Upward trend in P/C premiums to continue, experts say | Experts: Intellectual-property theft often isn't covered | Execs: Commercial auto fleets rely on telematics to boost safety
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March 25, 2013
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Sampson: Insurers should make a united stand on TRIA extension
The insurance industry needs "a very thoughtful and unified" strategy to urge Congress to renew the Terrorism Risk Insurance Act, said PCI President and CEO David Sampson. "Straight reauthorization of TRIA is a very, very high hill to climb," Sampson said, adding that Federal Insurance Office Director Michael McRaith is likely "to have to play an important role in the [Obama] administration on TRIA." PropertyCasualty360 (3/22)
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Industry News
Upward trend in P/C premiums to continue, experts say
Premiums rose 4.4% for the property/casualty insurance industry in 2012, a trend that will likely continue into next year, experts said. A lagging investment environment and low interest rates have dampened carriers' earnings, prompting the industry to seek higher rates, said Thomas Holzheu of Swiss Re America Holding. "There's momentum toward an increasing rate in pretty much all major lines of business. That's good news," Holzheu says. Business Insurance (tiered subscription model) (3/24)
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Experts: Intellectual-property theft often isn't covered
Commercial insurance policies often don't cover employee theft of trade secrets and patents, which underwriters consider "intangible property," according to experts. "I've not seen any coverage in the last decade that would affirmatively cover your employee stealing your trade secret and indemnifying you for the loss of that trade secret," Marsh's Bob Parisi says. Cyberinsurance policies, however, sometimes cover costs that result from employee data breaches, said Christopher Keegan of Willis. Business Insurance (tiered subscription model) (3/24)
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Execs: Commercial auto fleets rely on telematics to boost safety
Commercial auto fleets are enhancing their safety and efficiency with telematics, insurance executives say. Trucking firms that employ telematics experience a "huge impact and become believers in the technology," said Kevin Finn of The Hartford. The process of using telematics data through long-term models for underwriting, however, could be five years away, Liberty Mutual's Erin Bellott says. PropertyCasualty360 (3/22)
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Catastrophic Risk
Group: Only Katrina, Andrew to surpass Sandy in insured losses
Insured losses from Hurricane Sandy are expected to reach $20 billion, the third highest on record for such a storm, behind Hurricanes Katrina and Andrew, according to the Insurance Information Institute. Sandy, however, ranks 12th when historical hurricanes are analyzed based on modern exposures, the group said. PropertyCasualty360 (3/22)
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Opinion: N.D. city is a model for flood mitigation
Grand Forks, N.D., has developed an effective flood-mitigation program since 1997's Red River flooding, making the city a model for other communities, according to this opinion piece. "The city had to deal with major flooding since the big flood of 1997, notably in 2009 and 2011, but managed to get through the events without damage. ... The city's experience amply underscores that effective mitigation is a cooperative effort built in part on public-private partnerships," the opinion piece says. Business Insurance (tiered subscription model) (3/24)
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Other News
Policy and Law
EU regulator is expected to release Solvency II guidance
Guidance related to Solvency II is expected to be released this week by the European Insurance and Occupational Pensions Authority. The guidelines will help carriers prepare for the regulatory regime, although industry experts say interim Solvency II measures should be centered on governance instead of capital. Business Insurance (tiered subscription model) (3/24)
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PCI: Bad-faith bills would increase lawsuits, consumer costs in Ore.
PCI is encouraging lawmakers in Oregon to reject bad-faith proposals that the association says would lead to increased lawsuits and $200 million in higher costs for consumers. "Everybody gets the right to sue" under the bills, which would "establish so many avenues for filing lawsuits and leveraging higher settlements," said PCI's Kenton Brine. Insurance Journal (3/22)
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Insurers weigh options to challenge injunction against Fla. PIP law
PCI is examining its options for fighting a Florida judge's partial injunction against a law on the state's personal-injury-protection system, PCI's Donovan Brown says. "We are highly disappointed with this injunction, which temporarily invalidates the crux of the reform and thereby reopens the door to the fraud and abuse that the law was designed to counteract," Brown said. Insurance Journal (3/22)
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A thing is mighty big when time and distance cannot shrink it."
-- Zora Neale Hurston,
American author
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