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Insurance Updates

Healthcare Debate Still Dominating Washington

With the Senate Finance Committee voting to approve its version of healthcare legislation last week, the time has come for congressional leaders in both chambers to begin the difficult task of reconciling it with the several other reform bills that have been passed out of committee. Much of this process will be done behind closed doors this week and the Senate has at least indicated that there could be something on the floor by the end of the week.

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Customer Satisfaction Up For Auto Insurers

Overall customer satisfaction with auto insurance companies is up in 2009; however, rising rates associated with the onset of a hard market could lead to a negative perception among consumers, J.D. Power and Associates said. In its recently released 2009 National Auto Insurance Study, J.D. Power and Associates noted that auto insurers have seen a five-year high in customer satisfaction for 2009, driven primarily by low premiums. Auto insurers averaged 801 on a 1,000-point scale, J.D. Power and Associates said, up by 14 points from 2008. More than one-half of the 32 companies ranked in 2009 have improved significantly year over year, according to the survey, with price being the “most notable” factor contributing to overall satisfaction. In 2009, 42 percent of customers reported their premiums decreased without the customers switching to another insurer.

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Florida Hurricane Insurance System in Better Shape Should Luck Run Out

Florida property insurers are warning residents that a major hurricane is likely this season given the state’s history of storms. At the same time, the industry says the state-backed catastrophe reinsurance fund, the Florida Hurricane Catastrophe Fund, and the state’s property insurer, Citizens Insurance, are in better shape now than they were a year ago but financial shortfalls still exist.

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