Employment in P/C sector shrank by 2,100 in January, data show | Commentary: Differentiation should be a P/C insurer priority | Study: Independent agents held biggest P/C market share in 2011
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March 12, 2013
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Employment in P/C sector shrank by 2,100 in January, data show
The property/casualty insurance sector experienced a drop of 2,100 jobs in January, bringing P/C carriers' total employment to 521,600, according to an Insurance Information Institute analysis of Labor Department data. "This virtually negates the rise in December, itself revised down by 2,000, to near the November 2012 level, but otherwise above every monthly reading in 2012," said Robert Hartwig, president of the Insurance Information Institute. PropertyCasualty360 (3/11)
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Industry News
Prices for commercial lines rose 7% in Q4, survey finds
A Towers Watson survey found overall commercial insurance rates continued to increase in the fourth quarter, rising nearly 7% year-over-year. But the rate increases, which began in early 2011, seem to be moderating, Towers Watson says. "These price-change indications were generally consistent with price increases from the prior survey, except for specialty lines, where the survey indicated somewhat larger gains than were reported in the third quarter," Towers Watson said. PropertyCasualty360 (3/11)
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Commentary: Differentiation should be a P/C insurer priority
Property/casualty insurers should strive this year to offer products that differentiate them from competitors, writes Michael Costonis of Accenture. P/C carriers also can set themselves apart through effective regulatory compliance, Costonis writes. "For many property and casualty insurers, 2013 will be the year to put the pedal to the floor or be left behind. Technological innovations ranging from analytics to social media are no longer abstract ideas for discussion and planning; rather, they are business realities demanding rapid and effective action," Costonis writes. InsuranceTech.com (3/11)
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Study: Independent agents held biggest P/C market share in 2011
Independent insurance agencies retained the biggest share of the property/casualty market in 2011 as the industry recovered from years of declining premiums, according to a study by the Independent Insurance Agents & Brokers of America. Independent agents wrote 57% of all P/C premiums and about 33% of personal-lines premiums, the report said. Independent agents, however, experienced a decline in the personal auto market, where direct writers are making significant gains, the study found. Insurance Journal (3/11)
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Other News
Catastrophic Risk
No major damage is reported after Southern Calif. earthquake
No major property damage was reported in Southern California after the region experienced a magnitude 4.7 earthquake and more than 100 aftershocks. The tremor, which happened Monday along the San Jacinto Fault Zone, was "pretty typical of the area," said Robert Graves of the U.S. Geological Survey. "... It's a good idea to take it to heart and make sure you're prepared. We live in Southern California, and we have lots of active faults, and every once in a while, it's large enough to cause damage." Los Angeles Times (tiered subscription model)/L.A. Now blog (3/11)
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Experts: Sandy-like storms are more probable as Arctic ice melts
More hybrid storms like Hurricane Sandy are likely to form because of melting sea ice in the Arctic that could be affecting the jet stream, scientists say. "Unlike a typical hurricane, this huge and powerful hybrid storm did not lose energy after making landfall because it was supercharged with energy derived from a southward dip in the jet stream over the Mississippi Valley that ushered in an invasion of cold Arctic air," researchers wrote in a recent article. Asbury Park Press (Neptune-Asbury Park, N.J.) (3/11)
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Policy and Law
Captive insurers face uncertainty on taxation under NRRA
Firms with captive insurers are concerned that the Nonadmitted and Reinsurance Reform Act may impose a self-procurement tax in a parent company's home state, in addition to a premium tax where a captive is domiciled. Rep. Scott Garrett, R-N.J., who co-authored the law, said last month that the legislation was meant to resolve "burdensome and often conflicting regulatory and tax compliance issues facing only two industries -- the surplus lines and reinsurance." CFO.com (3/11)
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Measure would allow electronic proof of auto insurance in Texas
A measure in Texas would allow motorists to use a smartphone to present proof of auto insurance. The bill would enable insurance customers to "catch up with the times," said Mark Hanna of the Insurance Council of Texas. The Dallas Morning News (free content) (3/10)
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SmartQuote
We are all worms. But I do believe that I am a glow-worm."
-- Winston Churchill,
British prime minister
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