State Auto Estimates Q1 Storm Impact Could Reach $21M

Ohio-based State Auto Financial Corp. has estimated first quarter 2012 results will include between $19 million and $21 million in pre-tax catastrophe losses. The company announced that the estimate reflects anticipated recoveries under the State Auto Group’s property catastrophe excess of loss reinsurance agreement and homeowners quota share reinsurance arrangement

Top Reasons Happy Couples File Wedding Insurance Claims

Vendor and venue problems are the most frequent causes of wedding day mishaps that result in insurance claims. Wedding insurance experts at Travelers Insurance recently analyzed the company’s wedding insurance claims from 2011 and found that a total of 31 percent of all wedding claims were the result of problems associated with vendors and venues. The most common vendor- and venue-related problems include the facility or vendor going out of business, flowers and photos not being delivered and DJs not showing up.

Calif. Commissioner Jones Gets ‘D’ From Insurance Industry

The insurance industry has mixed feelings about California Insurance Commissioner Dave Jones, assessing him as average or below average in a handful of categories. In a poll conducted by Insurance Journal , industry respondents gave Jones an overall grade of “D,” although as many respondents to the poll assigned the first-year commissioner a “B” as they did an “F.” Comments from poll takers on Jones performance ranged from high praise to harsh criticism.

U.S. Treasury’s Geithner Put on Spotlight for Delayed Insurance Report

A Republican Congresswoman took an opportunity during a hearing on Tuesday to ask U.S. Treasury Secretary Timothy Geithner why the Federal Insurance Office is late with its report on modernizing insurance regulation.

Towers Watson Receives Patents for Risk Modeling Technique

Towers Watson said it has won two U.S. patents for its financial modeling technique designed to help insurance executives statistically sample and better understand and calculate risk exposures in real time.

After Failure, MetLife Criticizes Federal Reserve Stress Test As Flawed for Insurers

Citi, MetLife surprise with stress test failures March 13, 2012 7:50:53 PM BANKS/STRESSTESTS-FAILURES Citigroup and MetLife led a list of financial institutions that failed the Federal Reserve’s latest round of stress testing Tuesday, a shock result for two companies that were widely expected to return billions of dollars in extra capital to shareholders soon. MetLife, the largest life insurer in the United States, and Citigroup, the nation’s third-largest bank, were among just four of 19 banks that didn’t pass the latest round of tests. Ally Financial and SunTrust also failed the exam, which applied worst-case scenarios through the end of 2013

U.S. to Seek Court Approval for $25 Billion Mortgage Deal with Big Banks

A previously announced $25 billion settlement between five major banks accused of abusive mortgage practices and government officials will be filed in federal court on Monday, people familiar with the matter said late Friday. The pact unveiled Feb

Geneva Ass’n. Report: 2011 an ‘Annus Horribilis’ for Insurance Industry

The latest report from the Geneva Association  , No. 5 in the current series – Extreme events and insurance: 2011 annus horribilis -, describes the global impact of the major 2011 natural catastrophes, and analyzes the role and mechanisms of insurance in managing climate risk and other extreme events. The report, compiled by leading insurance academics, economists and insurers, sets out in nine essays the importance of “risk adaptation and management measures in developing physical and economic resilience to natural catastrophes, including the important role of insurance in such mechanisms,” said the Association’s bulletin.

Connecticut Urges Other States to Consider Suits Against Credit Rating Agencies

Connecticut officials are encouraging other states to consider suing credit-rating agencies that gave high grades to risky mortgage-backed securities that plummeted in value when the housing market collapsed in 2007-2008.

N.Y. Financial Services Staff Visit Neighborhoods Hit by Foreclosures

Mortgage foreclosure prevention specialists from New York State Department of Financial Services will visit a New York City neighborhood that has been hard-hit by a spate of home foreclosures. The prevention specialists and the department’s Mobile Command Center, a 36-foot long vehicle, will visit Crown Heights, Brooklyn, this coming Friday. “Our objective is to provide direct help to homeowners and get the word out to others that it’s important to ask for help as quickly as possible

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