Live Insurance News

More earthquake insurance options to be offered by CEA to state homeowners

July 5, 2012October 22, 2012 Julie Campbell

Californians to have more choices to keep their properties and investments safe. The California Earthquake Authority (CEA) has announced that it will now be offering a new earthquake insurance product to residents of the state to provide them with a greater level of control over the premiums that they pay, and to give them the choice as to whether or not they would like their personal property covered. This coverage will be more accessible to homeowners by way of a new structure for deductibles. According to the CEO of the…

Earthquake insurance authority in California receives international applause

June 26, 2012June 26, 2012 H. Cutner

CEA’s innovative financial transactions earn honors for excellence. The approach used for financing earthquake insurance in the state has drawn international attention and an industry panel of experts have now given important recognition. The California Earthquake Authority has received the Sponsor of the Year award. This award is given to ongoing coverage linked securities issuance and the integration of new technology for risks in trading, or to a new entrant to the marketplace that has managed to effectively research its sector and sponsor a deal that is considered to be…

Turkey tightens its rules for its mandatory earthquake insurance coverage

May 16, 2012April 30, 2013

The country’s government will be limiting services available for uninsured homeowners. The Turkish government has just updated its law regarding its regulations for the earthquake insurance that homeowners are required to purchase, tightening it significantly, to the point where uninsured individuals will have more limited services available to them. Starting in August 2012, homeowners who do not purchase the disaster coverage policy required by the government will also not be able to enroll in basic utilities such as gas, water, and electricity services. This announcement was made by the president…

Flexpoint Ford makes insurance news with acquisition of GeoVera

May 4, 2012April 30, 2013

The private equity firm has announced the signing of a definitive agreement to purchase the insurer. Flexpoint Ford has just announced that it will be acquiring the California insurance company, GeoVera from the affiliates of Friedman Fleischer & Lowe, LLC, and Hellman & Friedman LLC. The financial details have not yet been disclosed, and the transaction is dependent on the completion of certain typical regulatory approvals and closing conditions, which should be finished by this summer. The private equity firm of Flexpoint Ford has a special focus on the healthcare…

Insurance woes spark fires in New Zealand

April 23, 2012May 26, 2012 Nordstrom

Christchurch New Zealand Insurance earthquake court

Christchurch the home of rising insurance fraud New Zealand’s Christchurch continues to wrangle with ongoing insurance troubles amidst persistent aftershocks stemming from a major earthquake disaster in late 2010. The quake caused extensive damage throughout the Christchurch region and caused a large exodus of many of the country’s insurance providers. This flight of insurers left much of the region without insurance, which led to various government initiatives aimed at providing some amount of stability to those that still lived in the area. Now, however, a new trend has emerged within…

California earthquake insurance could be shaky if Seismic Safety Commission loses its funding

April 9, 2012April 9, 2012 Julie Campbell

California insurance market getting a shake down A 2010 ballot initiative could cause the Seismic Safety Commission in California to lose its funding before the end of 2012. The ballot initiative was designed to help to make it more difficult for government fees to be imposed on individuals and businesses. It also caused the California Legislative Analyst’s Office to decide that the proposed funding method by the governor to the Safety Commission is now unconstitutional. The analyst made the recommendation that there be a rejection by the Legislature of the…

Virginia officials encouraging residents to purchase earthquake insurance

April 2, 2012April 2, 2012 Marc

Virginia officials are urging residents to check their home insurance policies to ensure they have protection against earthquakes. The initiative comes as a new law takes effect, which will force insurance companies to disclose what their various policies do not offer coverage for. State officials are hoping that residents will be proactive in finding out what coverage they may lacking and take steps to rectify the problem before they fall victim to a devastating natural disaster. According to the State Corporation Commission’s Bureau of Insurance, many Virginia residents do not…