Recently in Insurance Category

Health care expert Abir Sen will be speaking at the Atlantic Information Services, Inc. webinar entitled The Rise of Private Exchanges: Implications for Insurers, Employers and the Health Care Consumer. 

Mr. Sen is the founder and CEO of Bloom Health. Prior to founding Bloom Health, Mr. Sen was the co-founder and president of RedBrick Health. Under his leadership, RedBrick Health launched the industry-leading Health Earnings system, created innovative product and distribution partnerships, and achieved health improvement results that far outstripped any of RedBrick Health’s competitors.

More information: http://aishealth.com/marketplace/c1m42_121311.

Making modifications to your car could significantly increase the cost of a car insurance policy, according to moneysupermarket.com.  Motorists may also risk invalidating their insurance if they don`t inform their provider of any changes, the report added. 

An insurance expert at Think Money said: "Modifying cars is a serious hobby for many people, but it`s important to stay aware of how much it could add to the overall cost of owning a car. As this research shows, insurance premiums can grow by a lot when these changes are made. In the current financial climate, when many people are trying to cut back on their outgoings, some people may find that these modifications simply aren`t worth the additional cost on their insurance."

Read more: thinkmoney.com.

Florida state-backed Citizens Property Insurance will spend more than half a billion dollars this year on public and private reinsurance, or catastrophe insurance for insurers.  An insurance expert and consumer advocate said Wednesday he supports Citizens' decision.

“Citizens seems to be making a wise decision here," said John Rollins, an insurance consultant who is a former vice president of AIR Worldwide, which provides risk modeling services to hundreds of insurance and reinsurance companies. Rollins, who is a former Citizens actuary, added in a statement that the private reinsurance portion would only increase rates next year by "at most a couple of percentage points" for policyholders with windstorm coverage. 

Read more: sunsentinel.com.

An insurance expert at Think Money states: "Few people enjoy the cold and dark that the winter brings, and to make matters worse it`s much more likely that certain things will break or accidents will happen - so it really is important that you are properly insured.

"The right home and car insurance are a key part of getting through the winter without risking potentially unmanageable costs. People should remember that it`s not just about finding the cheapest deals - you should always check the details of a policy to make sure it does fully cover your needs."

Read more: thinkmoney.com.

Home insurance experts are warning social network users against divulging too much personal information on social network sites such as Twitter and Facebook in order to avoid becoming a target for thieves.  The advice comes after a spate of burglaries in New Hampshire were reported with potential links to social network sites. There was a suggestion the homes may have been targeted by burglars after the owners changed their statuses on Facebook to say they were on holiday or away on business.

Some insurers believe that in the future, regular users of social network sites could see their home insurance premiums rise by as much as 10% as a result of the information they give out via the sites.  The introduction of the new feature, Facebook Places, which allows users to share their location with other members could lead to problems for home security. By stating a location other than your home, you’re revealing that your property is therefore empty, which could be an open invitation to some thieves.

Read more: http://www.ladymotor.co.uk/news/

At the urging of hundreds of Valley Stream,NY, residents, the Federal Emergency Management Agency will do a ground study of the community to determine whether its new flood maps are accurate.  The meeting was organized by Hempstead Town Councilman Jim Darcy, who, after receiving numerous complaints at his office about the new flood maps, asked FEMA representatives to come to Valley Stream and answer the community’s questions.

About two dozen people came to the microphone to ask about the changes and, in many cases, to lambaste FEMA officials for sticking them with insurance premiums of $2,000 a year or more. “You have decided that we are the northern version of New Orleans,” said Gibson resident Joe Margolin, who asked if the new flood maps were implemented simply to help pay off the damage from Hurricane Katrina.

Richard Einhorn, an insurance expert with FEMA, acknowledged that the agency was about $19 billion in debt, but insisted that the flood map changes were not made for that reason. Other FEMA officials said that Congress commissioned the study in 2003 to update — using modern technology — flood risk maps that were decades out of date.

Read more: liherald.com.

Insurance experts may write reports and testify on property damages. Justia.com explains how property insurance may affect damages:

Property and automobile insurance may be available to pay some or part of a victim's damage award. Those involved in an accident or other incident resulting in property loss should contact their insurance providers immediately in order to preserve evidence. Insurance companies may choose to settle or litigate a claim for damages on behalf of their clients. An insurance company may also wish to recover its losses by pursuing a claim against a negligent third party.

For more, see http://www.justia.com//.

Thousands of homeowners in coastal Texas communities who were devastated by Hurricane Ike in September 2008 have unleashed a fierce storm of their own on area courthouses.  In recent weeks, hundreds Ike-related lawsuits were filed in courthouses in Houston and Beaumont, prompting court officials earlier this year to consolidate the claims into a multidistrict litigation (MDL) panel, according to a report in the Southeast Texas Record. In all, officials estimate there are currently more than 1,500 lawsuits filed regarding Hurricane Ike damages.

As part of the MDL, the consolidated claims will be heard collectively and possibly tried together if the parties cannot reach settlements or other dispositions before trial. In addition to promoting fair and equitable handling of the thousands of cases, the MDL process saves taxpayers money by streamlining pre-trial hearings and rulings on matters such as expert witnesses and other trial matters.

The lawsuits are based on homeowners’ claims that various insurance providers failed to pay for hurricane-related claims, the Record said. Frustrated policy holders who submitted claims for repairs to their homes say they have been left high and dry, without needed cash to begin or complete necessary repairs.

Excerpted from attorneyatlaw.com.

An estimated 2,000 people in Austell, GA, lost their homes or sustained significant damage in last week’s flood when damage exceeded flood map boundaries.  Many property owners whose homes were ruined had no idea that their standard homeowners insurance policy would not cover damage caused by a massive flood. Those who did understand the policies probably had no inkling that a property located outside the flood zone still faced a significant chance of getting hit. Mapping experts all over Atlanta are anxious to compare the floodplain maps with aerial maps of the flooding that actually occurred. Ernie Smith, the GIS coordinator in Newton County, said the flooding appeared to remain close to the predicted flood zone around the Alcovy and South rivers. But around the Yellow River the flooding appears to exceed the expected boundaries, he said.

Only 60 flood insurance policies were in force on Austell properties, federal data show. It’s unclear now how far off the maps are for the Atlanta area. In some parts of town, the rainfall that came with the recent storm exceeded the so-called “100 year flood,” the event that has a 1-in-100 chance of occurring each year.  The U.S. Geological Survey concluded last week that rainfall in parts of Cobb and Douglas counties was so intense that it had only a 1-in-500 chance of occurring. With such an event, the flooding would be expected to extend beyond the official floodplain.

Excerpted from www.ajc.com.

Research by Moneysupermarket.com reveals that a fifth of motorists in Britain admit to driving without insurance - up by a third on 2008. The price comparison site also found that 62% of people feel that those who drive without insurance should be punished harder. Although 15% felt that the government or providers should subsidize young drivers, as a greater proportion of young people are likely to drive without insurance. Insurance expert and head of motor insurance at Moneysupermarket.com Steve Sweeney says:

Premiums can run into the thousands meaning they are out of reach for many drivers. However, I don't think harsher punishments are the right way to combat this. We need a solution, not more fines. Some car insurance providers had piloted a pay-as-you-drive insurance scheme which saw lower premiums for Britain's younger motorists. It also made them think twice about driving their cars unnecessarily. I would suggest it is time for the insurance industry to revisit these innovative models to help drive down the cost of insurance.

The Government could also take a look at driving tests and whether they should be changed to reflect actual driving habits. More lessons for younger drivers, the inclusion of motorway driving and lessons at night could reduce the underwriting risks associated with younger drivers.

Excerpted from www.which.co.uk.