Monday, August 29, 2011

Daily Headlines: Monday, August 29, 2011

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Insurance Journal Daily Headlines
August 29, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Irene Insured Losses Significant But Figures Still Uncertain

Hurricane Irene is expected to have caused substantial property losses, though figures are still hard to come by because of uncertainty ...

Irene Floods Northeast; Manhattan Spared Worst

Hurricane Irene swept through Manhattan Sunday but reserved the worst of its fury for towns and suburbs up and down the northeastern United ...

Unhappy Investors Want Bank of America Mortgage Case Moved to Federal Court

Investors objecting to Bank of America Corp.'s $8.5 billion settlement of claims over losses on mortgage-backed securities are seeking to ...

Pending Patent Reform May Not Bring Much Lawsuit Relief

U.S. Congress is tantalizingly close to passing patent reform that President Barack Obama has hailed as an economic booster, but the ...

Judge Allows Punitive Damage Claims for Gulf Oil Spill to Move Ahead

Plaintiff lawyers claimed a victory on Friday when a U.S. federal judge overseeing hundreds of lawsuits against BP and others over last ...

U.S. to Reimburse States for Most of Irene’s Damage

Hurricane Irene could cost U.S. state and local governments billions of dollars in damages, but funds from the federal government might ...

Irene Damage Assessment Underway; Flood Insurance Losses Could Surge

Hurricane Irene caused between $200 million and $400 million in insured losses in the Carolinas, catastrophe modeling company EQECAT said ...

Investors Placed Their Bets On Hurricane Irene

While people in New York and the rest of the U.S. East Coast on Friday were buying batteries and water ahead of Hurricane Irene, some ...

Hurricane Irene Update: 50 Million People Could Be Affected

Parts of the southeastern United States were already experiencing dangerous swells and rip tides Thursday as Hurricane Irene exited the ...

Insurance Industry Mobilizes for Hurricane Irene Claims

In addition to advising their policyholders on what to do to protect against Hurricane Irene, property/casualty insurers and brokers are ...

Academy Blog: 878 Pages of Insurance Knowledge and Information

Insurance Journal's Academy of Insurance has researched, written, and published five books...

From MyNewMarkets.com Hurricanes May Be Catalyst for Insurance Rate Increases

Hurricane Irene, the first hurricane to hit the United States in three years, could be the catalyst the insurance industry has been seeking...
NEXT WEEK: Avoiding The Top 5 Mistakes Made When Hiring Producers
East

New Jersey Suffers Widespread Damage from Irene

Hurricane Irene swept along the New Jersey shore early Sunday, knocking down trees, leaving thousands of people without electrical power ...

New England Coast Weathers Irene; Inland Flooding, Power Outages Major Concerns

As Tropical Storm Irene churned up the eastern seaboard it left many of New England's coastal states relatively unscathed, while inflicting ...

Vermont Battles Extensive Flooding Following Irene

Vermont residents battled epic flooding Monday after the remnants of Hurricane Irene set off the state's worst flooding in nearly 40 years, ...

Earthquake Showed Difficulties of Evacuating D.C.

The nation's capital has prepared for emergencies with sleek communication systems, intelligence fusion centers and chemical detention ...

Two Defendants Spared Prison in Rhode Island Insurance Scheme

A federal judge on Thursday spared an ex-Rhode Island radio host and a former North Providence politician prison time for their roles in a ...

Some Fraud Counts Dismissed Against Pennsylvania Fire Chief and Wife

A judge has dismissed insurance fraud charges against a southwestern Pennsylvania fire chief and his wife accused of stealing about $20,000 ...

Ahearn Returns to William Gallagher

Lynne Ahearn has rejoined insurance broker William Gallagher Associates in Boston as a senior vice president. Ahearn brings 20 years of ...
Midwest

Ohio Workers’ Comp Bureau Proposes Job Creation Plan

The Ohio Bureau of Workers' Compensation has proposed an economic development initiative with the goal of creating jobs in that state. ...

Michigan Court Backs Emotional Damages in Home Loss Due to Oil

Four hundred gallons of heating oil in the basement? The Michigan appeals court says that's distressing. The court has upheld a $100,000 ...

Neace Lukens Promotes Devine to Northern Region Leader

Insurance broker Neace Lukens has promoted Tim Devine to northern region leader. In this new role, Devine will oversee the growth and ...

Law Helps Illinois Patients Denied Insurance Claims

Illinois Gov. Pat Quinn has signed legislation to beef up protections for consumers who want to appeal health insurance claim denials. The ...
Southeast

Kentucky Workers’ Compensation Rates Continue to Drop

Kentucky regulators have approved the sixth straight reduction in workers' compensation loss cost rates. Kentucky Insurance Commissioner ...

Irene Inflicts Only Minor Damage in South Carolina

Hurricane Irene spun away from South Carolina on Saturday, leaving behind only minor damage and residents breathing a sigh of relief. The ...

Insured Losses from Hurricane Irene in Carolinas Could Reach $400 Million

Hurricane Irene caused between $200 million and $400 million in insured losses in the Carolinas, catastrophe modeling company Eqecat said ...
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South Central

Louisiana Citizens’ Bond Rating Upgraded

Fitch Ratings has upgraded the bond rating of Louisiana's property insurer of last resort. State Insurance Commissioner Jim Donelon ...

Filing Aims to Reduce Oklahoma Workers' Comp Rates

Oklahoma Insurance Commissioner John Doak announced the National Council on Compensation Insurance Inc. (NCCI) has filed to reduce ...

6 Years After Katrina, New Orleans’ Lower 9th Ward Still Bleak

In New Orleans' Lower 9th Ward, the grasses grow taller than people and street after street is scarred by empty decaying houses, the lives ...
West

Pacific Coast Towns Rethink Tsunami ‘Vertical’ Evacuation Options

When the next devastating earthquake strikes off the Northwest coast, it is expected to send a tsunami so fast that it could leave coastal ...

California Surfboard Maker Faces Product Liability Claim

A surfer has filed a product liability lawsuit against a California surfboard manufacturer because the too-sharp fin sliced his leg. The ...

Colorado Says It Has No Funds to Aid Earthquake Victims

Colorado officials say they have no money to help earthquake victims in southern Colorado. Department of Local Affairs spokeswoman Linda ...

Settlement Reached in California Roller Coaster Injury

Knott's Berry Farm has reached a confidential settlement with a 12-year-old boy who was injured on its Xcelerator roller coaster when a ...

Momentous Insurance Brokerage Partners With Archer Weiss

Van Nuys, Calif.-based Momentous Insurance Brokerage entered into a partnership to become an exclusive partner of business and ...
International

8 Dead as Typhoon Nanmadol Slams Northern Philippines

Slow-moving Typhoon Nanmadol remained dangerous Sunday despite weakening as it struck the tip of the mountainous northern Philippines, ...

Forecasters Track Additional Storms

The forecasters at the National Hurricane Center in Miami aren't getting a great deal of rest these days, as the 2011 hurricane season ...

AIR Estimates Irene Insured Caribbean Losses at $500 Million to $1.1 Billion

AIR Worldwide has estimated that insured losses in the Caribbean from Hurricane Irene will be between $500 million and $1.1 billion. AIR ...

P/C Industry ‘Adequately Capitalized’ Says Best, Despite Irene Losses

A.M. Best has begun an assessment of the potential financial impact Hurricane Irene's passage through the Caribbean and up the East coast ...

Swiss Re Applies for Local Reinsurance Registration in Brazil

Swiss Re announced that it has submitted an application to Brazil's Superintendence of Private Insurance (SUSEP) for a local reinsurance ...

Willis Develops Coverage for Nuclear Exclusion Risk

Willis Group Holdings has developed a new insurance product to cover business interruption costs for companies with key locations, ...
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What's in a Name? Unitrin CEO Southwell Says A Lot

A legendary insurance company name is back in the headlines. Unitrin Inc. has taken the Kemper...
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Brokering the Hot Cyber Liability Market

With data breaches in the news, cyber liability insurance is gaining recognition. The market...

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New Discussions in the Forums

CIBA Insurance purchasing group...Help
Posted: Sat Aug 27 -- While I am hoping Hurricane Irene doesn't cause significant damage to the east coast, I am curious to see what will happen if some of these... HOA Expert
Online Auto Insurance Quote Process
Posted: Sat Aug 27 -- I recently, against my better judgment, obtained a quotation from several online direct company websites. Because one of them may not have... mhutch69
GMAC AUTO IN CA
Posted: Sat Aug 27 -- Had them for 2 years before I switched to GEICO. Very good customer service and very easy for claims. Thing is their prices are jacked up. I... London946
Why Would an Agency Retain Trust Account Service?
Posted: Fri Aug 26 -- Is anyone aware of a resource that provides a listing of the States that need a Premium Trust account for agents? Thank you for your... Needtoknow
CA Auto paperwork retention
Posted: Wed Aug 24 -- Just wondering what sets of signed docs does eveyone keep on file for auto policies in CA? JAM

Reader Comments

Alabama Funeral Home to Pay $1 Million for Body Mixup
Posted: Tue Aug 23 -- this sounds excessive for a innocent mistake. so the families can get rich and don't have to work just because of a simple mistake. agree,... wudchuck
Marsh Executive Sues Spitzer for $60 Million Over Slate Column
Posted: Mon Aug 22 -- All you X-Marsh-ens - can you say "Class Action"?? tanked 401
Insurer Sued for Refusal to Hire North Carolina Man in Drug Program
Posted: Tue Aug 23 -- So, we're not free to hire or not hire whomever we wish in this country. Ergo, we're not free. Time to change the Star Spangled Banner... Bill

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