Currently browsing

Page 8

Insurance commissioner urges companies to adjust to extreme weather

PASADENA – Rather than adjust to the extreme effects of climate change, many insurance companies are simply not insuring properties in low-lying coastal zones due to the threat of flooding and are canceling policies of homeowners living near hillsides that may catch fire, said insurance and government experts Friday.

Insurance agent charged with fraud

Boca Raton insurance agent used his client’s insurance payments to pay his own bills Deputies say insurance agent Kenneth Sachs had a problem: He needed $15,000 a month for expenses. And they say he solved it by ripping off his clients.        

Choppier profits seen on insurance accounting shake-up

By Dena Aubin NEW YORK (Reuters) – The biggest overhaul of insurance accounting in 30 years advanced a step on Thursday with the release of a proposal that some insurers fear could make their profits more volatile. In a move to align financial statements worldwide, the U.S. Financial Accounting Standards Board (FASB) aims to shine a light on what some call the “black box” of insurers’ finances …