Capitol to Courthouse Headliners: Wednesday, Oct. 24

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Insurers face more than $500M in losses

Insured losses from the roaring wildfires in California are expected to exceed $500 million ranking among the five most damaging wildfires since 1970, according to the Insurance Information Institute.

 

Workers comp rate reduction ordered

Florida’s insurance commissioner ordered the National Council on Compensation Insurance to lower workers comp rates by 18.4 percent for the coming year, the biggest one-year drop in this state.

 

A U.S. Reinsurance Bill With A Twist

WASHINGTON —Legislation with a new approach to reform the nonadmitted property-casualty and reinsurance markets will be introduced in the Senate within two weeks, Sen. John Sununu, R-N.H., hinted today.

 

New Orleans Is A Good Risk, N.Y. Insurers Told

A construction firm executive told New York insurance executives they should not be hesitant to cover risks in New Orleans because significant flood protection work has been done in the city.

 

Industry Supports House-Introduced Bldg. Code Legislation

WASHINGTON —Industry groups are voicing their support for legislation introduced in the House Monday that would encourage states to strengthen their building codes.

 

PIP Q&A with staff writer Kathy Bushouse

Q: I understand windstorm coverage, which accounts for up to 80 percent of homeowner’s insurance. I also understand that one can purchase homeowner’s insurance without windstorm.

 

Katrina cases’ backlash hurts La. AG

NEW ORLEANS – Louisiana Attorney General Charles Foti doggedly pursued high-profile prosecutions against people involved in two of Hurricane Katrina’s most heartbreaking tragedies.

 

RAA Preparing Response On N.Y. Collateral Rule

The head of a U.S. reinsurers’ organization, reacting to New York’s proposed regulation easing the collateral requirement for foreign reinsurers, said today the group is against state-by-state reinsurance regulation.

 

Homeowners Insurers Not Earning Cost of Capital Despite Rate Increases

The countrywide prospective return on equity for the homeowners line of insurance for 2007 is 7.0 percent, up from 5.4 percent in 2006, according to an analysis by Aon Re Global, a unit of Aon Corp.

 

Florida Legislature, District 101

House District 101 is a political anomaly that shouldn’t be. It spans the Everglades linking the agricultural areas and suburbs north of Naples in Collier County to the suburbs in the southwest corner of Broward County east of the U.S. 27.

 

Reilly, J. Powell Brown join Brown & Brown board

Wendell S. Reilly and J. Powell Brown were elected to Brown & Brown Inc.’s board of directors. Brown & Brown expanded its board to accommodate the new members, according to a release. 

 

FEMA vows aggressive effort on wildfires

WASHINGTON (AP) – The Bush administration’s disaster assistance chief promised no repeat of the Hurricane Katrina experience Wednesday, saying ‘this is a new FEMA’ as Washington weighed options to help California wildfire victims.

 

Mass. plan eyes health care costs

BOSTON –Health insurance companies would have to explain at public hearings any annual premium increase above 7 percent under a plan to control health care costs that was proposed Wednesday by Senate President Therese Murray.

 

Insurance claims could haunt houses

If past history is any measure, many homeowners affected by the wildfires burning throughout Southern California will find that claims they submit to insurers will result in higher rates or even dropped policies.

 

State opens door to insurance adjusters

SACRAMENTO — California Insurance Commissioner Steve Poizner today declared an ‘insurance emergency,’ clearing the way for a more speedy processing of damage claims from the Southern California wildfires.

 

Aflac posts higher 3rd quarter net, exceeds view

NEW YORK, Oct 23 (Reuters) – Aflac Inc (AFL.N: Quote, Profile, Research), the world’s largest seller of supplemental disability insurance, said on Tuesday its net income rose 14 percent in the third quarter, helped by higher premium income in the United States.

 

ChoicePoint posts 3Q profit

ChoicePoint Inc., which collects, sells access to and analyzes consumers’ personal information, swung to a small profit in the third quarter on a modest rise in sales.

 

Candidates get jump on ’08

BROOKSVILLE – The 2008 general election is more than a year off, but numerous candidates for city, county and even state offices have already filed paperwork to run.

 

Familiar Democratic challenger in House off to fast fundraising start

WASHINGTON – consultant Charlie Stuart burst out of the gate fast in his second bid for Congress, outpacing all his rivals for the Orlando-area seat by raising almost $164,000 in his first fundraising quarter.

 

Insurance firm travels to Tampa’s east side

The Travelers Companies Inc. has signed a lease for 29,000 square feet at the new Highland Oaks V office building near Interstate 75 east of Tampa, Duke Realty Corp. announced Wednesday.

 

Insurance Sector Hit Hardest By Economic Crime

NEW YORK —Among industry sectors, the insurance business is the biggest victim of economic crime, a global study by a major consulting group has found.

 

New eBay site lets people finance the world’s poor

NEW YORK, Oct 24 (Reuters) – EBay Inc , the world’s largest online auctioneer and payments company, launched on Wednesday a Web site allowing ordinary investors to buy securities aimed at improving conditions in the world’s poorest countries.

 

IBM aims to patent profiting off patents

IBM Corp. says it has dreamed up a new method for profiting from its vast storehouse of patents. And by the way, the company wants to patent the idea.