Bill Moyers interviews former health insurance industry executive Wendell Potter, who left the field after almost 20 years to become a health reform advocate. Check out Potters take on the campaign against Michael Moore’s film Sicko and tune in to Bill Moyers Journal, Friday, July 10, 2009 at 9PM on PBS for his experiences inside the health insurance industry, their work fighting a public option, and the insurance companies close ties to Washington.
Shareholders panicked over the effects of an economic downturn on investments held by insurers Aviva and Prudential.
Prudential and Aviva bear brunt as cash call fears hit insurers
Fears that insurers could be forced to call on shareholders to boost their finances sent stock prices tumbling yesterday despite assurances that the industry remained in good shape.
Insurers Aviva and Prudential suffered the biggest falls as shareholders panicked over the effects of an economic downturn on investments held by the two groups.
Aviva lost more than 12% of its value after a similar fall on Thursday, while Prudential fell 10% after a 20% drop the previous day.
Prudential had a surplus of £1.4bn in the summer and it is understood that it would take a fall of more than 40% in the market from the end of September before it needs to consider boosting its reserves. Aviva, which owns Norwich Union, had £1.9bn of surplus capital in June. (Source: Guardian)
If you thinking of ending your policies, don’t.
I wonder if this would set a chain reaction affecting finance related organizations in the US. If AIG really goes bankrupt, it would be the largest corporate bankruptcy in terms of assets. AIG has US$1 trillion worth of assets.
AIG struggles to survive financial tsunami
Insurer American International Group Inc struggled for survival a day after a financial tsunami swept away investment bank Lehman Brothers and forced the sale of rival Merrill Lynch in the biggest financial industry shake-up since the Great Depression.
The U.S. Federal Reserve has hired investment bank Morgan Stanley to review options for AIG — which has lost some 92 percent of its value so far this year — a person familiar with the situation said Monday.
Darkening one of the few bright spots from the weekend’s mayhem, Bank of America — which would surpass Citigroup Inc as the country’s largest bank by assets with the planned takeover of Merrill — saw its shares plunge. (Source: Reuters)
I have AIA policies. Regarding insurance policies, there likely be a takeover and the policy remains the same. If bankruptcy occurs for AIG, branches such as AIA (American International Assurance) probably be affected by value, but it doesn’t mean AIA would go bankrupt too.
I’ve been following the US finance thing a little, things don’t seem optimistic.
Insurance agents can sell you anything. You could insure virtually everything I guess. I heard pianist Clayderman, who’s really popular among women, insured his fingers or something. Well, if you’re afraid of alien abducting you, you probably can consider an alien abduction insurance.
Alien abduction insurance
The insurance policy is redeemed if the insured person is abducted by aliens. British Insurance manager Simon Burgess, known for being involved in the bizarre end of insurance, said “Of course, the burden of proof lies with the claimant. Let’s face it – insurance is so tedious that if I can enlighten my dreary life with a bit of humour every now and again, I will.” A policy normally costs around $150 per $1.5 million in coverage as of 1998. Policy offerings vary from $10,000 to $10 million. Some companies offer policies for alien pregnancy, alien examinations and death caused by aliens. Continue reading “Afraid of alien abduction? Buy insurance” »