The
Insurance Media Association
Presents . . .
Insurance Media 2.0
Session 2: Convergence Of New Media / Old Media
A
recent Forrester Research and McKinsey survey of more than 400
executives found 80% saw Web 2.0 technologies as an opportunity to
increase their companies' revenue and/or margins. New
media will not replace old media, but rather will evolve to interact with
it in a more complex relationship. The session’s goal is to explain how
convergence is currently impacting the relationship among media
audiences, producers and content. Convergence culture is not primarily a
technological revolution but more a cultural shift, dependent on the
active participation of the consumers working in more of a
participatory dynamic.
Re-purposed old media content put into a new digital format, but with
little substantial change, is not going to get the job done. The rules
for engaging people in your message most likely will never change, but
transformation of the structure, packaging and delivery may be necessary
for success.
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About Davis Meerman
Scott   |
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What is online
thought leadership? How can I do it? And how can David help?
The most effective way to reach your buyers directly and
drive more revenue is through online thought leadership
strategies. Entrepreneurs and organizations that use thought
leadership in the form of Web content have a clearly defined
goal-to sell products, generate leads, or perhaps even set
their company up for an IPO or acquisition-and they deploy a
thought leadership strategy that directly contributes to
reaching that goal. An effective online thought leadership
strategy, artfully executed, drives action.
This is most certainly marketing, but vastly different from
any marketing that you're likely familiar with. In the old
days, you had to buy expensive advertising or convince the
media to write about you. No more. On the Web you go direct
to your buyers with thought leadership programs.
David Meerman
Scott teaches entrepreneurs and organizations how to harness
the power of the Web for success.
Often people ask me: "How do you recommend that I create an
effective ____?" (fill in the blank with blog, news release
program, podcast, white paper, e-book, e-mail newsletter,
Webinar, etc.). While the technologies for each form of
online content are a little different, the one common aspect
is that through all of these media, your organization
exercises thought leadership rather then simple advertising
and product promotion. A well crafted blog, e-book, or
Webinar contributes to an organization's positive reputation
by setting it apart in the marketplace of ideas. |
This October 17th the Insurance Media Association offers a unique
opportunity to learn what web 2.0 means to and for insurance media
professionals.
Web
2.0 (Coined by the O’Reilly Emerging Technology Group) is a
communication form relating to what is now the next generation of
digital interactivity and social networking that includes:
user-generated content, podcasting, blogs, wikis, virtual communities,
email, search, telephony, mobile devices, RSS Feeds and taggers.
Who
should attend? -
This
conference is designed for Insurance industry professionals that are
involved in the areas of: PR, advertising, branding & marketing. Job
categories include: insurance company corporate PR personnel, agency
reps, insurance media reporters, journalists and free-lance writers,
advertising managers, branding mangers, marketing managers, and company
principals who do much of their own media work.
Registration Fee $145.00 -
The
registration fee includes all sessions, continental breakfast and lunch.
Complimentary Membership - Insurance Media Professionals may apply
for a complimentary membership in the Insurance Media Association at
www.insurancemedia.net.
Daily Quote:
“Wealth
is not his that has it, but his that enjoys it." - - Benjamin Franklin
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AIG falls on worries about subprime exposure
NEW YORK, Aug 1 (Reuters) -
American International Group Inc (AIG.N: ) shares fell as much as 6.5
percent on Wednesday on worries about the insurer's exposure to the
subprime real estate market, but they pared losses after analysts said
the fears were overblown.
AIG, the world's largest
insurer, had $814.4 billion in cash and invested assets at the end of
the first quarter, with about 3.6 percent in subprime residential
mortgage-backed securities, according to the insurer.
A "Heard on the Street"
column in the Wall Street Journal on Wednesday questioned whether big
insurers such as AIG were protected from the subprime fallout as
defaults rise in these more risky mortgages.
AIG shares fell $1.63, or
2.5 percent, to $62.55 on the New York Stock Exchange early Wednesday
afternoon, after sliding to $60, the lowest since last August.
AIG spokesman Chris Winans
said the New York-based life and property insurer would provide an
update on its subprime exposure after it reports earnings next
Wednesday. However, he repeated a statement from July 26 that "all but a
very small amount" of the insurer's collateralized debt obligations were
investment quality and none of them had been downgraded in recent
months.
"I'm not worried," said Matt
Nellans, an analyst with Morningstar. "AIG has survived worse than
this."
AIG also has a consumer
finance unit whose defaults have been running in line with reserves at
about 2 percent, said Paul Newsome, an analyst with A.G. Edwards Inc.
"You would have to have
substantial defaults above that, perhaps even fivefold, and that would
only cut back the company's earnings by about 10 percent to 15 percent,"
said Newsome. He called that "highly unlikely." Investors remain
skittish about insurers' exposure to the market after two mortgage
insurers, MGIC Investment Corp (MTG.N: ) and Radian Group Inc (RDN.N: ),
disclosed on Monday that each of them could be forced to write down
about $500 million for their subprime joint venture.
((Reporting by Ed Leefeldt,
editing by Richard Chang
(C) Reuters 2007. All rights
reserved.
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1.
Last-minute rush for
Katrina damage claims
Wed Aug 1, 2007 5:29AM EDT
NEW ORLEANS (Reuters) - Louisiana
homeowners filed applications in record numbers on Tuesday ahead of a
midnight deadline to request government compensation for damages from
Hurricanes Katrina and Rita in 2005.
Nearly two years after Katrina devastated
New Orleans, authorities have been heavily criticized for being slow to
settle claims and hand out payments while much of the city still sits
damaged and deserted.
The state's Road Home program, designed
to compensate homeowners for damages not covered by insurance policies,
announced last week it would take no more applications for financial aid
after July 31.
By early afternoon, IFC International,
the private company that administers the homeowners assistance program,
had logged 1,850 new applications on the Road Home Web site, easily
surpassing previous daily records, said spokeswoman Gentry Brann.
"We've had a tremendous surge," she said.
The program was launched in August 2006,
a year after Katrina flooded most of New Orleans and 11 months after
Rita hit western Louisiana. Only about half of the city's pre-storm
population of 480,000 has returned.
The rush of 11th-hour applications was
expected to push the total number of homeowners seeking grants to more
than 175,000, Brann said.
Louisiana officials say the $6.4 billion
in federal money appropriated for the program will not be enough and
that as much as $11 billion could be needed by the time it is over.
As of Monday, Brann said the program had
processed claims on 38,835 properties, with an average settlement of
about $70,000. The program hopes to have closed on 90,000 claims by the
end of 2007, she said.
© Reuters 2007. All rights reserved.
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2.
Bear Stearns halts
redemptions in third hedge fund
Wed Aug 1, 2007 6:29AM EDT
NEW YORK (Reuters) - Bear Stearns Cos.
Inc., recently embarrassed by the collapse of two hedge funds, said on
Tuesday it has halted redemptions in a third hedge fund after jittery
investors wanted to pull out their money.
Bear Stearns' (BSC.N: ) $850 million Asset-Backed Securities Fund experienced declines
in July, prompting some investors to seek redemption of their
investments. The investment bank, however, believes the assets in the
fund -- tied to Alt-A and prime mortgages -- are worth more than what
current market conditions will allow.
The downturn at the third Bear Stearns
hedge fund likely will jolt investors already jittery about the U.S.
housing slump reaching deeper into the American economy. Shares of
American Home Mortgage Investment Corp. (AHM.N: ) plunged 90 percent on Tuesday after the lender said it might
liquidate.
The news at Bear Stearns follows the
spectacular flameout this week at Sowood Capital, a hedge fund that
managed money for Harvard University and lost roughly half of its $3
billion in capital in less than a month.
Analysts say more hedge fund collapses
could follow, especially at ones that don't have enough capital to ride
out tumultuous mortgage and credit markets.
Problems with subprime mortgages, or
loans to people with weak credit are well known. But now, loans to
people judged by banks to have better credit are having problems, too.
Through the end of June, the Bear Stearns
hedge fund was up about 5 percent, but then soured in July. The company
declined to be more specific.
Earlier this month, JPMorgan Chase & Co.
(JPM.N: ), the third-largest U.S. bank, said it
tripled the amount of money set aside for loan losses as even borrowers
with good credit defaulted on home equity loans. Countrywide Financial
Corp. (CFC.N: ), the nation's largest mortgage
lender, reported similar problems on prime home equity loans.
Australia's Macquarie Bank (MBL.AX:
) warned that individual investors face losses
of up to 25 percent in two of its investment funds, blaming fall-out
from the U.S. subprime mortgage crisis.
Unlike the two funds that collapsed, the
third Bear Stearns hedge fund is not leveraged and has cash on hand. The
fund also has less than 1 percent of its assets tied to subprime loans,
according to a person familiar with the fund's holdings.
"We believe the fund portfolio is well
positioned to wait out market uncertainty and we believe by suspending
redemption we can ensure the best long term results for our investors,"
Bear Stearns spokesman Russell Sherman said. "We don't believe it is in
the best interests of our investors to sell assets in this current
market environment."
© Reuters 2007. All rights reserved.
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3.
More Than Four in
10 Adults in New Orleans Report Worse Health Care Access Post-Katrina
In Orleans Parish, One in Four Adults
Reported Being Uninsured And 70 Percent of Uninsured Adults were African
Americans
WASHINGTON, July 31, 2007 /PRNewswire-USNewswire
via COMTEX/ -- As the second anniversary of Hurricane Katrina's landfall
approaches, new analysis by the Kaiser Family Foundation of its
household survey of people in the New Orleans area shows that more than
four in 10 (43 percent) adults reported at least one health care access
problem in the aftermath of Hurricane Katrina. Underscoring the racial
disparities documented generally in the Kaiser household survey, 70
percent of the one in four adults without health insurance in Orleans
Parish were African Americans. In Orleans Parish, the survey found that
33 percent of African American adults were uninsured versus 12 percent
of white adults.
The newly released, Health Challenges for
the People of New Orleans, is a follow-up to the May 2007 report, Giving
Voice to the People of New Orleans: The Kaiser Post-Katrina Baseline
Survey. The new 65-page report examines the health care status of the
adult population of Greater New Orleans based on a Fall 2006 household
interview survey of residents of the parishes of Orleans, Jefferson,
Plaquemines and St. Bernard and details their health coverage and access
to health care services after the disaster.
Some of the most frequently reported
health access problems included deterioration in the ability to have
health needs met now compared to before Katrina (22 percent), having a
harder time getting to their place of medical care now (18 percent), and
having a different medical provider after Katrina (16 percent).
"Many of the health access problems
highlighted in our survey are common in other low-income urban areas
across the country. What makes New Orleans unique is the lack of a
health care system able to respond post-Katrina. The findings help
explain why residents ranked getting medical facilities up and running
as such a top priority only behind repairing levees and controlling
crime," said Kaiser Family Foundation President and CEO Drew E. Altman,
Ph.D.
Health Coverage Contrast
The survey found that among all New
Orleans area adults, one in five reported being uninsured, substantially
higher than the national average of 15 percent for this group. But by
comparison, the survey shows that in the Greater New Orleans area, less
than one in 10 (9 percent) of households with children reported a child
lacked health insurance. And most notably, in an area characterized by
racial disparities documented throughout the survey, the percentage
without health insurance was comparable for both African American and
white households with children.
"Louisiana is among the state leaders in
covering low-income children, but ranks at the very bottom of coverage
of their low-income adult population, with Medicaid eligibility levels
at 20 percent of the Federal Poverty Level or $4,130 per year for an
adult in a working family of four," said Foundation Executive Vice
President Diane Rowland, Sc.D. "Although Louisiana is poised to
potentially narrow the racial disparity gap in coverage of children even
further with a new state law expanding their State Children's Health
Insurance Program to children up to 300 percent of the Federal Poverty
Level, addressing coverage for the one in five uninsured adults remains
a real challenge," she added.
The uninsured rates among a variety of
vulnerable subgroups are also of note. Fifty-six percent of previous
users of the Charity Hospital System-an integral part of the New Orleans
health care delivery system prior to Hurricane Katrina, predominantly
served the uninsured-reported being without coverage.
Looking Ahead
As policymakers at the federal, state,
and local level grapple with the challenges presented by Hurricane
Katrina, the Kaiser Family Foundation will continue to give voice to the
people of New Orleans and supply policymakers with a source of
information about who is returning to the area and how they are faring.
Future Kaiser household surveys planned for the next two years will
monitor progress and changes.
The full survey analysis, Health
Challenges for the People of New Orleans, along with a link to the
broader May 2007 analysis is available online at
http://www.kff.org/kaiserpolls/7659.cfm. Additionally, Diane Rowland
will testify on August 1 to the U.S. House of Representatives, Committee
on Energy and Commerce's Subcommittee on Oversight and Investigations
about the key health findings from the household survey. The
Subcommittee is holding the hearing, "Post-Katrina Health Care in the
New Orleans Region: Progress and Continuing Concerns Part II."
Copyright (C) 2007 PR Newswire. All
rights reserved
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4.
MetLife posts sharply
higher 2Q net, exceeds view
Tue Jul 31, 2007 4:29PM
NEW YORK, July 31 (Reuters) - MetLife
Inc, the largest U.S. life insurer, said on Tuesday net income nearly
doubled in the second quarter as total assets and U.S. annuity deposits
rose.
MetLife said net earnings were $1.13
billion or $1.48 a share, up from $617 million or 80 cents a share in
the year-earlier quarter.
New York-based MetLife, which is also a
home and car insurer, said operating earnings, which analysts use to
measure performance because it excludes investments, were $1.31 billion
or $1.72 a share.
Analysts, on average, had expected the
insurer to earn $1.33 a share from operations, according to Reuters
Estimates.
In the year-ago quarter, MetLife earned
$984 million or $1.28 a share from operations.
MetLife revised its outlook for full-year
operating earnings to $5.65 to $5.80 a share from its previous forecast
of $5.05 to $5.30 a share.
© Reuters 2007. All rights reserved.
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5. Big
“I” Applauds Senate Banking Committee For Approval Of Natural
Catastrophe Insurance Commission
Commission will recommend
solutions to insurance crisis facing disaster-prone areas.
WASHINGTON, D.C., August 1,
2007—The Independent Insurance Agents & Brokers of America (the Big “I”)
applauds Senate Banking Committee Chairman Chris Dodd (D-CT) and the
other members of the Committee for today passing the Commission on
Natural Catastrophe Risk Management and Insurance Act of 2007. The
legislation would establish a bipartisan commission to examine natural
disaster risks and recommend possible solutions for this serious
problem.
“Independent insurance
agents and brokers see first hand the difficulty that consumers have in
finding affordable insurance in many parts of the country due to natural
disasters,” says Charles E. Symington Jr., Big “I” senior vice president
for government affairs and federal relations. “As the conduit between
consumers and insurance companies, our membership has long advocated
that Congress develop a national solution to this national problem. We
see the Commission created by this legislation as a critical first step
towards that goal, and we are hopeful that the Commission will recommend
a comprehensive solution.”
“We very much appreciate the
Senators’ efforts to address this crucial national catastrophe issue,”
says John Prible, Big “I” assistant vice president for federal
government affairs. “We applaud the Senate Banking Committee for their
action today and look forward to working with them and their colleagues
to enact this common-sense legislation into law.”
Founded in 1896, the Big “I”
is the nation’s oldest and largest national association of independent
insurance agents and brokers, representing a network of more than
300,000 agents, brokers and their employees nationally. Its members are
businesses that offer customers a choice of policies from a variety of
insurance companies. Independent agents and brokers offer all lines of
insurance—property, casualty, life, health, employee benefit plans and
retirement products. Web address:
www.independentagent.com.
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FUNDAMENTALS OF INSURANCE
August
7, 2007,
DePaul University, Chicago Loop Campus |
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FUNDAMENTALS OF INSURANCE
August
7, 2007
Registration Form |
Syllabus |
Travel/Lodging
DePaul University, Chicago Loop Campus
See the curriculum:
Chairperson:
Howard Goldstein
(The Glen Ellyn Consulting Group, LLC |
630-790-4304)
A one-day workshop of
insurance concepts to empower researchers to:
- better
communicate with their clients;
- put their
research in context; and
- recognize
the implications of their findings.
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6.
Aon posts higher 2nd-qtr
profit, mulls unit spinoff
NEW YORK, July 31 (Reuters) - Aon Corp (AOC.N: ), the world's second-largest insurance broker,
said on Tuesday quarterly net income rose 24 percent, and that it was
considering "strategic options" for one of its units.
Second-quarter net earnings rose to $240
million, or 75 cents a share, from $193 million, or 57 cents a share, in
the year-earlier quarter as the brokerage unit generated its highest
rate of internal growth since 2003.
Aon said it was planning a spinoff of its
Combined Insurance Company of America unit, but also anticipated getting
queries from potential buyers. Credit Suisse (CSGN.VX: ) and Merrill Lynch (MER.N: ) will act
as advisors.
Combined Insurance, an underwriter of
supplemental life and health coverage, has been a part of Aon since
1982, and had $1.2 billion of revenue in the first half of 2007. But
company executives have indicated it does not fit with their long-term
objectives.
Investors apparently liked the idea. In
aftermarket trading, Aon shares rose to $41.53 from their close at
$40.04 on the New York Stock Exchange.
Organic growth not only excludes
acquisitions, but also "contingent commissions," which are given by
insurers to brokers who steer business their way. Regulators have
frowned on these arrangements because they have led to bid-rigging, and
Aon does not take them.
© Reuters 2007. All rights reserved.
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7.
Nasdaq says SEC approves
144A securities market
Wed Aug 1, 2007 8:30AM EDT
NEW YORK, Aug 1 (Reuters) - Nasdaq Stock
Market Inc. (NDAQ.O: ) said on Wednesday it won
regulatory approval for the electronic trading platform on which
qualified institutional investors can trade stocks of companies that are
not public.
The all-electronic 144A market, named
after the rule that deals with private placements of stock, will improve
the efficiency and transparency of this market, Nasdaq said in a
statement.
Under SEC rules, companies can sell
securities without registering them as long as issues are limited to
qualified investors with at least $100 million in assets and there are
no more than 499 stockholders.
© Reuters 2007. All rights reserved.
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8.
HILB ROGAL & HOBBS
ACQUIRES BROWN/RAYNOR CORPORATION
RICHMOND, Va--Hilb Rogal & Hobbs Company
(NYSE: HRH), one of the world's largest insurance and risk management
intermediaries, announced that it has acquired substantially all of the
assets of Brown/Raynor Corporation (Brown/Raynor). Terms of the
transaction, which will close effective at the close of business on July
31, 2007, were not disclosed.
Founded in 1985 by George “Hank” Brown
and Walt Raynor, Colorado-based Brown/Raynor has grown into one of the
state’s most knowledgeable insurance brokers in several areas of
expertise, offering a wide range of coverages and options. With over
$4.5 million in revenue in 2006, Brown/Raynor primarily is a property
and casualty agency, specializing in coverage for home builders. Brown/Raynor’s
staff of 29 professionals will continue to serve clients from their
existing office in Greenwood Village, Colorado, joining HRH’s West
Region under the leadership of Vice President and West Region Director,
William F. Creedon. www.hrh.com.
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9.
Hub International to Acquire the Rigg Group
CHICAGO--(BUSINESS WIRE)--Hub
International Limited announced today that it has entered into a
definitive agreement to acquire all of the stock of The Rigg Group, Inc.
(Rigg), one of the largest Texas-based insurance brokers, including its
subsidiaries Wm. Rigg Co. (a retail insurance brokerage), Rigg Insurance
Managers, Inc. (d/b/a RISC Inc., a wholesale insurance brokerage), and
Rigg Life Agency, Inc. (d/b/a Rigg Benefits & Financial Services, a life
and benefits brokerage). Rigg will become a new regional platform (hub)
doing business as Hub International Rigg (HUB Rigg) with offices located
in Dallas, Fort Worth and Houston. Terms of the transaction were not
disclosed.
Rigg is a leading insurance brokerage and
risk management organization providing primarily property/casualty,
employee benefits, executive risk management, personal lines and
enterprise risk management products and services. Its client base
includes many of the region’s premier organizations from the energy,
marine, design professionals, government, transportation, construction
and manufacturing sectors. Rigg employs approximately 235 people.
www.hubinternational.com
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10.
Skywire Software Enters
Definitive Agreement to Acquire Whitehill Technologies
Move Solidifies Company’s Position as a
Dominant, Vertically Focused Software Provider and Continues Its Global
Expansion Serving Insurance and Other Key Industries
FRISCO, Texas--(BUSINESS WIRE)--Skywire
Software and Whitehill Technologies, two leading global providers of
software and services for insurance, financial services, legal, and
professional services, today announced they have entered into a
definitive agreement under which Skywire Software will acquire Whitehill
Technologies, Inc. Terms of the transaction, which is expected to be
complete on or before August 31, 2007, were not disclosed.
The acquisition of Whitehill will
solidify Skywire Software’s position as a dominant, vertically focused
software company and continue its aggressive global expansion in serving
insurance, financial services and other key, high-growth industries.
Whitehill provides document and compliance software that helps insurance
carriers, law firms and other companies improve efficiency and speed of
key business processes. Based in Moncton, New Brunswick, Whitehill is a
privately-held, profitable company with a major center in Markham,
Ontario, and offices in the U.S. and U.K. With the acquisition of
Whitehill, Skywire Software will employ more than 650 employees and
serve nearly 2,500 customers in 45 countries.
“This acquisition anchors our position as
a leading provider of key software applications to insurers of all sizes
and across all segments of the insurance industry,” said Patrick Brandt,
president and chief executive officer of Skywire Software. “Whitehill
offers an attractive complementary customer base and performance-driven
talent. It fits well with our goal of providing the best customer
service and technology in the industry, furthers our presence in key
vertical markets, and enhances our presence on a global basis.”
Whitehill serves more than half of the
largest insurance companies in North America. The company’s document
automation and regulatory compliance software complements Skywire
Software’s portfolio of software applications and services that assist
insurers in managing the lifecycle of a policy.
Skywire Software’s enterprise-wide
products span a range of key functions including rating and
underwriting, policy production and correspondence, real-time data
exchange and business intelligence. Customers also leverage the deep
domain knowledge and expertise of Skywire Software’s professional
services team and its state-of-the-art Business Process Outsourcing
facilities. Currently, Skywire Software serves more than 1,000 insurance
companies.
According to industry research and
advisory firm, Celent LLC, document management accounts for four of the
top five categories tracking in software deals in the insurance
industry. This acquisition positions Skywire Software as a leader in a
highly-fragmented market.
Skywire Software’s vertical focus will
expand to include legal and professional services. Over the past decade
Whitehill has provided billing, reporting, workflow, and process
integration software and services tailored to the specialized needs of
these sectors. Whitehill currently serves more than 750 legal and
professional services organizations, including two thirds of the world’s
250 largest law firms. www.skywiresoftware.com
www.whitehilltech.com
www.hallfinancial.com
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11.
Commission is ‘Key’ to Helping Nation Respond to Future Natural
Disasters, NAMIC Says
WASHINGTON (Aug. 1, 2007) – The National
Association of Mutual Insurance Companies today commended the Senate
Banking Committee for approving the Commission on Natural Catastrophe
Risk Management and Insurance Act of 2007. The legislation would
establish a bi-partisan commission to examine the risks and recommend
possible solutions for Americans living in natural disaster-prone areas.
“Many of the problems faced by residents
of the Gulf regions after the 2005 hurricane season might have been
prevented if strategies had been in place beforehand,” said Justin Roth,
NAMIC’s senior federal affairs director. “It is our sincere hope that
Congress will adopt this legislation and allow a panel of experts to
develop practical solutions to the issues confronting homeowners in
areas vulnerable to natural disasters.”
NAMIC praised committee Chairman
Christopher Dodd, D-Conn., for including in the legislation two key
issues for the commission to examine: the impact of stronger building
codes and the effect that rate regulation has on catastrophe insurance.
“NAMIC has continued to fight for stronger state-wide building codes as
a way to decrease losses for homeowners,” Roth said
One of the major causes of the
availability and affordability problems facing homeowners in coastal
markets is states’ refusal to allow insurance companies to charge
actuarially sound rates, Roth explained. “The inability of carriers to
charge appropriate rates in states such as Florida has resulted in many
insurance companies refusing to write homeowners coverage there,” he
said. “Reducing the number of companies that write insurance reduces
competition in those states and leads to higher costs for consumers. We
are pleased that committee Chairman Dodd has asked the commission to
look into this problem.”
The legislation now goes to the full
Senate for consideration. “The commission is key to the nation’s ability
to respond appropriately to future natural disasters and ensure human
suffering and property losses are kept to a minimum,” Roth said.
“Allowing representation from a variety of vantage points, including the
insurance industry, will help this panel formulate solutions that
address all the needs of homeowners in the most risk-prone areas of the
country.”
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12.
Yes, Virginia, There Really is a Retirement-Savings Crisis
Research From Center for Retirement
Research at Boston College Indicates Nearly 45 Percent of Households
Won’t Have Enough Retirement Income
COLUMBUS, Ohio--(BUSINESS WIRE)--One year
after launching its National Retirement Risk Index, the Center for
Retirement Research at Boston College today released a new Index report
that confirms most working Americans are not saving enough money for
retirement, despite recent academic articles and news stories that
question the existence of a retirement crisis.
“Our research clearly demonstrates that
the retirement crisis is very real for today’s workers,” said Center
Director Alicia H. Munnell. “And, without changes in behavior, we
believe the picture will become increasingly bleak as younger workers
get closer to retirement.”
Using the National Retirement Risk Index,
the Center reconciles the two seemingly contradictory conclusions by
demonstrating the importance of the age group and time period being
examined. For households age 51-61 in 1992, the Center found only about
20 percent to be ‘at risk,’ which is similar to a recent study measuring
‘optimal saving’ among the same group. However, the Index shows that
risk has been rising over time so that, by 2004, 32 percent of
households age 51-61 were ‘at risk.’ And including a broader age range
of workers raises the ‘at risk’ level to nearly 45 percent of
households.
Munnell said their research defines ‘at
risk’ to mean a household would be unable to maintain its pre-retirement
standard of living in retirement. The amount of money people need while
retired compared to pre-retirement varies, but is estimated to be from
65 to 85 percent, depending on household income and marital status. For
example, most retirees need less than 100 percent of pre-retirement
income because they tend to pay less in taxes and no longer need to save
for retirement.
“Revisiting 1992 highlights how the
retirement landscape is changing over time,” said Munnell. “Factors like
declining Social Security replacement rates, the continuing shift from
traditional employer pension plans to 401(k)s, lower interest rates, and
rising life expectancy all underscore the need for more retirement
income. And the Index has not yet factored in health care costs, a major
wild card that could further undermine retirement security.”
The full report is available at the
Center for Retirement Research at Boston College
(http://crr.bc.edu/index.php?option=com_content&task
=view&id=466&Itemid=3).
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13.
MORE PEOPLE BELIEVE
HURRICANES “WON’T HAPPEN TO ME”
NEW YORK, August 1 — Last year’s light
hurricane season may be contributing to a dangerous sense of complacency
among people living in hurricane-prone areas, according to the Insurance
Information Institute (I.I.I.).
A survey conducted for the I.I.I.
reported that 48 percent of people in the South think homes in their
state are likely to be damaged by a hurricane, down seven points from
2006, when 55 percent thought hurricane damage was likely in their
state. A similar decline was found in the Northeast, where 25 percent
thought homes in their state are likely to sustain hurricane damage,
down five points from last year.
“With hurricane season now beginning to
enter its busiest period, many people may have been lulled into a sense
of complacency by last year’s mild season and may not have taken
measures to better prepare themselves,” said Jeanne Salvatore, I.I.I.
senior vice president and consumer spokesperson.
The I.I.I. survey also found that:
Almost two-thirds of the public (64
percent) believe there will be more severe natural disasters in the
future.
Only 14 percent of Americans have a flood
insurance policy.
Only one out of five people has taken
steps to protect their home from a natural disaster.
Almost one-half (46 percent) of
respondents said that they would pay more for a home built to withstand
a natural disaster.
One-half of the public said they have an
inventory of their possessions to document losses in case of a disaster.
This analysis is based on a national
consumer public opinion survey conducted by Opinion Research Corporation
during the period of May 17-20, 2007.
Tips on how to prepare for a hurricane
and other disasters are available at the I.I.I.’s Web site,
www.disasterinformation.org.
www.iii.org
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14.
Study blames climate
change for hurricane rise
MIAMI (Reuters) - The number of Atlantic
hurricanes in an average season has doubled in the last century due in
part to warmer seas and changing wind patterns caused by global warming,
according to a study released on Sunday.
Hurricane researchers have debated for
years whether climate change caused by greenhouse gases from cars,
factories and other human activity is resulting in more, and more
intense, tropical storms and hurricanes.
The new study, published online in
Philosophical Transactions of the Royal Society of London, said the
increased numbers of tropical storms and hurricanes in the last 100
years is closely related to a 1.3-degree Fahrenheit rise in sea surface
temperatures.
The influential U.N. Intergovernmental
Panel on Climate Change, in a report this year warning that humans
contribute to global warming, said it was "more likely than not" that
people also contribute to a trend of increasingly intense hurricanes.
In the new study, conducted by Greg
Holland of the National Center for Atmospheric Research and Peter
Webster of Georgia Institute of Technology, researchers found three
periods since 1900 when the average number of Atlantic tropical storms
and hurricanes increased sharply, and then leveled off and remained
steady.
From 1900 to 1930, Atlantic hurricane
seasons saw six storms on average, with four hurricanes and two tropical
storms. From 1930 to 1940, the annual average rose to ten, including
five hurricanes.
From 1995 to 2005, the average rose to
15, with eight hurricanes and seven tropical storms, the researchers
said.
Changes in sea surface temperatures
occurred before the periods of increased cyclones, with a rise of 0.7
degrees Fahrenheit before the 1930 period and a similar increase before
the 1995 period, they said.
"These numbers are a strong indication
that climate change is a major factor in the increasing number of
Atlantic hurricanes," Holland said in a statement.
Skeptics say hurricane data from the
early decades of the 20th century are not reliable because cyclones
likely formed and died in mid-ocean, where no one knew they existed.
More reliable data became available in
1944 when researchers had airplane observations, and from 1970 when
satellites came into use.
But Holland and Webster said the improved
data from the last half of the century cannot be solely responsible for
the increase.
"We are led to the confident conclusion
that the recent upsurge in the tropical cyclone frequency is due in part
to greenhouse warming, and this is most likely the dominant effect," the
authors wrote.
In 2004, four powerful hurricanes,
Charley, Frances, Ivan and Jeanne, hit Florida. All four placed in the
top ten costliest storms in U.S. history.
The record-shattering 2005 season
produced 28 storms, 15 of which became hurricanes including Katrina,
which caused $80 billion damage and killed 1,500 people. The 2006 season
was relatively mild, with ten storms.
© Reuters 2007. All rights reserved.
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15.
AIA SUPPORTS COMMISSION STUDY OF NATURAL CATASTROPHE RISK MANAGEMENT
WASHINGTON, D.C., July 31, 2007 -- Gov.
Marc Racicot, president of the American Insurance Association (AIA),
today issued a statement in advance of the Senate Banking Committee
markup of the “Commission on Natural Catastrophe Risk Management and
Insurance Act of 2007,” scheduled for Wednesday, Aug. 1, 2007.
www.aiadc.org.
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16.
INSURANCE NEWSLINK Articles
Recent articles added to INSURANCE
NEWSLINK, the worldwide, strategic concise intelligence database of over
27,000 articles including interviews, uniquely analysed by company,
market, research, regulatory, and IT topics.
Please click here for a
content overview and a 15-day free review.
THE TIME EFFECTIVE WAY TO STAY AHEAD
- Standard Life surplus to go to
policyholders
- Pre-tax up at JLT
- UK weather impacts HBOS
- Prudential benefits again from Asia
- Other possible buyers for Friends
Provident hovering
- Good progress at Markel
- Individual life application drop reduces
in North America
- Aon net income up 24%
- Steady growth at Royal London
- Good jump at St James's Place
- MetLife up substantially in second
quarter
- Endurance more than doubles
- Coventry Health Care improves
- Conning looks at US personal auto
distribution mix
- ABI publishes Customer Impact Panel
Report
- Sun Life Financial announces record
operating earnings
- Butler Group reviews eg solutions
- Advent hit by weak dollar and UK floods
- Euler Hermes performs well
- Santander to open insurance operation in
UK
- Abbey Life closed book bought by Deutsche
Bank
- Heritage sets up insurers in Malta
- FSA to streamline returns considerably
- RenaissanceRe reports strong financial
performance
- Lincoln Financial net income up
- Ohio Casualty reports prior to merger
meeting
- Slow growth in US captives
- RSA gets China nod
- Crawford produces positive operating
earnings
- The Hanover reports net income of $59.8m
- Big quarter rise at Principal Finance
- Pakistan encourages foreign insurers
- Beazley doubles pre-tax profit
- Good return from Max Capital
- Net earnings down at CNA
- Membership growth spurs Humana
- AXA exits Italian jv
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17.
Ex-broker gets 1-year sentence in squawk box case
By Emily Chasan
NEW YORK, July 31 (Reuters) - A former
Merrill Lynch and Co. (MER.N: ) broker was
sentenced to a year and a day in prison on Tuesday for witness tampering
and making false statements in connection with an alleged scheme to
misuse information broadcast over brokerage "squawk boxes."
The broker, Timothy O'Connell, was
accused with six others of conspiring to profit improperly from squawk
box information about large institutional orders overheard by day
traders listening to open telephone lines placed next to the boxes.
While he was acquitted by a jury of fraud
charges in the case in May along with his co-defendants, O'Connell was
convicted for lying to government investigators and convincing his
secretary to lie.
The jury in May also said it was
impossible to reach a verdict on the case's criminal conspiracy charge.
Prosecutors aim to retry that charge, but defense lawyers argued earlier
on Tuesday it should be dismissed on double jeopardy grounds.
O'Connell told U.S. District Judge I. Leo
Glasser that he was "deeply sorry" for his actions.
"I'm sorry that I didn't do what I
thought was right," O'Connell told the Brooklyn court room, filled with
dozens of his friends and family. "I should have known better."
The government had asked that O'Connell
be given a longer sentence because of the alleged amount of unlawful
gains in the case, but Glasser declined to raise it, saying the
government had not proved what the actual loss was from the scheme.
O'Connell's attorney, Mildred Whalen,
said they were "grateful" to the judge for the ruling. O'Connell has
already served about four months in prison since his bail was revoked in
the first trial after he was charged in an unrelated gambling case.
Earlier, at a hearing before U.S.
District Judge Jack B. Weinstein, attorneys argued prosecutors should be
barred from bringing a second trial on the conspiracy charge because
their arguments rely on issues decided on in the previous trial.
Prosecutors have accused O'Connell and
other former stock brokers who worked at Merrill, Citigroup Inc. (C.N: ) and Lehman Brothers Holdings Inc. (LEH.N: ) of scheming with day trading executives at
now-defunct broker-dealer A.B. Watley Inc. to profit improperly by
hearing squawk boxes over the phone.
Judge Glasser, who oversaw the first
trial, declared a mistrial on the conspiracy charge in May and Weinstein
took over the case when the government moved for a retrial.
"They made their argument and the jury
rejected it," said Stephen Scaring, an attorney representing Kenneth
Mahaffy, who worked at Merrill and Citigroup's Smith Barney unit.
"It was the same scheme ... there was
nothing different."
The attorneys argued that because their
clients had been acquitted of fraud, bribery and other charges in the
first trial, the government should not be allowed to use evidence of
those alleged crimes in its retrial of the conspiracy charge.
Bruce Maffeo, lawyer for former A.B.
Watley Chief Operating Officer Michael Picone, said: "If you take that
core conduct out of the case ... that leaves the court with no
substantive evidence to support Mr. Picone's involvement in the
conspiracy that was alleged."
U.S. attorney Erik Komitee rebutted their
arguments, saying the crimes are, in fact, different.
"A substantive crime, as stated, and
conspiracy to commit that crime are not the same offense," Komitee told
Judge Weinstein, who is expected to decide whether to dismiss the
conspiracy charge over the next few weeks.
Also facing the charge are former Lehman
broker David Ghysels, former Watley President Robert Malin, Watley
compliance director Linus Nwaigwe, and Keevin Leonard, who supervised
Watley's traders.
© Reuters 2007. All rights reserved.
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18.
Sun-Times Media agrees to
settle securities suits
LOS ANGELES, July 31 (Reuters) -
Sun-Times Media Group Inc. (SVN.N: ) said on
Tuesday it agreed to settle securities class-action lawsuits that
alleged the company made misleading disclosures and omissions about
certain "non-competition" payments and paid excessive management fees.
The agreement covers litigation pending
against it and a number of its former directors and officers in the
United States and Canada. The cases were consolidated in the United
States District Court for the Northern District of Illinois.
The proposed settlement, which must be
approved by courts in the United States and Canada, will be funded
entirely by $30 million in proceeds from its insurance policies and
includes no admission of liability by the company or any of the settling
defendants.
The company's insurers also will deposit
in an escrow account $24.5 million to fund defense costs incurred by the
company during the securities class action and other litigation or other
claimed loss.
Following that move, Sun-Times said its
insurance carriers will be released from any other claims for the July
1, 2002 to July 1, 2003 policy period.
The company and other parties will then
ask the court to determine how to allocate the $24.5 million in
insurance proceeds among the insured parties asserting claims on the
proceeds.
(C) Reuters 2007. All rights reserved.
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19.
ClaimSchool Publishes
Zalma's Insurance Fraud Letter
Insurance fraud is the most expensive
"white collar" crime next to tax fraud. It costs every person who buys
insurance by stealing from the public more than $100 billion every year.
Since the crime is committed with a pen rather than a gun it receives
little or no attention from main stream media.
For more than ten years ClaimSchool has
published Zalma's Insurance Fraud Letter (ZIFL) free at
http://www.zalma.com
to reduce the ability of insurance criminals to succeed in their crime
and to help the Insurance Fraud Professional do what is necessary to
defeat the crime with, or without, the assistance of criminal
prosecution agencies.
The current issue includes a call by the
author for professionalism in claims handling so that more claims
handlers will recognize fraud when it is attempted. In addition the
issue contains stories about why a lawyer must pay his clients $58
million; why the US Attorney Refuses to Prosecute Scruggs; Hartford Pays
$115 Million to Settle with AG's, that a broker is required to reimburse
Floridians $3.2 million; Therapeutic Procedures To Explode a Chiropratic
Practice; how FBI Data Mining Targets Include Insurance Fraud; why
Insurance Fraud Leads to Other Crimes, that Fraud Requires Reliance &
Prompt Action; and the good news of convictions for insurance fraud
across the United States.
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20.
INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
 |
Credit casualties mount, global stocks tumble
A man takes a nap at a
stock exchange in Wuhan, capital of central China's Hubei province,
August 1, 2007. China's stock market plunged nearly 4 percent on
Wednesday after hitting a fresh record earlier in the day, as heavy
profit-taking by mutual funds was triggered by sharp falls in Hong
Kong's market, traders said. REUTERS/Stringer
Read
Complete Story!! |
 |
Paulson says Subprime Woes Contained
A sign offering house-selling
assistance is pictured in the Green Valley Ranch development in Denver,
Colorado July 26, 2007. Treasury Secretary Henry Paulson said on
Wednesday that the market impact of the U.S. sub-prime mortgage fallout
is largely contained and that the global economy is as strong as it has
been in decades. REUTERS/Rick Wilking
Read
Complete Story!!
|
 |
News Corp. to buy Dow Jones for $5.6 billion
Chairman and Managing
Director of News Corp, Rupert Murdoch, departs the News Corporation
building in New York, July 31, 2007. REUTERS/Lucas Jackson
Read
Complete Story!!
|
 |
White House says spying broader than known:
report
Director of National Intelligence Mike McConnell delivers
remarks at Bolling Air Force Base in Washington, February 20,
2007. The Bush administration's top intelligence official has
acknowledged that a controversial domestic surveillance program
was only one part of a much broader spying effort, The
Washington Post reported in its Wednesday edition. REUTERS/Jim
Young
Read Complete Story!!
|
 |
China exudes military confidence on PLA anniversary
(L to R) Honour
guards from the navy, land, and air force of the People's Liberation
Army dress in the latest uniform and salute in formation in Beijing,
August 1, 2007. REUTERS/Joe Chan
Read
Complete Story!!
|
 |
Zebrafish study may point way to blindness cure
Zebrafish in an undated
photo. The ability of zebrafish to regenerate damaged retinas has given
scientists a clue about restoring human vision and could lead to an
experimental treatment for blindness within five years. REUTERS/File
Read
Complete Story!!
|
 |
FCC sets airwaves sale rule
Walkman phones by Sony Ericsson are
displayed at the Consumer Electronics Show in Las Vegas, January 3,
2006. The winner of valuable wireless airwaves the U.S. government plans
to sell by early next year would have to permit consumers to connect
using any device or software, U.S. regulators decided on Tuesday.
REUTERS/Steve Marcus
Read
Complete Story!!
|
 |
Japan study finds coffee may prevent colon cancer
A cup of coffee sits
on a tray at a store in Manila's Makati district, in this file photo
from January 25, 2007. Drinking three or more cups of coffee a day may
cut the risk of colon cancer in women by half, according to a study by
Japanese scientists. REUTERS/Cheryl Ravelo
Read
Complete Story!!
|
 |
A workman wipes the main pillars of the National Gallery of
Scotland complex, that were unveiled to show an Andy Warhol 'Campbell's
Soup cans' artwork covering, Edinburgh, Scotland July 31, 2007.
REUTERS/David Moir |
21.
New Long Term Care Insurance Web Sites -- One Located in Atlanta,
Georgia -- Offer Multiple Quotes from Pre-Screened Carriers
Atlanta, Georgia, August 1 – A network of
web sites, spanning America, will help seekers of long term care
insurance sidestep two problems: unnecessary expense, and less desirable
carriers with a record of precipitous rate increases or poor customer
service. The local site is
www.ltcfp.us/AmyPollock, run by Amy Pollock of LTC Financial
Partners LLC, located in Atlanta.
The system works this way. When people
visit www.ltcfp.us/AmyPollock,
they may request comparative quotes from pre-screened carriers through
Pollock. They may also download a four-color, word-and-picture eGuide
with key facts about long term care insurance. In addition, they may
view a wealth of information about long term care insurance and submit a
form requesting by-phone answers to their questions.
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22.
The Principal Financial
Group Launches Simpler, More Affordable Term Insurance
DES MOINES, Iowa--(BUSINESS WIRE)--The
Principal Financial Group® makes term life insurance easier and more
affordable with Principal Term Connector, a new option designed
specifically to meet the needs of participants in worksite benefit
programs offered by The Principal®. Principal Term Connector offers 10
and 20 year term life insurance at a low cost, with a guaranteed death
benefit protection and a simplified application process.
“Principal Term Connector expands our
commitment to our worksite guidance programs which are designed to help
employees look at their entire financial picture to identify needs,”
said Geoff Christy, national director of worksite solutions for the
Principal Financial Group. “The goal is to help participants develop a
holistic plan for a secure financial future. Both saving for retirement
and protecting loss of income are important parts of that discussion.”
If a need for income protection is
identified through the worksite guidance program, participants now have
an option with Principal Term Connector to purchase face amounts from
$25,000 up to $200,000. Participants also have the option to covert
Principal Term Connector to a cash value life insurance policy from The
Principal offered at time of conversion for the duration of their
premium payment or age 70. Principal Term Connector is the latest in a
series of other risk solutions available including simplified disability
insurance and fully underwritten term and disability products.
Worksite solutions from The Principal are
next generation programs that provide one-on-one guidance and
personalized needs-based assistance at the work place from a salaried
employee benefits specialist. Designed to address participants'
retirement savings and risk protection challenges, the program automates
and simplifies retirement and other benefits planning and guides
participant decision-making through action-oriented and personalized
solutions. www.principal.com.
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23.
Harvard lost $350 mln in
Sowood investment: report
Wed Aug 1, 2007 6:43AM EDT
Power. Price. Service. No Compromises.NEW
YORK (Reuters) - Harvard University lost about $350 million in the past
month through an investment in hedge fund Sowood Capital Management, the
Wall Street Journal reported on its Web site on Wednesday.
The money, however, is a relatively small
amount for the $29 billion Harvard endowment, the Journal reported.
Sowood was founded by Jeffrey Larson, who
managed Harvard's foreign stock holdings until 2004, the paper said.
The Boston-based hedge fund lost roughly
half of its $3 billion in capital in less than a month, becoming
the first high-profile victim of the
recent credit market woes.
The university and Sowood could not be
reached immediately for comment.
© Reuters 2007. All rights reserved.
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