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This has been a quiet hurricane season in the United States, thanks to a high-pressure weather pattern with currents steering storms out to sea. But the Bermuda High responsible for the steering currents has shifted and is now in a more favorable position to push storms further westward, according to Tim Doggett, principal scientist for [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
Iowa seeking delay in health requirement
September 27th, 2010 
gary Sen. Chuck Grassley, ranking member of the Finance Committee, today made the following comment on news that state insurance commissioners told the White House that insurers in several states may not be able to meet the Medical Loss Ratio requirement set for next year in the health care overhaul law, and reports that Susan Voss, [...]
Health Care Caucus Policy Forum: Understanding the Medical Loss Ratio
September 27th, 2010 gary Policy Forum: Understanding the Medical Loss Ratio Janet Trautwein, National Association of Health Underwriters, CEO Brian Webb, National Association of Insurance Commissioners Recently released regulations detail how MLR will be carried out under the Patient Protection and Affordable Care Act. This forum will look into how the regulations were made, as well as the impact [...]
Insurance claims by victims of typhoons Ondoy, Pepeng reach P15B -PIRA
September 27th, 2010 gary Filipinos remain indifferent to the benefits of an insurance policy no matter the horrendous toll on life and property wrought on Metro Manilans a year ago, according to informal survey conducted by the Philippine Insurers and Reinsurers Association. The post-Ondoy/Pepeng survey, PIRA chairman Mitch Rellosa said late on Thursday, shows a 35 percent increase in [...]
MALAYSIAN NEWSPAPER HIGHLIGHTS – SEPT 27, 2010
September 27th, 2010 gary - BERLIN: Siemens, a global expert in rail technology, is keen to take part in Malaysia’s proposed high-speed rail project linking Kuala Lumpur and Singapore and RM36 billion mass rapid transit (MRT) system for Greater Kuala Lumpur. – Automotive parts manufacturer New Hoong Fatt Holdings Bhd (NHF) (7060) will focus on expanding its business in [...]
PAKISTAN’S ALFALAH INSURANCE, UK’S INTERGLOBAL SIGN PARTNER DEAL
September 24th, 2010 gary InterGlobal Insurance Company Limited, the fastest growing UK-based international private medical insurance provider, has partnered with the leading Pakistan insurance company, Alfalah Insurance Company to make its award winning Ultra-Care range of international PMI plans available to individuals and companies throughout Pakistan. Under the new partnership arrangement, the Ultra-Care range of plans will be underwritten [...]
INDIA’S BAJAJALLIANZ LAUNCHES CARD TO PROMOTE HEALTHY LIFESTYLE
September 24th, 2010 gary India’s second largest general insurer Bajaj Allianz on Thursday launched a health card, JiyoFit, in association with Yes Bank (BSE:532648), an initiative aimed to encourage customers to lead a healthy lifestyle. “health insurance as a concept is associated with illness and hospitalisation. But JiyoFit is an endeavour to shift from managing customers’ illness to promoting [...]
JAPAN, TAIWAN TRADE INSURANCE BODIES SIGN REINSURANCE AGREEMENT
September 24th, 2010 gary As part of its efforts to help Japanese firms with exports from their overseas production bases, Japan’s trade insurance body has signed a reinsurance agreement with its Taiwanese counterpart. The pact with Taipei Export-Import Bank of China is the fifth such agreement in Asia for Nippon Export and Investment Insurance, following ones with Singapore, Malaysia, [...]
