PG & E Has Nearly $ 1 Billion In Insurance
PG & E Corp. said Friday that federal regulators that its usefulness has almost $ 1 billion in fire insurance to cover the liabilities of the natural gas pipeline explosion in San Bruno fatal, but added that its financial position "can negative impact "if the insurance coverage or below is not available.
Fearful investors fled stocks PG & E, erasing about $ 1 billion in market value of San Francisco company. PG & E has dropped $ 4.03, or 8.4%, to $ 44.21 in the wholesale trade.
Pacific Gas & Electric Co., the largest company PG & E said it was "take responsibility" if it is found to be responsible for gas explosion Thursday in the pipeline.
"We are determined to do right and what is appropriate to help all families and others who were affected by this tragedy," said the president of the usefulness of Chris Johns Friday at a news conference.
The unusual nature of the incident which took place in a residential area, could ratchet up costs far beyond pipeline incidents in recent times, analysts said, but several expressed confidence that PG & E has a adequate insurance and financial resources to manage injuries, fines and possible lawsuits and repairs.
Other pipeline accidents eventually led to damage of about $ 100 million to U.S. $ 200 million, analysts said. But he stressed that most of these incidents occurred in relatively remote areas away from neighborhoods.
"It's very rare that this occurs in a residential area. They usually occur in the construction and excavation in places without permission," said Shelby Tucker, director general of electricity at Oppenheimer & Co. "It's really hard to tell if your insurance covers this, and now we're talking about lives lost, takes a completely different level. "
Houston-based El Paso Corp., has reached a series of out-of-court two relatives of a family wiped out in August 2000 the explosion of a gas pipeline near Carlsbad, NM are presented in a single contract: $ 14 million to pay victims of the December 1. To resolve the federal claims, the company has agreed to pay for $ 101500000, which included at least $ 86 million to modify its system of pipes.
In 1999, gas pipeline ruptured and caught fire in Bellingham, Washington, killing three people. Olympic Pipe Line Co. paid $ 112 million in civil penalties, criminal fines and safety improvements, and two former executives were sentenced to prison for contributing to the leak.
In a filing with the Securities and Exchange Commission, PG & E Corp., said it maintains liability insurance for damage caused by fire "for approximately $ 992 million in more than a deductible $ 10,000,000 . "Analysts estimate that only a finding of negligence could prevent the usefulness of insurance.
"They did a great job with their operations in the past," said Tucker. "It's certainly a surprise. There were some problems, but nothing of this magnitude."
But the long-term utility to the critique of Reform Network Utility, or turn, suggested that PG & E may slow the residents' complaints about gas fumes. TURN spokeswoman Mindy said Spatti PG & E had promised to improve its response to the 2007 opinion, after gas leak killed the person in Rancho Cordova, California
"In San Bruno, again customer did the right thing and called PG & E when they smelled gas. PG & E had the correct answer, the explosion might not have happened, "said Spaten.
Johns said the federal investigators, state and utility have been looking into the reports.
Some Wall Street analysts said it was too early to determine the economic consequences of PG & E, while others believe that the investors 'panic' in case it was an overreaction
Fearful investors fled stocks PG & E, erasing about $ 1 billion in market value of San Francisco company. PG & E has dropped $ 4.03, or 8.4%, to $ 44.21 in the wholesale trade.
Pacific Gas & Electric Co., the largest company PG & E said it was "take responsibility" if it is found to be responsible for gas explosion Thursday in the pipeline.
"We are determined to do right and what is appropriate to help all families and others who were affected by this tragedy," said the president of the usefulness of Chris Johns Friday at a news conference.
The unusual nature of the incident which took place in a residential area, could ratchet up costs far beyond pipeline incidents in recent times, analysts said, but several expressed confidence that PG & E has a adequate insurance and financial resources to manage injuries, fines and possible lawsuits and repairs.
Other pipeline accidents eventually led to damage of about $ 100 million to U.S. $ 200 million, analysts said. But he stressed that most of these incidents occurred in relatively remote areas away from neighborhoods.
"It's very rare that this occurs in a residential area. They usually occur in the construction and excavation in places without permission," said Shelby Tucker, director general of electricity at Oppenheimer & Co. "It's really hard to tell if your insurance covers this, and now we're talking about lives lost, takes a completely different level. "
Houston-based El Paso Corp., has reached a series of out-of-court two relatives of a family wiped out in August 2000 the explosion of a gas pipeline near Carlsbad, NM are presented in a single contract: $ 14 million to pay victims of the December 1. To resolve the federal claims, the company has agreed to pay for $ 101500000, which included at least $ 86 million to modify its system of pipes.
In 1999, gas pipeline ruptured and caught fire in Bellingham, Washington, killing three people. Olympic Pipe Line Co. paid $ 112 million in civil penalties, criminal fines and safety improvements, and two former executives were sentenced to prison for contributing to the leak.
In a filing with the Securities and Exchange Commission, PG & E Corp., said it maintains liability insurance for damage caused by fire "for approximately $ 992 million in more than a deductible $ 10,000,000 . "Analysts estimate that only a finding of negligence could prevent the usefulness of insurance.
"They did a great job with their operations in the past," said Tucker. "It's certainly a surprise. There were some problems, but nothing of this magnitude."
But the long-term utility to the critique of Reform Network Utility, or turn, suggested that PG & E may slow the residents' complaints about gas fumes. TURN spokeswoman Mindy said Spatti PG & E had promised to improve its response to the 2007 opinion, after gas leak killed the person in Rancho Cordova, California
"In San Bruno, again customer did the right thing and called PG & E when they smelled gas. PG & E had the correct answer, the explosion might not have happened, "said Spaten.
Johns said the federal investigators, state and utility have been looking into the reports.
Some Wall Street analysts said it was too early to determine the economic consequences of PG & E, while others believe that the investors 'panic' in case it was an overreaction
New Technology Insurance Internet Site Issues Insurance IT Consultants Immediate Responsibility
Independent consultants usually work a certain number of employers throughout the year, to win a project by project, directly or through employers 'temporary' / IT staffing companies. The evidence of insurance is often a requirement for employment.
"The lack of coverage may be a disqualifying factor for a computer consulting work," Goodwin said, "so that even a slight delay in obtaining coverage can mean the loss of an assignment to another consultant coverage compulsory insurance. "
Independent consultants have been part of P & C Insurance filling out applications and looks forward to the review process and the signing of an insurance agent and transport, the process can take several days to finish. Insuremytechbusiness.com prices and non-life insurance questions call the candidate's visit to the site, in which case a computer to obtain independent certification of insurance, 10 to 15 minutes. Candidates will be able to purchase insurance coverage technology with credit card online.
Once the policies are approved, customers can return at any moment the site immediately print their own certificates of insurance. Traditional insurance providers require a waiting period for coverage and for the delivery of a certificate of insurance. Some charge as much for the certificates.
Texas Auto Insurance Change Highlights The Value Of The Highest Levels Of Coverage
A bill approved by the Texas Legislature in 2007 established a two-step, gradually increasing the amount of auto insurance is legally required of pilots in the State and the State Department of Insurance (DOI) points in a new bulletin from the public the second and final part of this increase will take place on 1 January 2011. Drivers who want to ensure they receive the extra protection at an affordable price can go online to compare auto insurance quotes effectively.
When the legislature approved the bill in 2007, motorists in the Lone Star State was the place to be in politics, which would provide a minimum of up to $ 20,000 for each injured person responsibility for injuries in an accident and up to $ 40,000 for each incident and $ 15,000 in property damage liability. (This can often be entered as 20/40/15.)
The provisions of the law said the minimum rates would be increased to 25/50/25 in April 2008. And from January 1, 2011, there will at least be raised after 30/60/25.
Although some motorists may complain about the new costs that may come as a result of the increase could change the minimum requirements to be useful in the long term. Many experts point out that most of the minimum set by the state are relatively low and, according to the National Association of Insurance Commissioners, get an extra blanket nailed to a policy that can actually be done for only a small increase in premiums .
State Farm Seeks Rate Increases In Property Insurance
Sinkhole claims, which are almost 2 billion dollars over the past five years, Florida has shot a very high cost to the insurance industry.
When asked the actuary was Bob Lee, manager of State Farm testified that he lost $ 327000000 last five years, most of the last two, on behalf of sinkhole claims only. The company calculates its sinkhole coverage in standard policies, but offering to pay separately for housing.
However, the insurance consumer advocate of the state was in conflict with State Farm on reducing the number of policyholders should get a sinkhole coverage is removed from politics.
State Farm sought to discount policies around $ 150 on average, but actuary Steve Alexander testified at the hearing two hours of finding it should be at least twice.
Alexander said that the State Farm agent commissions to pay well above the national average, adding unnecessary costs to operate in Florida.
If approved, new rates will become effective upon April 1 for new business and July 1 renewals.
State Farm also asked the number has increased by almost 96 percent and less than its book of business rental apartments. It holds about 50000 such a policy now.
Deputy Commissioner said Robin Westcott Office of Insurance Regulation will likely have a decision on requests for State Farm for two to three weeks.
State Farm has reached an agreement a year ago to cut ÖIR policies 125 000 over 18 months to reduce the liability of a hurricane prone Florida.
State Farm is the largest private property insurer in Florida with just over 500,000 subscribers. The state with the support of the citizens of Property Insurance Corp. is the largest with 1.2 million policyholders.
State Farm and the IRO had disagreed on the price, but the Legislature of Florida lodging options for private insurance companies, hoping somehow to reduce the increasing risk of a citizen more and more, supported by assessments on most insurance policies sold in the state.
Dozens of start-ups have changed in Florida in the last decade to try to reduce the participation of citizens.
Life Insurance, Health Services Becoming More Expensive
The cost of life insurance and health care can get to Budget 2011, the provision of services to hospitals and life insurance companies under the service tax.
Move expected to result in a higher premium for insurance products in all types of anti-term plans, including products such as own funds and pension funds of companies that are able to transfer the additional costs for buyers.
"It 's a service charge already in the traditional political risk cover. When is 1%. However, the budget proposal, the tax service will increase by 1.5% in the case of Ulips (unit-linked insurance products ), "said Rajesh Sud, President and CEO, Max New York Life Insurance Co. Ltd." It will pay the full premium, if traditional policies. "
South said that the movement was against the general expectation that the Finance Minister Pranab Mukherjee will give tax incentives to promote more long-term savings and insurance.
Kartik Jhaveri, Founder and Director, Transcend Consulting, a private financial planning and wealth management company, also said the move was unexpected.
"Insurance companies are likely to pass at least in part, the burden to consumers," said Jhaveri. "The transfer may also be advantageous to the management company."
P. Nandagopal, CEO and general manager of the first India Life Insurance Co. Pvt. Ltd, said the impact of the proposed changes would likely be marginal.
"The tax shall not apply to all premiums and, consequently, the impact will be less," said Nandagopal. "But taxing the investment component is a tedious process and we must await the end of the guidelines to calculate the actual impact on the insured."
Healthcare costs are rising, with Mukherjee, offers all the services provided by hospitals with beds for 25 or more and the air conditioning in the service tax net.
Until now, service fee was charged for hospital services only to customers whose payments were made by an insurance company or business unit. But the budget proposes that the tax is also levied on customers who pay for themselves.
The rate of taxation of services remains at 10% and a reduction of 50% means that the effective rate is 5%.
This step removes an anomaly in the tax structure.
Move expected to result in a higher premium for insurance products in all types of anti-term plans, including products such as own funds and pension funds of companies that are able to transfer the additional costs for buyers.
"It 's a service charge already in the traditional political risk cover. When is 1%. However, the budget proposal, the tax service will increase by 1.5% in the case of Ulips (unit-linked insurance products ), "said Rajesh Sud, President and CEO, Max New York Life Insurance Co. Ltd." It will pay the full premium, if traditional policies. "
South said that the movement was against the general expectation that the Finance Minister Pranab Mukherjee will give tax incentives to promote more long-term savings and insurance.
Kartik Jhaveri, Founder and Director, Transcend Consulting, a private financial planning and wealth management company, also said the move was unexpected.
"Insurance companies are likely to pass at least in part, the burden to consumers," said Jhaveri. "The transfer may also be advantageous to the management company."
P. Nandagopal, CEO and general manager of the first India Life Insurance Co. Pvt. Ltd, said the impact of the proposed changes would likely be marginal.
"The tax shall not apply to all premiums and, consequently, the impact will be less," said Nandagopal. "But taxing the investment component is a tedious process and we must await the end of the guidelines to calculate the actual impact on the insured."
Healthcare costs are rising, with Mukherjee, offers all the services provided by hospitals with beds for 25 or more and the air conditioning in the service tax net.
Until now, service fee was charged for hospital services only to customers whose payments were made by an insurance company or business unit. But the budget proposes that the tax is also levied on customers who pay for themselves.
The rate of taxation of services remains at 10% and a reduction of 50% means that the effective rate is 5%.
This step removes an anomaly in the tax structure.
Pay-as-you-drive auto insurance touted.. again
A new report commissioned by the Pacific Institute for Climate Solutions recommends that pilot pay-as-you-drive insurance to try BC
PAYD also called a function of distance, based on the use by insurance or kilometer.
Instead of a fixed price of insurance is usually about $ 1200 per car in British Columbia and allows unlimited mileage, PAYD offers drivers a discount if less than the average amount of their region, but loads more if exceed this amount.
PAYD also called a function of distance, based on the use by insurance or kilometer.
Instead of a fixed price of insurance is usually about $ 1200 per car in British Columbia and allows unlimited mileage, PAYD offers drivers a discount if less than the average amount of their region, but loads more if exceed this amount.
The idea is that vehicle owners to get money in their pockets if they drive less, reduce pollution and congestion.
Driving less also leads to fewer accidents and less demand - and thus do not affect the profits of insurance companies.
The Pacific Institute, which was established by the provincial government in 2008 to $ 94.5 million, is headquartered at the University of Victoria, but also includes the University of British Columbia, Simon Fraser University and the University of North BC
According to its mission statement, which was created to better inform climate change policies and actions. "
Driving less also leads to fewer accidents and less demand - and thus do not affect the profits of insurance companies.
The Pacific Institute, which was established by the provincial government in 2008 to $ 94.5 million, is headquartered at the University of Victoria, but also includes the University of British Columbia, Simon Fraser University and the University of North BC
According to its mission statement, which was created to better inform climate change policies and actions. "
As part of this work, the Institute has funded a study of insurance pay as-you-drive in British Columbia by Todd Litman of the Victoria Transport Policy Institute, which came with the recommendation of proof PAYD.
The common and most controversial misunderstanding about PAYD, according to Litman, is that it will put a greater financial burden for rural residents than their city cousins.
"Even if rural people do not drive their vehicles, no more than urban dwellers, only rural residents who have traveled more than the average rural residents would pay more," said Litman. "At least half of rural residents would be able to save money with this."
The common and most controversial misunderstanding about PAYD, according to Litman, is that it will put a greater financial burden for rural residents than their city cousins.
"Even if rural people do not drive their vehicles, no more than urban dwellers, only rural residents who have traveled more than the average rural residents would pay more," said Litman. "At least half of rural residents would be able to save money with this."
Dr. Tom Pedersen, managing director of Pacific Institute believes that PAYD could be "one of the many" ways to fight climate change.
"Frankly, we have to drag everything to get our carbon emissions down," he said. "When I look at the science and I was in the region for over 30 years, it is very disappointing.
"We have a large freight train down the tracks to us now and we must do our darndest best to slow the train down," said Pedersen, who was previously dean of science at the University of Victoria.
He said the report was forwarded to the provincial government, including the Climate Action Secretariat.
Nobody's government responded to the request for an interview Tuesday. ICBC was unavailable for comment before press time.
"Frankly, we have to drag everything to get our carbon emissions down," he said. "When I look at the science and I was in the region for over 30 years, it is very disappointing.
"We have a large freight train down the tracks to us now and we must do our darndest best to slow the train down," said Pedersen, who was previously dean of science at the University of Victoria.
He said the report was forwarded to the provincial government, including the Climate Action Secretariat.
Nobody's government responded to the request for an interview Tuesday. ICBC was unavailable for comment before press time.
Car Insurance Premiums Increase By 40%
The average price of a comprehensive policy, based on the three most competitive quotes, was 892 pounds at the end of March was 40.1% over the previous year and the largest annual increase recorded by the AA, the index since its inception in 1994.
Young drivers continue to pay the price increases, the cost of coverage for drivers aged between 17 and 22 jump 64% to an average £ 2,431, rising to £ 3052 for young men.
The biggest trip was to cover third party fire and theft policies, often characterized by young drivers who can not afford full coverage, with premiums rising by 82.1% to £ 1,533 that companies insurance continue to leave the area and thereby reduce competition.
AA said the main factors pushing up the cost of auto insurance continues at high levels of fraud and costly, because of injuries.
The group said although the number of accidents on British roads are falling, the number of claims for whiplash injuries continued to increase, with more than 200 applications a day, often for accidents to Three years ago, in the absence of any mention of injuries were made at the time.
But he added that the recent proposals by the Lord Chancellor Kenneth Clarke to reduce the costs associated with "no-win-no fee" claims should help improve the situation if they become law.
Simon Douglas director of AA Insurance, said: "The record increase in fuel costs and speed up car insurance premiums is a disappointing news and will make driving too expensive for many people, especially cash-strapped young drivers.
"Despite the sharp increase in premiums, insurers are still losses if the large underwriting loss in 2009 is probably now been halved."
He added that although insurance premiums for motor vehicles rose by 5.9% in the first three months of 2011, during which usually cover the cost of a static, add the rest of the year was likely to be smaller and excursions price for the entire 2011 was probably greater than 20%.
But the Association of British Insurers has warned that if nothing is done to reduce the cost of injury claims, auto insurance premiums continue to rise.
Nick Starling, ABI director of general insurance and health, said: "the projects recently announced by the government to reform the civil case go a long way to reduce unnecessary and disproportionate legal costs and must carry auto insurance cheaper in the future.
"Now we have to deny the charges - if all the information about personal injury lawyers of the claimants' continue to be sold and the management company claims."
The cost of home insurance to record levels in March, as increased insurance premiums for the following winter high in the claims.
The average cost of coverage of buildings increased by 13.6% over the year to the end of March to 147.29 pounds, while premiums increased 11.9% content of 76.39 pounds.
Douglas said: "As the industry's concern for the increasing frequency and severity of extreme weather events we will see premium increases are fairly modest."
Sales Of Life Insurance Gathering
Robust economic growth and an increase in the immigrant population in Singapore last year gave a boost to the industry of life insurance, which posted an increase of 16 per cent year on year the number of total sales for 2010.
The Life Insurance Association (LIA) said that insurance companies pulled in nearly $ S 1.7 billion in new sales, up from S $ 1,430,000,000 in 2009.
Last year, the annual premium sales rose 20 percent on year to S $ 1.1 billion, while single premium sales increased nine percent to S $ 562.1 million .
Health insurance sales rose seven percent to $ 156 million S. A total of 2.35 million lives are now covered by health insurance.
Financial advisors also reporting healthy sales.
For some, revenue rose 15 percent in the last two quarters.
Alliance Financial Advisors director Raymond Ng said the investment products linked single premium and investment have increased dramatically.
Market players said the health insurance sales have increased due to increased medical costs.
MediShield Basic premiums rose 10 percent to S $ 33 in the last two years.
LIA these prospective new insurers may slow this year.
Life Insurance Association president Tan Hak Leh, said: "We expect the underlying demand for our insurance products to remain strong, especially the request for protection, protection of life insurance and health protection against disability and long-term savings to increase.
'E', however, the strong growth we achieved in 2010, we expect growth in 2011 to be lower. "
But the insurance industry could see new challenges ahead.
The sources said that the roof can be 15 staff under a Director of an agency, which can be implemented as early as next month.
Introduced in 2001, LIA has recommended that agencies had to work more effectively with 15 agents under one agency director.
Some agency leaders said that the rule limiting the profits. And the answer, said the LIA are currently reviewing the Agency's guidelines for the management and updating, if necessary.
The Life Insurance Association (LIA) said that insurance companies pulled in nearly $ S 1.7 billion in new sales, up from S $ 1,430,000,000 in 2009.
Last year, the annual premium sales rose 20 percent on year to S $ 1.1 billion, while single premium sales increased nine percent to S $ 562.1 million .
Health insurance sales rose seven percent to $ 156 million S. A total of 2.35 million lives are now covered by health insurance.
Financial advisors also reporting healthy sales.
For some, revenue rose 15 percent in the last two quarters.
Alliance Financial Advisors director Raymond Ng said the investment products linked single premium and investment have increased dramatically.
Market players said the health insurance sales have increased due to increased medical costs.
MediShield Basic premiums rose 10 percent to S $ 33 in the last two years.
LIA these prospective new insurers may slow this year.
Life Insurance Association president Tan Hak Leh, said: "We expect the underlying demand for our insurance products to remain strong, especially the request for protection, protection of life insurance and health protection against disability and long-term savings to increase.
'E', however, the strong growth we achieved in 2010, we expect growth in 2011 to be lower. "
But the insurance industry could see new challenges ahead.
The sources said that the roof can be 15 staff under a Director of an agency, which can be implemented as early as next month.
Introduced in 2001, LIA has recommended that agencies had to work more effectively with 15 agents under one agency director.
Some agency leaders said that the rule limiting the profits. And the answer, said the LIA are currently reviewing the Agency's guidelines for the management and updating, if necessary.
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