Insurance Blog

Halloween can be a fun time, but it can also be a costly one for insurers according to a report from across the Pond. A U.K. insurer quoted in an article by the London Guardian newspaper says that home insurance claims are expected to rise by 270 percent on Halloween. Another U.K. insurer claims that 3.6 million homeowners will face damage to their properties as some revelers go too far in their pranks. This side of the Atlantic Halloween brings with it increased concerns about drunk driving and liability risks, I.I.I. finds. Social host liability laws exist in many states so anyone hosting a Halloween party should take steps to limit their liquor liability and make sure they have the proper insurance. I.I.I. vice president Loretta Worters notes that depending on the jurisdiction, violations of social host laws can lead to civil or criminal fines, imprisonment and monetary damages awards. […]

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A question frequently asked of anyone who’s lived in the United Kingdom is how the healthcare system across the Pond compares to the one over here. Indeed the National Health Service (NHS) as it’s known in the United Kingdom has come under repeated attacks by critics of U.S. President Barack Obama’s health reform plans. So much so that this week U.K. Prime Minister Gordon Brown used Downing Street’s Twitter site to hit back at those critics who had dubbed the NHS “evil”. “NHS often makes the difference between pain and comfort, despair and hope, life and death. Thanks for always being there. #welovetheNHS,” Brown tweeted. As a result, #welovetheNHS has risen to the top of trending topics on Twitter. While the debate continues on healthcare reform the London Guardian’s Datablog yesterday answered the question of how the NHS compares to U.S. healthcare by posting a chart showing some key indicators […]

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Guidelines on how to meet the auto insurance requirements under President Obama’s Car Allowance Rebate System (CARS), also known as the “Cash for Clunkers” program are expected to be available today at www.cars.gov. Administered by the National Highway Traffic Safety Administration (NHTSA), the program helps people purchase a new, more fuel efficient vehicle when they trade in a less fuel efficient vehicle. Depending on the difference in fuel economy between the new vehicle and the trade-in vehicle, people will get a credit of between $3,500 and $4,000 to help pay for the new vehicle. An important feature of the program is that the trade-in vehicle must have been registered and continuously insured for the past year. Check out I.I.I. facts and stats on auto insurance.

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Governors from around the country are gathered in Biloxi, Mississippi for the National Governors Association’s annual summer meeting. The four-day meeting which started Saturday focuses on a range of issues, from economy and health care to education and the environment. A special plenary session yesterday was dedicated to emergency preparedness issues while today’s closing plenary session will focus on energy and the economy. How the states will fit in to a restructured health care system appeared to be a central topic of discussion over the weekend, as reported in a July 19 article in the New York Times by Kevin Sack and Robert Pear. State budget issues were another topical issue for the gathering, according to the Washington Post’s Sunday Take by Dan Balz. Check out I.I.I. facts and stats on health insurance.

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Before the Brits among us slide off to hide under a rock for the July 4 holiday, it’s time to present our annual Independence Day fact file. The Census Bureau reminds us that in July 1776, there were an estimated 2.5 million people living in the newly independent nation. This July 4, the nation’s population is a burgeoning 307 million. The Census Bureau also puts the dollar value of trade between the United States and the United Kingdom last year at $112.4 billion, making the nation’s adversary in 1776 its sixth-leading trading partner today. Another key Fourth of July fact is that 78 million Americans said they have taken part in a barbecue during the previous year. It’s probably safe to assume a lot of these events took place on Independence Day. Whether you’re planning on celebrating the holiday lounging by the swimming pool, renting a car to visit family, […]

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Insurers’ use of credit scoring and its impact on consumers will be the subject of a public hearing to be held tomorrow by the National Association of Insurance Commissioners (NAIC) in Arlington, VA. The hearing will focus on three key issues: an explanation of what constitutes a credit-based insurance score; an explanation of how insurers use credit-based insurance scores; and a discussion on how current economic conditions have affected policyholder premiums related to credit-based insurance scores. Dr. Robert Hartwig, president of the Insurance Information Institute (I.I.I.) will be among those giving testimony at the hearing. Check back on the I.I.I. Web site for a copy of Dr. Hartwig’s testimony. Check out further I.I.I. information on credit scoring.

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