INSURANCE NEWS

Boston Red Sox slugger Manny Ramirez is just one home run shy of 500 for his career.

But it could be his teammate David Ortiz who hits a memorable homer for one lucky fan this summer.

In order to boost their bottom line, life insurance companies are considering a new approach—using mortality management.

This revelation came to light recently at the ACORD LOMA Insurance Systems Forum in Las Vegas, where MajescoMastek and Transamerica Reinsurance announced the results of a recent survey of about 50 insurers on managing mortality expenses.

Zurich Financial Services Group, North American division has launched a new product withdrawal expense coverage product that protects manufacturers and distributors from voluntary and government ordered recalls. As an endorsement to Zurich’s commerical general liability policies, this new coverage provides reimbursement for removing unsafe or defective products from the market.

Aon Corporation is advising all risk management providers to keep their eye on the sky. The National Oceanic and Atmospheric Administration (NOAA) are forecasting a high number of named storms for the 2008 Atlantic hurricane season which starts June 1 and lasts until November 30th and includes tropical storms and hurricanes.