News

The Obama administration, launching an effort to get its health care reform legislation back on track, issued a report indicating that without changes health insurance premiums will continue to skyrocket.

So far State Farm is the only insurer to unearth data linking auto accident claims to problems with Toyota manufactured cars and trucks, but airing of industry statistics is still likely during two House hearings next week.

Legislation to extend the National Flood Insurance Program that is not tied to a jobs bill, is likely to secure passage before NFIP expires, sources said.

Swiss Re reported 2009 fourth-quarter net income of 403 million Swiss Francs (CHF) ($373.2 million) reversing a net loss of CHF 1.7 billion ($1.6 billion) for the period the previous year.

Toronto-based Fairfax Financial Holdings Limited will acquire workers' compensation insurer Zenith National Insurance Corp. in Woodland Hills, Calif., in a $1.4 billion cash deal, the two companies said.

Richard Burr of North Carolina, the U.S. Senate Republican chief deputy whip, will address the Independent Insurance Agents & Brokers of America membership March 4, the group announced.

An agreement reached between the three major insurance brokerages and New York, Illinois and Connecticut officials opens the door for the firms to resume taking contingent commissions.

New York State officials' action to let big insurance brokerages resume taking contingent commissions, and to ease a rule for reporting such fees is a big blow to insurance buyers, said a trade group representative.