UK’s Arc Legal to Increase Access to Social Media Abuse Coverage

February 22, 2013Email ThisPrintNewslettersTweetArticleComments

A bulletin from the UK’s Arc Legal Assistance Limited, an independent provider of legal expenses insurance products and related services, notes that the

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Del. Traffic Deaths Up in 2012; Increase Driven by Crashes Involving Pedestrians

January 17, 2013Email ThisPrintNewslettersTweetArticleComments

Delaware’s Office of Highway Safety says there were 116 traffic fatalities in the state in 2012, a 12 percent increase over 2011.

The office says the increase was driven by a spike in crashes involving pedestrians and bicyclists. There were 30 pedestrian fatalities in 2012 compared to 19 in 2011, and four bicyclists were killed last year after none died in 2011.

Secretary of Safety and Homeland Security Lewis Schiliro says the increase is “very concerning.” He says the office will place an added emphasis on pedestrian safety.

The office also says there were more than 4,900 DUI arrests in Delaware last year, an increase of nearly 700. But DUI arrests are still down significantly from 2006-2009, when there were more than 6,000 per year.

 

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: East NewsTopics: auto insurance, automobile insurance, driving safety, traffic fatalities, traffic safetyHave a hot lead? Email us at newsdesk

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Florida Approves State Farm 6.4% Homeowners Rate Increase

September 28, 2012Email ThisPrintNewslettersTweetArticle2 Comments

Florida regulators have approved an average 6.9 percent rate hike for State Farm Florida Insurance Co., which is the insurer’s fifth increase in as many years.

The insurer had initially sought an average 14.9 percent increase citing  hurricane and underwriting losses.

In addition to the 6.9 percent average increase in homeowner rates, rates for renters will increase by six percent while rates for condominium owners will drop by six percent. The new rates will apply to renewal policies, effective Feb. 1, 2013.

At a recent public hearing, executives said the Winter Haven, Fla.-based insurer had seen its surplus drop from $822 million in 2007 to $368 million in 2011. They also said that following the 2004 hurricane season it had to borrow $750 million from its parent company, State Farm Mutual, an amount it has yet to pay back.

Regulators, however, objected to State Farm Florida’s proposed 16 percent profit and contingency factor included in their rate proposal and the 10.8 percent commission it said it was paying agents despite not writing new business.

The approved 6.9 figure is fifth increase the insurer has received since 2009. That year, the insurer received a 27.9 percent increase, which was followed by a four percent increase in 2010.  State Farm also received approvals for 6.6 percent and 18.8 percent hikes, which were implemented over a two-year period in 2011-2012.

State Farm Florida spokesperson Michael Bower said the insurer will not appeal the state’s Office of Insurance Regulation decision.

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North Carolina Insurers Seek 17.7% Increase in Homeowners Rates

October 4, 2012Email ThisPrintNewslettersTweetArticle1 Comments

North Carolina homeowners could see their first rate increase in four years as the state’s rating bureau called for a statewide average 17.7 percent increase in loss cost rates.

The North Carolina Rate Bureau filed for the rate increase on behalf of all property insurers. If approved as filed, it would increase loss cost rates by 17.7 percent. That figure includes a homeowners’ rate hike of 17.4 percent, a rental rate increase of 30 percent and a 29.5 percent increase in condominium coverage.

Rate Bureau General Manager Ray Evans said the rate increase is needed due to several factors including the rise of reinsurance. He said reinsurance is a major concern for insurers such as the North Carolina Farm Bureau with a concentration of policies in the state.

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Lawmakers Say Oklahoma Insurance Options Could Increase Under Proposal

April 9, 2012Email ThisPrintNewslettersTweetArticleComments

Oklahomans could have the opportunity to purchase insurance from companies across the nation under legislation approved by a state House of Representatives committee.

Senate Bill 1059, by state Sen. Bill Brown and state Rep. Lewis Moore, would create the

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