If you thought Bear Sterns and Lehman Brothers on the ropes was a big deal, prepare yourself. American International Group (AIG), the insurance company you know as AIG, is teetering. Why is that important news in bank crisis?

Metlife, the insurance giant, is making a bet that the housing market is bottoming out by purchasing residential mortgage lender First Horizon.

As reported last week, the softening market will inevitably lead to a significant increase in the number of mergers. In another merger news today Liberty Mutual is acquiring Safeco Insurance.

A major American insurance corporation, American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685), has reached settlements with nine states and the District of Columbia on payments investigations.

Now you can insure your dog or cat against car accident. Progressive Corp. is providing collision coverage for customers' dogs or cats at no additional premium cost. It will pay up to $500 (EUR 340) if a customer's dog or cat is hurt or dies in a car accident.

A new report released by IBM today paints a bleak picture of the future for U.S. health insurers unless they make radical changes in how they do business. IBM is one of the largest self-insured US employers, bearing financial risk for the health of more than 350,000 employees and their dependants.

US consumers want insurance companies to more effectively communicate new products and services available to them, provide tailored policies and services to better meet their needs, and bring their customer experience up to par with other industries. Yet, despite boasting one of the largest groups of loyal and satisfied customers of any industry, few insurance companies are delivering in new and innovative ways to connect with their customers to enhance their experience and drive organic growth.

Prudential Financial, the US insurance group, announced on Wednesday that it was going to shut down its small stock research and sales business, which some analysts called "a distraction" with little value. This closure will result in the loss of about 420 jobs. This will be the biggest business breakage recently occurred.