Report: More M&A activity among P/C insurers is possible this year | Survey: Liability insurance rates may rise for architects, engineers | Editorial: Banning texting while driving is "a change worth making"
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March 13, 2013
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Report: More M&A activity among P/C insurers is possible this year
Mergers and acquisitions among property/casualty insurers may increase this year, according to a Deloitte report. Deal volume "is expected to pick up in 2013 -- albeit sporadically -- as [Hurricane] Sandy's impacts are absorbed and companies desiring to improve their performance or revenue expectations push for specialty line acquisitions that hold better value," the report says. Business Insurance (tiered subscription model) (3/12)
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Survey: Liability insurance rates may rise for architects, engineers
Several insurers plan to increase prices for architects and engineers professional liability coverage, according to an Ames & Gough survey of carriers that compose 70% of that market. "Although professional liability insurance premiums are rising for most architectural and engineering firms, the market is far from uniform in its pricing," Ames & Gough CEO Dan Knise said in a statement. Business Insurance (tiered subscription model) (3/12)
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Editorial: Banning texting while driving is "a change worth making"
A Texas bill that would prohibit texting while driving has opponents, but the measure is "a change worth making" because it would help improve road safety, the Houston Chronicle's editorial board argues. A similar, previous bill was vetoed by Gov. Rick Perry. "Like drunk driving, texting in the driver's seat endangers everyone on or even near the road -- not just the texter," the board writes. Houston Chronicle (tiered subscription model) (3/12)
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Catastrophic Risk
N.Y., N.J. aim to spend $200M for buyouts of storm-prone homes
Officials in New York and New Jersey are awaiting federal approval for plans that include spending nearly $200 million for buyouts of homes in areas vulnerable to storms. The proposal "will serve as a blueprint to guide our housing and private sector recovery," New York Gov. Andrew Cuomo said in a statement. It's unclear how many homeowners would participate in buyouts, according to this article. The Wall Street Journal (3/12)
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Climate-related risks spur federal agencies to action
The Army Corps of Engineers and other federal agencies are taking initiatives to address risks tied to climate change, according to this article. "If you get the processes into the bones of the organization, you can weather out the political climate," said William Goran of the Corps of Engineers' Center for the Advancement of Sustainability Innovations. Roll Call (free content) (3/12)
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Other News
Policy and Law
Bill on insurance-agent licensing gets another shot in Congress
A bill in Congress would establish the National Association of Registered Agents and Brokers, through which agents would be allowed to sell insurance in multiple states after being licensed in their home state and passing a background check. "By providing a mechanism for establishing true nonresident licensing reciprocity, this legislation would improve licensing while ensuring that states retain the authority to regulate marketplace activity and enforce important consumer protection laws," Robert Rusbuldt of the Independent Insurance Agents & Brokers of America said in a statement. Business Insurance (tiered subscription model) (3/12)
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Ore. House approves bill on mediation to avert medical-malpractice suits
The Oregon House has approved a bill that would provide for mediation to avoid medical-liability lawsuits. Gov. John Kitzhaber is expected to sign the measure. The Oregonian (Portland) (3/12)
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Workers' comp changes advance in Tenn. Legislature
Tennessee House and Senate committees have voted in favor of legislation that seeks major changes to the workers' compensation system. The proposal by Gov. Bill Haslam includes changes such as shifting workers' comp issues from the courts to an administrative system. The Tennessean (Nashville) (tiered subscription model) (3/12)
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SmartQuote
Humor is an affirmation of dignity, a declaration of man's superiority to all that befalls him."
-- Romain Gary,
French diplomat, novelist, film director and aviator
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