A.M. Best: P/C industry should focus on reserves, ERM | Expert: Garage-keepers liability coverage can cause confusion | Wash. governor calls for lawmakers' backing of climate-change plan
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March 6, 2013
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Report: Commercial insurance rates rose last month
Rates for commercial-lines insurance increased 4% in February from year-ago levels amid a shift in the industries driving the increases, MarketScout says. Transportation, energy and public entities had the lowest rate increase in February, MarketScout CEO Richard Kerr said. Manufacturing, service and habitational had the highest increases, Kerr said. PropertyCasualty360 (3/5)
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Industry News
A.M. Best: P/C industry should focus on reserves, ERM
Property/casualty insurers' reserve adequacy and enterprise risk management are concerns in light of rising catastrophe losses, says Anthony Diodato of A.M. Best. The industry also has dealt with a challenging economy and low interest rates, "which could not provide an offset if there were underwriting losses," Diodato said. However, he said, "We still continue to see companies take that incremental rate increase that will help bring that risk and that rate to the same level, which will add value when the company's financial strength is evaluated." Insurance Networking News (3/5)
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Expert: Garage-keepers liability coverage can cause confusion
Owners of auto-repair shops often conflate garage liability insurance and garage-keepers liability coverage, said Earl VanBuskirk Jr. of Heffernan Insurance Brokers. Garage-keepers liability covers damage to a vehicle and "is where we usually find the least sufficient coverage" because of uncertainty among agents and insureds over coverage amounts, VanBuskirk said. "If something happens, a big catastrophic event like a fire, they're not going to have nearly enough limits to cover all of the vehicles that were damaged in the fire," he said. Insurance Journal (3/5)
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Catastrophic Risk
Wash. governor calls for lawmakers' backing of climate-change plan
Washington Gov. Jay Inslee is asking lawmakers to support his plan for an outside team to provide advice on climate change. A Senate committee previously removed parts of the governor's climate-change proposal. "This is an issue about pollution, plain and simple," said Inslee. A spokeswoman said the governor doesn't support the committee's changes. The Seattle Times/The Associated Press (3/5)
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N.J. tops $1.1B in federal relief for Sandy damage, FEMA says
Federal assistance to New Jersey communities hit by Hurricane Sandy has amounted to more than $1.1 billion, the Federal Emergency Management Agency said. There have been an additional $2.5 billion in claims payments under the National Flood Insurance Program, FEMA data show. The Star-Ledger (Newark, N.J.) (3/5)
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Officials plan bond sale to finish major La. levee project
Levee officials in Louisiana were expected to approve the sale of bonds worth $100 million to fund the completion of the Morganza-to-the-Gulf levee project. The bonds will come from a half-cent sales tax approved by Terrebonne Parish voters that is expected to generate $330 million for levees. Daily Comet (Thibodaux, La.) (3/5)
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Policy and Law
N.C. approves a 7% rate increase for homeowners coverage
Property insurers and regulators in North Carolina have agreed to a 7% average increase in homeowners insurance rates to settle a dispute over a rate-hike request. The increase is set to take effect in July. "The likelihood of getting any kind of increase probably would have been pushed back into 2014. It was better to get a little now rather than wait a long time for some unknown amount," said Ray Evans of the N.C. Rate Bureau. The News & Observer (Raleigh, N.C.) (3/6)
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Wis. bills would toughen penalties for drunken drivers
Lawmakers in Wisconsin have filed bills aimed at tightening penalties for drunken-driving violators. "What we want to do is get a discussion started about how much tolerance we have for drunk driving," Sen. Alberta Darling says. However, a spokesman for Senate Majority Leader Scott Fitzgerald wrote in an e-mail that "there are senators with varying thoughts on this issue as some believe the stiffer penalties passed in 2009 need to be evaluated." Wisconsin State Journal (Madison) (3/6)
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SmartQuote
Every time you spend money, you're casting a vote for the kind of world you want."
-- Anna Lappé,
American writer, speaker and activist
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