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| News for property casualty insurers |
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- Editorial: Mitigation is key to curb homeowners premiums in Ala.
 Alabama lawmakers should push for legislation that would require the reinforcement of homes to reduce insurance premiums, according to this editorial. Mitigation is gaining support from local officials as well as the Property Casualty Insurers Association of America, which says such measures could enhance market competition. "There are many pieces of the puzzle that need to be examined as Alabama attempts to improve the homeowners insurance market. Experience elsewhere argues that mitigation needs to be a big part of the solution," the editorial board writes. Press-Register (Mobile, Ala.)
(2/16)      
| Industry News | | |
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- Expert: Credit insurance draws more corporate interest
Credit risk is an emerging concern for executives, driving more risk managers to inquire about credit insurance, writes Kerstin Braun of Coface. Inquiries for such coverage rose by 25% during the past two quarters because companies remained uneasy about the economy and such coverage can be used to ensure overseas payment for U.S. exporters, which are experiencing robust business, Braun writes. PropertyCasualty360.com
(2/16)
- Study: First 6 months of 2011 saw an increase in teen-driver deaths
The number of teen drivers killed in vehicle crashes increased 11% during the first six months of 2011 compared with the same period in 2010, according to a study by the Governors Highway Safety Association. "I think it's going to be a wake-up call," said Dr. Allan Williams, a consultant with the Insurance Institute for Highway Safety. "What's remarkable is that in the last few years, deaths in those age groups plummeted, so even a slight reverse is a matter of concern," Williams added. The New York Times (tiered subscription model)/Wheels blog
(2/16)
- Expert: Predictive analytics can give insight, help lower costs
Insurance companies can benefit from predictive analytics in enhancing their services, reducing operational costs and supporting their marketing and fraud-detection efforts, writes David Smith of iGate Patni. "By using predictive analytics, insurers can position themselves to take advantage of opportunities in the future. They can gain insight into their information, reduce risks, and improve efficiencies across all areas of their business," Smith writes. PropertyCasualty360.com
(2/16)
| Catastrophic Risk | | |
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- Software aims to help P/C insurers evaluate wildfire risk
Wildfire risk in the U.S. has grown beyond a problem only in particular regions or during certain seasons, according to Pitney Bowes Software, which has developed a product to help property/casualty insurance companies apply wildlife risk in underwriting. "As wildfires become a more national problem, this is an opportunity for us to come up with a better solution for the market. We have turned this into a more precise, predictable and understandable solution than what we currently see in the market," said Lamont Norman of Pitney Bowes Software. PropertyCasualty360.com
(2/16)
| Policy and Law | | |
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- NHTSA proposal aims to limit distracted driving
The National Highway Traffic Safety Administration has unveiled a proposal for auto manufacturers to guide the design of a car dashboard to reduce distracted driving. The guidelines would be voluntary. "We recognize that vehicle manufacturers want to build vehicles that include the tools and conveniences expected by today's American drivers. The guidelines we're proposing would offer real-world guidance to automakers to help them develop electronic devices that provide features consumers want without disrupting a driver's attention or sacrificing safety," NHTSA Administrator David Strickland said. The Boston Globe/The Associated Press (tiered subscription model)
(2/16), Reuters
(2/16)
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| SmartQuote | | |
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 | Success is blocked by concentrating on it and planning for it. ... Success is shy -- it won't come out while you're watching."
--Tennessee Williams,
American playwright
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