Americans for Insurance Reform, a consumer advocacy group, has released a new report regarding the property/casualty insurance industry in New York. The report accuses P/C insurers of excessive rate increases that have slowed the financial recovery of individuals and businesses in the wake of the 2008 economic recession. The group argues that these needlessly high rates may be leading to a new liability insurance crisis in the U.S., one that may set the economy back even further. The group claims that the insurance market throughout the U.S. has been “soft”…
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Insurance group spends more than $300,000 lobbying the federal government
The American Insurance Association spent more than $300,000 in lobbying the federal government during the second quarter of this year. Much of the lobbying effort was focused on disaster insurance and regulatory reform. The insurance organization has been pressuring legislators to pass laws that would make insurance more accessible to those in disaster prone areas. The money spent during the second quarter was not only spent to lobby the House and Senate, it also went toward lobbying efforts targeted at the Department of Treasury and Federal Reserve System. The association…
Read MoreInsurers lobby for segregation from the international banking system, turn to Obama for aid
The U.S. government is being asked to support a new measure before the U.N. that would separate banks and insurance companies from the Financial Stability Board’s efforts to overhaul the international banking system. Several insurance company trade groups have been partitioning President Obama to join other G20 leaders in these efforts, hoping that the added support will affect the measure toward their goals. Insurers are concerned with this issue because one set of regulations is being used to govern both banking institutions and insurance companies. Given the recent failings of…
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