Thursday, December 17, 2009

Insurance news, including Tiger Woods-style "reputational risk insurance" and alleged death-by-oyster insurance fraud

Wow, it's a day for offbeat insurance news.

First, however, some local news: reports on a new study indicating that a big flood in southern King County could affect $30 billion in property (with $3 billion in potential damage).

In Hawaii, state officials are closing an insolvent insurer.

And in Michigan, the state House has approved a package of bills banning auto insurers from basing rates on a person's occupation, education or credit history, among other changes.

In other news:
  • The Associated Press reports that Georgia's insurance commissioner's under fire for a trip he took to the Oscars.
  • MarketWatch reports that "reputational risk insurance" may be introduced next year to protect against situations like the one that's arisen with the recent revelations about Tiger Woods.
  • And then there's a bizarre story of alleged life-insurance fraud out of South Dakota. The AP reports that a couple has been charged in federal court with faking the husband's death while on a family vacation in Malaysia. Purported cause of death? Bad oysters.