Allstate Corp. reported second quarter net income soared to $389 million, compared with $25 million for the period last year, despite record catastrophe losses.

Florida's department of insurance has approved State Farm's request to eliminate some discount programs to homeowners that a company spokesman said would have minimal impact on the company's earnings.

Marsh & McLennan Companies reported a second-quarter net loss of $193 million after a $315 million charge related to the sale of one of its businesses.

Hefty claims against financial institutions, sparked by slumping stock prices, has professional indemnity and directors and officers insurance prices soaring for that sector, a report said.

Half of Consumer Reports' readers who filed insurance claims resulting from Hurricane Katrina in 2005 said they had problems with their insurer, the magazine reported.

The Consumer Federation of America has weighed in with criticism of the Illinois decision to allow an insurance brokerage to resume charging scandal-tinged contingency commissions.

Colorado State University forecasters slightly lowered their tropical storm outlook, saying arrival of a Pacific El Ni?o weather system will help lower the formation of Atlantic Basin hurricanes.

Munich Re Group reported second-quarter net income increased 12 percent over the same period last year on improvements in investments and cost cutting.