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  Top Story 
 
  • PCI criticizes proposed capital rules
    The International Association of Insurance Supervisors' proposed capital requirements could adversely affect companies designated as global systemically important insurers, as well as their policyholders, PCI says. The proposals would harm traditional insurance activities, PCI said, adding that IAIS should instead work on policy measures aimed at systemically risky activities. "There should be a clear link between those activities and the measures designed to reduce their risk, and that definition should provide insurers the certainty needed to decide whether or not to engage in those activities," PCI said. PropertyCasualty360 (12/18) LinkedInFacebookTwitterEmail this Story

Protect yourself from steep non-compliance penalties. Enforcement of unclaimed property law is escalating. Join us Jan. 17, 1 pm CT to learn: What is unclaimed property? Do these laws apply to your organization? What happens if you don't comply?
  Industry News 
  • Survey: Analysts boost expectations for insurer returns on equity
    Equity analysts expect the top-performing property/casualty insurers to post an average pre-tax return on equity of 14.2% for this year, a survey commissioned by Accenture found. The industry's actual average return was 6.9% for the first six months of 2012, according to data from ISO and PCI. "It did surprise me, given the eurozone crisis and the volatile elections, that [the analysts'] expectations have increased," Accenture's John Del Santo said. "... I would have thought [the analysts] would have had an ROE number in the 10 percent-ish range." Insurance Journal (12/18) LinkedInFacebookTwitterEmail this Story
  • P/C insurers adapt for successful organic growth, report says
    Property/casualty insurers working toward organic growth are adjusting to economic, demographic and technological changes, and successful carriers also are making acquisitions and adding products, a report from Ernst & Young says. Shifting regulations, Big Data and more sophisticated customer expectations are among the market trends expected to influence insurers' priorities next year, the report said. Insurers "can seize growth opportunities by improving analytical and decision-making capabilities, cross-selling products and using marketing data to increase customer retention and encourage business expansion," Ernst & Young's David Hollander said. Insurance Networking News (12/18) LinkedInFacebookTwitterEmail this Story
  • Experts: Usage-based insurance to spur changes for auto coverage
    Telematics and usage-based insurance are expected to cause significant changes in personal auto insurance, even based on conservative projections, according to a report from Strategy Meets Action. Having usage-based insurance in 10% of the market in 2020, for example, would involve 25 million vehicles, and "that has strong implications for the rest of the insurance market," said Richard Welch, one of the report's authors. "If even 10% [of policyholders] move into this space, it will have a significant disruptive impact on the market as a whole." PropertyCasualty360 (12/18) LinkedInFacebookTwitterEmail this Story
  • Report: Drop in work-related auto crashes may have reduced claims
    Work-related vehicle crashes decreased between 2007 and 2010, and the decline likely had a positive effect on workers' compensation claims, according to a report from NCCI Holdings. The frequency of accidents involving large trucks dropped 16% during the same period, while passenger-vehicle crashes dropped 8%, NCCI said. The share of lost-time workers' compensation claims related to accidents that involved no deaths decreased to 3.1% of all traffic accidents in 2010, down from 3.5% in 2005, according to data from the Bureau of Labor Statistics. Business Insurance (tiered subscription model) (12/18) LinkedInFacebookTwitterEmail this Story
  • Other News
  Catastrophic Risk 
  • Sandy-aid bill contains wasteful spending, groups say
    The Club for Growth and other conservative groups are criticizing a bill to provide $60.4 billion in disaster relief for states hit by Hurricane Sandy, saying the measure contains "immaterial" spending and should be voted down. The Senate is expected to act on the bill this week, while the House is moving more slowly on the measure. House Appropriations Committee Chairman Hal Rogers, R-Ky., is considering an initial bill that would provide a smaller level of funding that would go toward immediate recovery efforts. Reuters (12/17) LinkedInFacebookTwitterEmail this Story
  • Commentary: National strategy is needed to reduce storm risk
    The devastation caused by Hurricane Sandy is a reminder that the U.S. needs a national strategy to mitigate the risks of storms and other disasters "in a cost-effective way," write Joshua Saks of the National Wildlife Federation and Steve Ellis of Taxpayers for Common Sense. "Sandy should be a clarion call for Congress to put forward a comprehensive blueprint aimed at helping contain the wrath of Mother Nature the next time it strikes. The country's fiscal health and the safety of our citizens are at stake," Saks and Ellis write. The Hill/Congress Blog (12/18) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • States prepare to enact insurance laws next year
    California will implement a measure next year to reduce workers' compensation costs to offset greater worker indemnity benefits. Florida is scheduled in January to enact a law that will revamp the state's no-fault auto insurance system. New Jersey is expected to implement new auto insurance rules that include changes to physicians' fee schedules in an effort to curb increases in coverage costs. Insurance Journal (12/17) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
To be without some of the things you want is an indispensable part of happiness."
--Bertrand Russell,
British philosopher, mathematician and historian


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