Travelers last earnings report was released this morning. Reuters reports:
Travelers Cos. Inc.’s quarterly profit fell by half on higher catastrophe losses from superstorm Sandy but the property insurer forecast higher premiums across its businesses.
The company’s net profit fell to $304 million, or 78 cents per share, in the fourth quarter from $618 million, or $1.51 per share, a year earlier.
On an operating basis, Travelers earned 72 cents per share.
For more, click here.
Courant politics editor Rick Green on the idea of liability insurance for gun owners:
Time Is Ripe To Consider Liability Insurance For Gun Owners
As the gun debate heats up, one idea seems particularly suited for Connecticut to consider: liability insurance for gun owners.
This is the kind of mandatory insurance you have to get to drive a car — and the kind of protection that costs more if you want to take what the industry knows is a calculated risk. Letting your teenager get behind the wheel is a good example.
When I wanted my son to drive the family cars, my insurance agent offered a market-based solution: pay for the risk and he could drive. Nobody said my son couldn’t drive — but I had to acknowledge the extreme danger that comes with a teenage boy in the driver’s seat. We know this because of extensive research on teenagers and driving by the insurance industry.
Read more here.
Matthew Sturdevant has be temporarily detached from covering Connecticut’s insurance industry. In the meantime, other business news reporters at The Hartford Courant will fill his shoes, covering the insurance industry and posting to Insurance Capital.
Questions and tips can be sent to Courant business editor Sandy Csizmar at firstname.lastname@example.org.
Connecticut won’t lose hundreds of workers to Massachusetts as employees transfer from The Hartford Financial Services Group to Massachusetts Mutual Life Insurance Co.
Instead, they’ll work in Enfield.
The Hartford’s CEO Liam E. McGee had a brain tumor surgically removed “over the holidays,” and he will receive low-dose chemotherapy, the company said late Friday afternoon.
McGee, 58, retained his position as chairman, CEO and president of the property-casualty insurer during the procedure and his recovery. He plans to return to work Monday.
Imagine a device, smaller than an iPhone, that anyone can use to see everything about the way a particular car is driven — exact times, routes and speeds – and will send text and e-mail alerts when thresholds are surpassed.
The gadget being offered by Travelers Cos. works on any vehicle made after 1996 and first became available a few weeks ago in Connecticut, although the insurer rolled it out in eight other states previously.
UnitedHealthcare is offering $60,000 as a top prize in its health-care technology contest for the best innovation that will improve the system of health care and help people live healthier lives.