Insurance News

Posts Tagged ‘After

In the five years since Hurricane Katrina devastated New Orleans, the city has recovered better than many predicted. To paraphrase the great Southern writer William Faulkner, it has not only endured but prevailed.

Katrina cost the city more than half its population; today, it is nearly 80% of its former size. One in 10 residents is a newcomer, including a cadre of well-educated young people. Blight is declining; the middle and upper classes Read the rest of this entry »

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U.K.-based insurance firm Prudential has called off its pursuit of AIA, American International Group’s Asian business, scuttling a deal worth more than $30 billion.

In response to the deal’s collapse, Fitch Ratings removed its positive ratings watch on AIG Group, saying the move reflects “uncertainty around the company’s future ownership”. Meanwhile, Treasury Secretary Timothy Geithner said American International Group has other options Read the rest of this entry »

WASHINGTON ?After a lawmaker agreed to drop his objections, the Senate voted final approval last night for legislation that included a reauthorization of the National Flood Insurance Program.

Senate action followed an agreement by Sen. Jim Bunning R-Ky., to end his filibuster and allow the Senate to move forward with H.R. 4691, a composite spending measure that in addition to reviving the NFIP until March 28 extended several other Read the rest of this entry »

Despite the drubbing they took on their investments in 2008, reinsurers survived the financial crisis better than many others in the financial sector and their capital positions have improved significantly during the past few months, observers say.

But while the improved investment environment has boosted balance sheets, reinsurers are not yet home free, experts say.

With three months of the Atlantic hurricane season left, a major Read the rest of this entry »

DETROIT (AP) ? None of the six most-popular midsize sedans earned a top rating in bumper safety in the latest crash tests performed by the Insurance Institute for Highway Safety.

The Mazda 6 was the only car to receive an “acceptable” rating ? one rating below “good,” the top rating ? based on the average cost to repair front, rear and corner bumpers following a 6 mph crash.

A 6 mph crash can simulate a common parking accident, Read the rest of this entry »

AUSTIN, Texas (AP) — Hundreds of businesses that provided transportation, portable toilets and other assistance after Hurricane Ike are still waiting to be paid six months after the storm, the result of a $134 million dispute between Texas and the federal government.

Small businesses around the country are struggling because of the delay, and many of them say next time a hurricane threatens the Texas Gulf Coast, they might be reluctant Read the rest of this entry »

AUSTIN, Texas (AP) — Hundreds of businesses that provided transportation, portable toilets and other assistance after Hurricane Ike are still waiting to be paid six months after the storm, the result of a $134 million dispute between Texas and the federal government.

Small businesses around the country are struggling because of the delay, and many of them say next time a hurricane threatens the Texas Gulf Coast, they might be reluctant Read the rest of this entry »