News

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

Hannover Re reported second quarter net income of EUR202.9 million ($291.1 million at current exchange rate), an over 100 percent increase compared to 2008 net income for the period of EUR100.8 million ($144.6 million).

Zurich Financial Services reported second quarter net income of $892 million, a 31 percent decline from $1.3 billion for the period in 2008. However, the company noted the figure is a 147 percent increase over the previous quarter's results.

Calif. Assemblywoman Mary Hayashi has proposed a bill that would allow insurers to suggest using "preferred" body shops at any time during the claim process. Consumer advocacy groups aren't happy about it.

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.

A California state appeals court has ruled in a fatal malpractice case brought against a veterinarian that a pet owner is not entitled to recover emotional damages.