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Today’s Insurance News
Source: Insurance Journal
North Carolina Rate Bureau Withdraws Dwelling Rate Increase of 19.6% over Data Error
Amy O' Connor - January 20, 2017, 5:57 pm
The North Carolina Rate Bureau is alerting all member companies that it has withdrawn its request for a 19.6 percent rate increase on dwelling policies due to a data error on its Dwelling Policy Program revisions announced in April, 2016. …
AIG Signs Major Reinsurance Deal with Berkshire’s National Indemnity
- January 20, 2017, 5:06 pm
American International Group Inc. announced that it has entered into a reinsurance agreement covering many of the long-term risks on previously-written commercial insurance policies. The agreement, with National Indemnity Co. (NICO), a subsidiary of Berkshire Hathaway Inc., is effective January …
Massachusetts Court Reminds Auto Insurers of Importance of Retail Book Value
Elizabeth Blosfield - January 20, 2017, 4:41 pm
A Massachusetts appeals court used a recent case to warn auto insurers that it is important to take retail book value into consideration early in the settlement process. While the court ruled in favor of defendant Massachusetts Homeland Insurance Company …
Recently Installed Smoke Detectors Credited for Saving 4 Lives in Vermont
- January 20, 2017, 3:14 pm
Vermont State Police are crediting two fire safety officials with saving the lives of three children and an adult who safely escaped a fire in a Brighton home days after the officials required that smoke detectors be installed in the …
Pennsylvania’s NSM Insurance Group Promotes Buler
- January 20, 2017, 2:58 pm
NSM Insurance Group, a Conshohocken, Penn., based property and casualty insurance services firm, has promoted John Buler to director of the NSM Retail department. NSM Retail provides commercial property and casualty insurance and risk management services to middle market businesses …
Nationwide Using Mobile-App Startup Sure to Sell Renters Insurance
- January 20, 2017, 2:43 pm
On-demand insurance agency Sure has signed Nationwide as a partner in offering renters insurance via its real time mobile app. Using the Sure app (for iPhone and Android), consumers can now obtain a renters insurance quote, purchase a policy, and …
Beverly City Hall in Massachusetts Evacuated After Fire Releases Toxic Gas
- January 20, 2017, 2:17 pm
Beverly City Hall had to be evacuated along with several other buildings after officials say an underground electrical fire released dangerous amounts of carbon monoxide. Firefighters were called to city hall on Tuesday morning after smoke began emanating from a …
Cost of Most Serious Workplace Injuries Falls: Liberty Mutual
- January 20, 2017, 2:01 pm
Workplace injuries and accidents that cause employees to miss six or more days of work cost U.S. employers $59.9 billion in 2014, the most recent year for which statistically valid injury data are available, according to the 2017 Liberty Mutual …
Fairfax in Talks to Sell 25% of India’s ICICI Lombard, Worth Up to $1B
L.S. Howard - January 20, 2017, 12:20 pm
Fairfax Financial Holdings is in early talks to sell 25 percent of India’s largest private general insurer ICICI Lombard in a deal that could fetch up to $1 billion, as the Canadian firm looks to cash out and start a …
International Insurance Society Forms Global Certification Program
- January 20, 2017, 11:50 am
The International Insurance Society (IIS) has announced the formation of the Global Centers of Insurance Excellence (GCIE), a certification program designed to recognize universities and colleges with outstanding risk management and insurance programs and enhance their connections with the insurance …
Investigation Concludes Tesla Not at Fault in Self-Driving Car Crash
Andrew G. Simpson - January 20, 2017, 11:46 am
The push to bring self-driving cars to American roads got a significant boost on Thursday when the nation’s chief auto safety regulator essentially cleared  Tesla Motors Inc.’s Autopilot system of fault in a fatal 2016 crash. The U.S. National Highway …
Brexit Cost Implications to Weigh on UK Re/Insurers: A.M. Best Report
L.S. Howard - January 20, 2017, 11:26 am
The cost implications of the loss of passporting rights after the UK exits the European Union will weigh on re/insurers, as will any resultant economic downturn. However, A.M. Best does not anticipate taking any rating actions as a result of …
Washington Puts Landslide-Inspired Topo Maps Online
- January 20, 2017, 10:00 am
Washington’s Department of Natural Resources is following through with a key safety recommendation that arose in the aftermath of the Oso mudslide, as it starts to post intricate topographical maps online. The state generates the maps through laser-imaging technology known …
Utah University Wants Lawsuit Over Frat Party Assault Dismissed
- January 20, 2017, 10:00 am
Utah State University and a fraternity are asking a judge to dismiss a lawsuit filed by a former student accusing the school and organization of failing to act on reports of sexual assault and heavy drinking at parties. The student, …
Idaho Governor Orders Cybersecurity Improvements for the State
- January 20, 2017, 10:00 am
Idaho Gov. C.L. “Butch” Otter has signed an executive order aimed at protecting the state’s computer networks from hackers. The order signed this week creates a director of Information Security position, with that person reporting directly to the governor. The …
Soft Market Is Main Factor Limiting Growth of UK MGAs: Survey
- January 20, 2017, 9:49 am
Soft market conditions have replaced regulation and compliance as the main factor affecting growth for UK managing general agents (MGA) in 2017, said a survey of members of the London-based Managing General Agents’ Association (MGAA). The soft market was cited …
Platt Named COO of Aon Risk Solutions; Moran Is CEO of Aon Inpoint
- January 20, 2017, 8:27 am
Aon plc announced the appointment of James Platt as chief operating officer of Aon Risk Solutions and Michael Moran as chief executive officer of Aon Inpoint. Both roles are effective immediately. Platt will be based in London, working closely with …
Lloyd’s to Open India Branch Ahead of April Renewals
- January 20, 2017, 7:59 am
Lloyd’s, the specialist insurance and reinsurance market, announced plans to open a reinsurance branch in India, in time for the April major reinsurance renewals, following final regulatory approval from the Insurance Regulatory Development Authority of India (IRDAI). This will enable …
Zurich to Cut 240 UK Jobs as Life, General Insurance Arms Combine
- January 20, 2017, 7:45 am
Zurich Insurance Group AG plans to slash about 240 jobs in the UK as part of broader efforts to bring its Life and General Insurance division under a single leadership team. Zurich disclosed the new UK structure on Jan. 19, following …
Universal Group Taps McCoy to Lead Arizona Business Unit
- January 20, 2017, 6:52 am
Universal Group LTD, based in Omaha, Neb., has named Mike McCoy as president of its newly formed business unit in Arizona. Based in Phoenix, McCoy will serve as agency principal in charge of sales and marketing for Universal Group Arizona. …
Court Upholds Blankenship Conviction Over Fatal West Virginia Mine Blast
Amy O' Connor - January 20, 2017, 6:20 am
A federal appeals court on Thursday rejected former Massey Energy Co Chief Executive Officer Donald Blankenship’s bid to overturn his conviction and one-year prison sentence related to his role in a 2010 West Virginia mine explosion that killed 29 workers. …
Trial Set to Begin in West Virginia Over Subaru Car Fire Deaths
Amy O' Connor - January 20, 2017, 5:53 am
Nearly eight years after a car wreck claimed the lives of a mother and two teens in Cabell County, a trial is set to begin in a lawsuit against Subaru. The trial is slated for Jan. 23 in Kanawha County, …
Citing Flint Water, Detroit-Area Sinkhole, Snyder Calls for Addressing Infrastructure
Stephanie K. Jones - January 20, 2017, 2:09 am
Michigan Gov. Rick Snyder on Jan. 17 called for addressing Michigan’s aging infrastructure over the next several decades, citing the Flint water crisis that has roiled his administration and a football field-sized sinkhole that formed recently in suburban Detroit. In …
Oklahoma Lawmaker Proposes Changes to Personal, Corporate Income Taxes
Stephanie K. Jones - January 20, 2017, 1:56 am
Oklahoma State Rep. Jason Dunnington has filed legislation that he says would generate more than $500 million in recurring revenue. Oklahoma is facing severe budget constraints, partly due to reduced energy industry activity in the state. Dunnington’s proposed measure would …
Century-Old Michigan Inn Can Be Sued for Girl’s Burns, Appeals Court Says
Stephanie K. Jones - January 20, 2017, 1:45 am
The Michigan appeals court says an inn near Lake Michigan can be sued for injuries suffered by a girl who burned her foot in the hidden leftovers of a beach bonfire. The court overturned a decision by a Benzie County …
Trade Group: Workers’ Comp Reform Among Key Issues for Illinois Insurers
Stephanie K. Jones - January 20, 2017, 1:42 am
Workers’ compensation, commercial insurance purchasing rules and auto insurance verification are among key challenges for insurers in Illinois legislative session, a national insurance trade organization says. American Insurance Association (AIA), which identified legislative and regulatory issues for property/casualty insurers in Illinois, …
Regulators: Texas Workers’ Comp Attorney Fees Go Up Jan. 30
Stephanie K. Jones - January 20, 2017, 12:10 am
The Texas Department of Insurance, Division of Workers’ Compensation (TDI-DWC) reported that the maximum hourly rates that may be charged by attorneys and legal assistants in the workers’ compensation system will increase effective Jan. 30, 2017. As of Jan. 30, …
Comment Period on California Workers’ Comp Lien Claimant Rules Extended
Stephanie K. Jones - January 20, 2017, 12:05 am
California’s Workers’ Compensation Appeals Board (WCAB) has extended the public comment period for proposed rulemaking changes that require certain workers’ comp lien claimants to file a declaration that includes information regarding the type of services provided by the lien claimant. …
Oklahoma Commissioner Touts Microinsurance, Other Ideas for Health Law Reform
Stephanie K. Jones - January 19, 2017, 5:27 pm
Oklahoma Insurance Commissioner John D. Doak says microinsurance, the ability to sell health coverage across state lines and increased use of health savings accounts are ideas that should be looked at as lawmakers move forward with the repeal of the …
Arkansas Commissioner Tapped for NAIC Committee Leadership Post
Stephanie K. Jones - January 19, 2017, 5:20 pm
Arkansas Insurance Commissioner Allen Kerr has been named vice-chairman of the Market Regulation and Consumer Affairs (D) Committee of the National Association of Insurance Commissioners (NAIC). In a statement released by the Arkansas Insurance Department, Kerr said he is “honored …

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