| Insurance Industry's Profits Rose In 2006
NEW YORK -- The headline numbers were eye-popping: Allstate reported a record $5 billion profit for 2006. State Farm Insurance's profit climbed 65 percent for the year. St. Paul Travelers' earnings rose sixfold in the fourth quarter, American International Group's rose eightfold. A year and a half after Hurricane Katrina devastated the Gulf Coast, profits at the nation's major property-casualty insurance companies soared -- and are expected to be strong again in 2007, according to estimates by the A.M. Best Co. rating agency. Critics charge that the insurers are doing well financially by shorting the people who bought their products -- including hundreds of consumers who still haven't gotten settlements for their Katrina claims. The industry, in turn, denies taking advantage of consumers, crediting its growing profitability instead to fewer storms last year and improved business procedures.
OnTheGoInsure.Com A Fast and Simple Way for Consumers to Research ...
In a day and age when travelers are taking longer, more exotic and more expensive trips, one company is making it simpler for travelers to protect their medical and financial well being. With the launch of www.OnTheGoInsure.Com , global travelers, recent immigrants to the United States, missionary, school and corporate groups can research and purchase global medical and travel insurance products from anywhere in the world. Boca Raton, FL (PRWeb) April 4, 2007 -- In a day and age when travelers are taking longer, more exotic and more expensive trips, one company is making it simpler for travelers to protect their medical and financial well being. With the launch of OnTheGoInsure.Com (www.OnTheGoInsure.com), global travelers, recent immigrants to the United States, missionary, school and corporate groups can research and purchase global medical and travel insurance products from anywhere in the world.
Avoiding Travel Company Collapses
Being stranded or losing your vacation airfare when an airline or other travel company collapses financially is not a traveler's worst nightmare, but it's close. If you're wondering how to avoid getting into that situation, I have some tips that might help. Or they might not help at all. It's such a dicey time for the airline industry that I'm not sure when I last flew on an airline that wasn't in bankruptcy, coming out of bankruptcy or contemplating bankruptcy. (Oh, wait. There was that time on Southwest.) To protect yourself, the experts advise you to buy travel insurance. And before you do that, you'll want to look at the lists of travel agencies and tour operators that the travel insurance companies won't cover. In fact, even if you skip the travel insurance, you ought to look at the lists.
Canadian pleads not guilty in $7mln insurance scam
NEW YORK (Reuters) - A Canadian man accused of running an insurance-fraud scheme that netted more than $7 million pleaded not guilty on Friday to criminal fraud charges in U.S. District Court. Ian Stuart, who was arrested in Canada last May and extradited to New York on Thursday, was arraigned before U.S. District Judge Jed Rakoff in Manhattan. Stuart was accused of holding himself out to New York insurance brokers as a wholesale insurance broker able to place insurance coverage, and as an authorized agent for various insurance companies, including underwriters at Lloyd's of London, Great American Insurance Co., Tower Insurance, and Traveler's Insurance. The government alleged Stuart, using several fake agency affiliations and pseudonyms, collected more than $7 million in policy premiums from about 2000 through 2004 as part of the fraud.
Travelers Announces 2007 Personal Insurance Agent of the Year Awards
HARTFORD -- Tuesday Travelers presented its prestigious Agent of the Year Awards to 18 independent insurance agents who sell personal insurance products around the country. The ceremony took place at Travelers annual personal insurance leadership conference for its top independent agents and brokers in Naples, Fla. Recognized for their commitment to working with Travelers to achieve long-term profitable growth for their agency, the following individuals were named 2007 Agent of the Year for their respective region or business area:
Pam Stanley, Global Marine Insurance, Traverse City, Mich.
Jim Sim, Westland Insurance Brokers, San Diego, Calif.
Robert Luong, C & A Insurance Agency, Inc., New York, N.Y.
Thomas Lynch, Plastridge Agency, Delray Beach, Fla.
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