 50 court costs and had three penalty points added to his driving licence, after pleading guilty to driving without the correct licence, without an MoT and with a defective car tyre. Craig Stephen Cummings, 20, of Grand Avenue, Ely, Cardiff, was fined pounds 100 and had six penalty points added to his driving licence after pleading guilty to using a car without insurance and without a valid licence. Darren Lee Hogan, 22, of Loudoun Square, Butetown, Cardiff, was given a five-month community order and told to pay pounds 75 court costs after pleading guilty to having a kitchen knife in public....
Fitch Rates Progressive's $1B Junior Subordinated Debentures 'A'
Tuesday, June 19, 2007
Fitch Ratings has assigned an 'A' rating to The Progressive Corporation (Progressive)(NYSE:PGR) $1 billion 6.70% junior subordinated debentures. Fitch has taken no rating action on the 'AA-' Issuer Default Rating (IDR) and 'A+' senior debt ratings of Progressive and the 'AA+' Insurer Financial Strength (IFS) rating of Progressive's operating subsidiaries. The Rating Outlook is Stable....
Tulsa No. 72 on Allstate Driver Safety List
Tuesday, June 19, 2007
Tulsa drivers ranked No. 72 in Allstate's list of cities and their degree of motorist safety. The third annual "Allstate America's Best Drivers Report" analyzes the auto insurer's claim data to determine the likelihood that drivers in the nation's 200 largest cities would experience a vehicle collision compared with the national average....
Insurance Backtrack
Tuesday, June 19, 2007
It sounded like a good idea when legislators passed the law in 2004: Motorists who canceled their insurance would get a letter from the secretary of state's office notifying them that driving without insurance is against the law. Finally, the Legislature is poised to correct the situation by repealing the 2004 law.In an effort to cut down on the number of uninsured motorists in Maine, a law was enacted requiring insurance companies to notify the state when drivers canceled their car insurance....
Auto-Insurance Changes = Big Savings
Monday, June 18, 2007
Auto insurers are making big changes in the way they price policies, and that can mean big savings for you."I predict that the 14 companies I work with will all change their pricing within the next few years," says Tom Minkler, an independent agent in Keene, N.H.For example, insurers have found a strong correlation between credit history and insurance claims, and they have been taking credit history into account for some time in states where it's legal....
Unitrin Direct Introduces Affordable Auto Insurance to Iowa
Saturday, June 16, 2007
DES MOINES, Iowa, June 15 /PRNewswire-FirstCall/ -- Unitrin Direct Insurance Company, an auto insurer that offers a unique blend of customer-friendly service and affordable rates, has begun selling policies in Iowa, which is likely to mean significant savings for drivers statewide.Customers who switch to Unitrin Direct from another carrier save an average of $303.*"We're using the latest technology to streamline the insurance process in a way that benefits our customers," said Scott Carter, Unitrin Direct president....
The Commerce Group, Inc. Enters Into Agreement With Stonewood Insurance Services
Saturday, June 16, 2007
The Commerce Group, Inc. (NYSE: CGI) today announced that its Pleasanton, California-based subsidiary, Commerce West Insurance Company, has entered into a General Agency Agreement with Stonewood Insurance Services, Inc. of Rancho Cordova, California.Stonewood will be responsible for the sale of Commerce West's Nation Safe, Protection and Select auto insurance policies through its current retail distribution network throughout California."We are very pleased about our new relationship with Stonewood," said Gerald Fels, President and Chairman of the Board of The Commerce Group, Inc. "Through this relationship, we will continue to build a more geographically diverse business that we believe will further enhance and strengthen our company overall."...
High Heels Behind the Wheel ; News in Brief
Friday, June 15, 2007
UP TO 12 million women are putting lives at risk by driving in "inappropriate footwear", it was revealed today. Female motorists are not only driving in high heels but are also getting behind the wheel while wearing f lip-f lops or even while barefoot. The survey, by women's car insurer Sheilas' Wheels, found that 80 per cent of women wear unsuitable shoes, with just 17 per cent keeping a pair of driving shoes in the car.....
Some Welcome Numbers for New Jersey
Friday, June 15, 2007
NEW JERSEY is the top, or darn close. New Jersey drivers spend more on car insurance than drivers in any other state, an average of nearly $1,100 a year. Spending per student is higher in New Jersey, at $13,800 a year, than in any other state but New York, which spends $319 more....
Detroit Free Press Matt Helms Column: Drivers Line Up to Collect Reward for Safety in Warren
Friday, June 15, 2007
Five Michigan cities landed the top five spots in the insurer's most-improved category -- Flint, Warren, Grand Rapids, Detroit and Sterling Heights. None of that seemed to matter to folks nearly as much as the prospect of 10 free gallons of gas, given out to anyone willing to wait in a line that stretched for at least two miles on eastbound 13 Mile starting around 5 a.m. Police stopped allowing cars to enter the line before 9 a.m., and the last cars went through the station just after 10 a.m. By the end, Allstate said it had pumped 6,575 gallons of gas to about 850 vehicles....
Not the Answer
Friday, June 15, 2007
Compulsory car insurance doesn't work well in Britain. Those with no respect for the law simply don't insure their cars and law- abiding youngsters find that their insurance costs far more than the purchase price of their first car. Insurance works by spreading the cost of accidents across all the policy holders so you can be sure that forcing youngsters to insure will increase all our premiums....
Sacramento Drivers Gain Notoriety: Allstate Ranks Capital Motorists Among the Worst in the Country
Friday, June 15, 2007
Jun. 15--You've long suspected it. That ranks Sacramento a lowly 158th out of the 200 largest cities in the country. "We don't really want to label Sacramento," a cautious-speaking local Allstate spokeswoman, Patti Kelly, said, "but we do want to call attention to this issue....
Atlantic Master Plan(R) Policyholders Rank The Atlantic Companies(R) Top Performer in Tri-State Region for Customer Satisfaction
Wednesday, June 13, 2007
NEW YORK, June 12 /PRNewswire/ -- Auto insurance customers in New York, New Jersey, and Connecticut who chose the Atlantic Master Plan(R) policy had zero complaints in the latest data from those states. The Atlantic Companies(R), which administers the Atlantic Master Plan program, was the only insurance group to post that high level of customer satisfaction in all three states.Regulators in New York, New Jersey and Connecticut issue annual reports that tally valid consumer complaints against auto carriers for any reason, including for pricing, underwriting, renewals or claims....
No to Third Party Insurance
Wednesday, June 13, 2007
YOUR recent article about the Government's intention to seriously consider making third party insurance compulsory requires comment. As with all laws, they are only obeyed by responsible people and to think that CTPI will somehow solve all the problems associated with accidents where one car is uninsured is a misconception. In the UK, where CTPI is in place, there is a 15% non-compliance rate and it has been at that level for years....
Spowart's Comparison Site at War With Direct Line Over Ad Campaign
Tuesday, June 12, 2007
PEOPLESCHAMPION.COM, set-up last summer by serial financial guru Jim Spowart, has hit back at claims that comparison sites are confusing for customers and should carry "accuracy warnings". Direct Line - itself co-founded by Spowart and owned by Royal Bank of Scotland - has criticised comparison sites for not always finding the best deals. But Ian McAteer, marketing director of Peopleschampion.com, which is majority owned by SMG, is taking legal advice on whether to make a formal complaint about Direct Line's latest television campaign....
Pennsylvania Insurance Department Says Hybrid Vehicle Owners May Qualify for a Premium Discount
Tuesday, June 12, 2007
HARRISBURG, Pa., June 11 /PRNewswire-USNewswire/ -- Pennsylvania motorists who own a hybrid vehicle may be eligible for a discount on their auto insurance premiums, according to the Pennsylvania Insurance Department. The Insurance Department has approved a filing from GEICO to offer a five- percent discount to policyholders who insure hybrid vehicles. "I'm delighted to see that more insurance companies now offer these types of incentives to their policyholders," acting Insurance Commissioner Randy Rohrbaugh said....
The End of No-Fault: Legislators Will Have to Rescue Program, but Should They?
Tuesday, June 12, 2007
Jun. 10--Who could argue with a major auto-insurance price reduction? State Farm, Florida's largest auto insurer with more than 20 percent of the market, plans to cut rates by 16 percent on Oct 1. Without mandatory no-fault medical coverage, known as personal injury protection, or PIP, motorists and their passengers will no longer automatically have $10,000 worth of insurance per person to pay their medical bills and lost wages from auto accidents....
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....