Report: Personal-lines pricing experienced an uptick for February | Wyo. lawmakers OK bill to allow proof of insurance via smartphone | Insurer fights Calif. regulator's order to reduce homeowners rates
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March 7, 2013
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Report: Personal-lines pricing experienced an uptick for February
Rates for personal-lines insurance increased 3% in February over the same month in 2012, slightly down from the year-over-year gains in the three months prior, MarketScout said. "The personal-lines market adjusted in February with insurers offering slightly more competitive premiums. This isn't unusual since we are out of the catastrophe season for most parts of the U.S., except for winter storms, of course," said MarketScout CEO Richard Kerr. PropertyCasualty360 (3/6)
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Industry News
Poll finds high interest in data-breach coverage among small firms
More than half of businesses with annual revenue below $10 million said they have had a data breach, usually of electronic records, and 70% of the firms said they are interested in buying insurance coverage for such incidents, according to a Ponemon Institute survey. The top factors leading to data breaches at small businesses are mistakes by workers and contractors, the loss and theft of electronic devices, and procedural errors, according to the poll. Insurance Networking News (3/6)
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Wyo. lawmakers OK bill to allow proof of insurance via smartphone
Wyoming lawmakers have approved a bill that would let drivers show proof of auto insurance on their smartphones starting in July. The measure still needs Gov. Matt Mead's signature. Similar bills were considered in 20 other states this year, according to PCI. "This is a good little bill that will help us get into the modern age and make it easier, especially for the younger generation, to comply with the law," said state Sen. Charles Scott. Wyoming Tribune-Eagle (Cheyenne) (3/6)
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Insurer fights Calif. regulator's order to reduce homeowners rates
Mercury Insurance is asking a court to let it raise California homeowners insurance rates and to nullify state Insurance Commissioner Dave Jones' order to reduce such rates. The insurer said its rates are competitive and that it is "therefore disappointed in the commissioner's ruling" to cut rates by more than 8%. PropertyCasualty360 (3/6)
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Catastrophic Risk
Report: La. post-Katrina housing program faced cost problems
Louisiana's Alternative Housing Pilot Program following Hurricane Katrina cost more than expected and suffered from problems over the duration and quality of construction, according to the state legislative auditor's office. State Disaster Recovery Unit Executive Director Patrick Forbes disputed some of the findings and said the program provided "a better understanding of how such an initiative could be implemented for intermediate and long-term housing after a disaster." Insurance Journal/The Associated Press (3/6)
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Policy and Law
Measure would create an assigned-risk plan in Texas
Texas state Sen. John Corona has introduced legislation that would establish the Texas Property Insurance Program. The bill would affect the FAIR Plan Association and halt the writing of new Texas Windstorm Insurance Association policies for residential exposures in April 2015. Another measure filed by Corona would provide mitigation grants to homeowners in areas prone to natural catastrophes. ClaimsJournal.com (3/6)
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Bill to prohibit texting while driving clears Fla. Senate committee
A bill that would prohibit texting while driving has been approved by a Florida Senate committee. The measure would exempt police and other emergency responders and would fine first-time violators $30. Similar bills have been defeated three times in the House, according to this article. The Palm Beach Post (Fla.)/The Associated Press (3/6)
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SmartQuote
Scientific progress makes moral progress a necessity; for if man's power is increased, the checks that restrain him from abusing it must be strengthened."
-- Anne Louise Germaine de Staël,
Swiss author
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