 |  |
| News for property casualty insurers |
| Top Story |  |  |
|
- Rates are increasing for many P/C insurance lines, report says
Insurance rates for catastrophe-exposed property rose between 5% and 10% in the fourth quarter, according to a Willis report. Insurance rates for non-catastrophe-exposed risks are projected to have remained unchanged in the first three months of 2012, while rates for catastrophe-exposed risks may have risen between 7.5% and 12.5% during the period, the report said. "The role of the insurer is to make sure they survive the storms so that when their clients need them, they will be here. What insurers offer ... is their own resilience," Willis Chairman and CEO Joseph Plumeri said in the report's introduction. PropertyCasualty360
(4/12), Business Insurance (tiered subscription model)
(4/12)      
| Industry News | | |
|
- Study: Policy-administration upgrades boost efficiency, satisfaction
Data accessibility and speed to market have improved for more than 50% of property/casualty insurers implementing new policy-administration systems, according to a Novarica study. Insurers said they were able to enhance their business-user satisfaction and distributor service and to reduce technology risk because of the systems, the study found. "P&C insurers are replacing their core policy-administration systems at an unparalleled rate, and these findings underscore why," Novarica's Chad Hersh said. PropertyCasualty360
(4/12)
- Report: Many vehicles do not meet requirements for child-safety seats
Tests of 98 vehicles found that 21 have back-seat designs that meet all criteria for installing child-safety seats, according to the Insurance Institute for Highway Safety and the University of Michigan Transportation Research Institute. The tests also found that seven vehicles failed to meet any of the requirements. "The problem lies with the vehicle, not the user," IIHS' Anne McCartt said. USA TODAY
(4/11)
| Catastrophic Risk | | |
|
- Neb. city may not get federal reimbursement for seepage berms
Local and federal officials want to keep the emergency seepage berms around Omaha, Neb., that helped Missouri River levees protect the city from catastrophic flooding last year. But the Federal Emergency Management Agency will not reimburse the city for the berms, which cost more than $9 million, if the emergency structures remain in place. "We realized up front if we didn't remove them, we wouldn't be reimbursed. As we continue to evaluate the levees, it may be better to leave them in," said Gordon Andersen, an Omaha official. Omaha World-Herald (Neb.)
(4/13)
| Policy and Law | | |
|
- NCOIL may develop a model bill on workers' comp repackaged drugs
The National Conference of Insurance Legislators is considering developing a model bill that states can use to regulate physician-dispensed drugs in workers' compensation. A committee "is responding to concerns that allegedly overpriced [repackaged] drugs is leading to higher medical costs and insurance premiums. This is especially true in regions such as the South and Midwest," the group said. Insurance Journal
(4/12)
- NHTSA seeks brake override systems on new vehicle models
The National Highway Traffic Safety Administration has unveiled a proposal to require all new vehicles, possibly starting with 2015 models, to be equipped with brake override systems. The proposal seeks "to minimize the risk that drivers will lose control of their vehicles as a result of either accelerator control system disconnections or accelerator pedal sticking or floormat entrapment," the NHTSA said. Transportation Secretary Ray LaHood said that "by updating our safety standards, we're helping give drivers peace of mind that their brakes will work even if the gas pedal is stuck down while the driver is trying to brake." Reuters
(4/12)
| SmartQuote | | |
|
 | Believe and act as if it were impossible to fail."
--Charles F. Kettering,
American inventor
|
| |
| |
|
Read more at SmartBrief.com |
|
A powerful website for SmartBrief readers including:
|
|
|
|
| |
| |
| | Recent PCI SmartBrief Issues:
- Thursday, April 12, 2012
- Wednesday, April 11, 2012
- Tuesday, April 10, 2012
- Monday, April 09, 2012
- Friday, April 06, 2012
| | | Lead Editor: Charles Tomlinson
Sales Account Director: Jasmine Rogers
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 | |
| |
|
| © 1999-2012 SmartBrief, Inc.® Legal Information |
|
