Latest Insurance News

EDITORIAL - Managed Competition

For years, Massachusetts consumers have watched with amusement those GEICO insurance commercials with the, natch, gecko (a lizard) - but they have watched them only with amusement. That's because GEICO is one of many national insurers that refuses to sell automobile insurance in Massachusetts. For 60 years car insurance has been regulated to the point that the best companies can't make a sufficient return to justify their trouble. But consumers have not benefited. When the GEICO gecko says:...

Weekly Recap ; of Business News

NEW RATE-SETTING PLAN FOR AUTO INSURANCE Gov. Deval Patrick's administration is trying to lure more auto insurers to the state with a plan to allow each company to submit its own set of rates to state regulators for approval. Currently, the state insurance commissioner approves a set of auto rates for all insurers, allowing little variety among the plans. Supporters of the proposed change, which is being pursued by Insurance Commissioner Nonnie Burns, say it could attract major national ins...

Car Owners Need True Insurance Reform

COMMENTARY - AUTO CHOICE Nonnie Burnes, the new insurance commissioner, has just ruled that Massachusetts will take another stab at competitive auto insurance rating. As the governor who tried it in 1977, with disastrous results, I share the concerns of many about how it is going to affect a lot of Massachusetts motorists, particularly those in our older urban communities such as Quincy and Brockton. Fortunately, the commissioner has made it clear that she will not permit insurance comp...

Safeco Profit Slips, but Not As Far As Street Expected; Stock Jumps

By Amy Martinez, The Seattle Times Aug. 1--Shares of Safeco rose Tuesday after the Seattle-based property and casualty insurer released second-quarter financial results that were better than analysts had expected. For the three months ended June 30, Safeco had a profit of $186.4 million, or $1.75 a share. That was down from $199.7 million, or $1.68 a share, a year ago, as the company continued to experience difficulties in its auto-insurance business. Still, Safeco beat the average esti...

BRIEF: GEICO Car Rates to Fall

By Gilbert Chan, The Sacramento Bee, Calif. Aug. 1--GEICO auto insurance policyholders in California will see their rates fall by an average of 10.8 percent in the coming year. The reductions, effective Aug. 30, amount to an average savings of $150 a year for the carrier's 436,000 California customers, state Insurance Commissioner Steve Poizner said Tuesday. GEICO is California's 10th largest auto insurance company. GEICO joins other major auto insurers, such as State Farm and the Calif...

Non-Life Insurance Market Strong Despite Weak Players

By Phusadee Arunmas, Bangkok Post, Thailand Jul. 30--The growth of Thailand's general insurance market remains on course despite the country's economic slowdown and political tensions, with direct premiums expected to increase by at least 8 percent this year and 10 percent for 2008. Suchin Wanglee, the president of the General Insurance Association, predicts the industry would grow 100 billion baht based on direct premiums this year, while next year the figure is expected to grow to 110 b...

Mischief in Esure Summer Push

David Quainton Esure, the insurance firm made popular by Michael Winner's humorous TV ads, has brought in Mischief for a summer customer campaign. Mischief managing director Mitchell Kaye, who heads the account, said Esure wants to get 'at front of mind when motorists are deciding who to contact for a car insurance quote'. 'With car number plates historically registered in August, and with new plates now being registered in September, it is a peak time for consumers to renew or take out...

Gov. Blanco Crashes Auto Insurance Increases

By Anonymous Gov. Kathleen Babineaux Blanco today rejected a bill increasing the minimum liability coverage for Louisiana motorists. Sen. Bill 223 by state Sen. Mike Michot, R-Lafayette, passed during the past session of the Legislature, called for raising the minimum liability auto insurance policy from 10-20-10 - $10,000 for bodily injury for one person, $20,000 for all injuries and $10,000 for property damage - to 25-50-25. For weeks, it was unknown whether Blanco would approve or re...

Saving on Insurance

MOTOR insurance in Malaysia is severely regulated, so there is actually very little you can do to save on it. Insurance premiums are calculated based on a general formula that considers only the capacity of the engine, the sum insured and the usage of the vehicle (private or commercial). All companies use this formula, so there is no savings advantage by choosing one company over another if you go solely on price. That doesn't mean that there aren't ways to save on your insurance premiu...

4 Arrested In Auto-Insurance Scam

By Thomas W. Krause, Tampa Tribune, Fla. Jul. 27--TAMPA -- Four Tampa residents were arrested Wednesday in connection with an auto-insurance scheme in which medical clinics reportedly paid patients to receive treatment they didn't need, then billed insurance companies. People involved in auto accidents were paid $600 or more to report false medical claims, according to Capt. John Corbett of a law enforcement division of the Florida Department of Financial Services. The bills were sent t...