Banks top home and contents tables

The Commonwealth Bank’s CommInsure business provides the best value in home and contents insurance, according to Canstar Cannex in a performance measurement that places Australia’s banks at the top of the charts.

NCOIL Model Requires Notice of Settlement Option

The National Conference of Insurance Legislators (NCOIL) has adopted a controversial model act requiring life insurers to notify policy owners about the life settlement alternative when considering lapsing or surrendering a policy.

Banks top home and contents tables

The Commonwealth Bank’s CommInsure business provides the best value in home and contents insurance, according to Canstar Cannex in a performance measurement that places Australia’s banks at the top of the charts.

Third Quarter Indexed Annuity Sales Set A Record

Forty indexed annuity carriers participated in the 53rd edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 99 percent of indexed annuity production. Total third quarter sales were USD 8.7 billion, up 16 percent from the same period last year. As compared to the previous quarter, sales were up nearly 5 percent. “It is going to be another record year for indexed annuity sales!” said Sheryl J. Moore, President and CEO of AnnuitySpecs.com. “Although insurance companies are challenged to offer annuities because of the prevailing low interest rate environment, this environment has also increased the attractiveness of these products beyond anything we’ve ever seen before. With CDs averaging 0.56 percent a year and fixed annuities hovering at 3.14 percent, I think we can count on another record quarter to close-out the year.”

Outside events put pressure on insurers

The home insurance market is expected to return to profitability next year – as long as there are no large weather-related catastrophes.

Finity Consulting MD Estelle Pearson says personal lines insurers have enjoyed a number of profitable years, but this year they became unprofitable due to weather-related claims.

Allstate Insurance Company Files $2.9 Million Medical Fraud Case Against Fraudulent Medical Corporations

As detailed in a lawsuit filed today, its sixth this year, Allstate Insurance Company seeks to prove that professional service corporations were actually owned and operated by a layperson, rather than by licensed physicians or medical professionals. Allstate is committed to fight insurance fraud in New York and has sought to recover damages totaling $9,899,093.56 during 2010.  Since 2003, Allstate has filed 23 fraud lawsuits in New York, seeking damages totaling $144,258,263.56.

Tennessee Teens Delay Getting Behind the Wheel

Mackenzie Leake put off learning to drive for almost a year longer than most of her friends. It was out of a sense of self-preservation.

"Every day I went out, I saw some sort of accident or scattered car parts in the middle of the road. A friend said, 'Oh, I ran into the car in front of me yesterday.' Everything led me to believe that driving was more dangerous than fun.''

Obama Signals Compromise on Tax Cuts

A chastened President Barack Obama signaled a willingness to compromise with Republicans on tax cuts and energy policy Wednesday, one day after his party lost control of the House and suffered deep Senate losses in midterm elections.

Consumers Paying Greater Attention to Retirement

With persistently high unemployment, a sluggish housing market and a slow-growth economy, the Great Recession has had a negative impact on many people’s finances. One unexpected bright spot has emerged, though, as more Americans say they are now focusing more on saving for retirement.

Ship leaves, legal action begins

A local marine insurer is investigating legal action against a grain ship which last month collided with and sank a fishing trawler in Port Lincoln, SA.

Last week the Liberian-registered Grand Rodosi, which sideswiped and sank the tuna boat Apollo S when it entered Port Lincoln Harbour on October 8, was allowed to leave port.