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October 3, 2012
News for property casualty insurers

  Top Story 
  • Execs: Insurers face challenge in finding committed younger workers
    Carriers are investing in training new recruits, but face doubts about whether younger employees will pursue a lifetime career in insurance, executives said. The industry carries some blame for the problem because it has ceased many education programs and focused on hiring experienced workers, Fireman's Fund President and CEO Lori Fouche said. "Somewhere along the line, we have to make a decision to invest," Fouche said. PropertyCasualty360 (10/2) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Report: Mobile use to spur overhaul in insurance business models
    The rapidly increasing use of mobile technology could result in significant changes to insurers' business models by 2020, according to a Forrester report. "Digital insurance teams need to scan the mobile landscape for innovations that can create better consumer or agent experiences, increase efficiency, and reduce costs. But for mobile initiatives to deliver the expected outcomes, digital teams need a vision that moves their firms from experimentation to mobile maturity," the report says. Insurance Networking News (10/2) LinkedInFacebookTwitterEmail this Story
  • PCS cites an increase in Catastrophe Loss Index use in bond deals
    The use of Property Claims Services' Catastrophe Loss Index as a trigger in catastrophe bond transactions rose 43% in the past nine months over the same period last year, the company said. "In today's catastrophe bond market, we're seeing something interesting: opportunities for both standardized transactions and customized transactions. ... And at the same time, we're seeing advancements in structure that allow carriers to transfer risk in a targeted manner. Both ends of the spectrum are being addressed," said Gary Kerney, assistant vice president at PCS. Artemis (10/2) LinkedInFacebookTwitterEmail this Story
  • Firms work to enhance catastrophe-model use for insurers
    Massive disaster losses last year have prompted technology and service providers to upgrade the use of catastrophe models for the insurance industry. Karen Clark & Co. has released a platform that gives carriers multiple internal and external models to tailor the way they look at risk. "Building a proprietary view of risk has become more important than ever after recent model updates and surprise events. Companies want a more open platform that enables them to utilize the scientific and engineering expertise of many organizations conducting state-of-the-art research around the world," Karen Clark, the firm's CEO, said in a statement. Business Insurance (tiered subscription model) (10/2) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • The Weather Channel to give names to blizzards
    The Weather Channel will designate names for winter storms starting this year. "During the winter months, many people are impacted by freezing temperatures, flooding and power outages, travel disruptions and other impacts caused by snow and ice storms. The new naming system will raise awareness and reduce the risks, danger and confusion for consumers in the storms' paths," the cable channel said. The Denver Post (10/2) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Fla. regulator: New PIP law is likely to curb rate increases
    Savings that may be incurred under changes to Florida's no-fault auto insurance system would "result in a mitigation of rate increases rather than actual rate reductions for most companies," based on rate filings for personal-injury-protection coverage, state Insurance Commissioner Kevin McCarty said in a statement. The filings, made by auto insurers to comply with the new law, "represent a major shift in the trajectory of PIP insurance rates in Florida," McCarty said. PropertyCasualty360 (10/2) LinkedInFacebookTwitterEmail this Story
  • Calif. governor vetoes workers' comp bill for domestic workers
    California Gov. Jerry Brown said more study was needed as he vetoed a bill that would have eased the requirements for domestic workers to receive workers' compensation benefits and also provided labor protections for such workers. The measure raises questions and "calls for these questions to be studied by the state Department of Industrial Relations and for the department to simultaneously issue new regulations to provide overtime, meal, rest break and sleep periods for domestic workers," Brown said in his veto statement, adding that the study should be done before an "untested legal regime" is implemented. Business Insurance (tiered subscription model) (10/2) LinkedInFacebookTwitterEmail this Story
  • Other News
  Association News 
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