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| News for property casualty insurers |
- Moody's: Earnings were robust for P/C insurers in first half of 2012
Property/casualty insurers had robust earnings in the first half of 2012 as written premiums grew and catastrophe losses fell, according to a report from Moody's Investors Service. Insurers' net written premiums in the first six months of this year increased by about 6% over year-ago levels, the report said. "We expect some improvement in accident-year loss ratios in 2012 as rate increases translate into earned premiums and loss costs remain relatively benign," Moody's said. Business Insurance (tiered subscription model)
(8/21)      
 | Combat fraud and improve pricing accuracy.
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- Insured crop losses from drought could exceed $5B, S&P says
Insurers and reinsurers may see more than $5 billion in losses from this year's drought, the worst in the U.S. since 1988, according to a Standard & Poor's report. The industry "will see some of the worst underwriting results on their books" in more than two decades, S&P said. Nonetheless, "loss sharing from the U.S. government and diversification with other lines of business" will help insurers, the ratings service said. "Based on these early industry estimated insured losses, we do not expect to take any rating actions solely because of crop losses at this time," S&P said. PropertyCasualty360
(8/21)
- Challenges remain despite firms' increased ERM adoption, study says
More companies have adopted formal enterprise-risk-management processes, according to a survey by the ERM Institute at North Carolina State University. Implementing an effective ERM process remains a challenge, however, because of factors such as failure to develop formal guidelines and methods to evaluate probability and potential effects of risks, according to the study, which was commissioned by the American Institute of CPAs' Business, Industry and Government Team. Business Insurance (tiered subscription model)
(8/21)
- Program will gauge crash-avoidance system's effectiveness
A program in Michigan aims to determine the effectiveness of crash-avoidance technology in vehicles. Participating motorists' vehicles are outfitted with a system to collect data that the federal government plans to use to determine whether such technology should be required for future car models. "Cars talking to each other is the future of motor safety," Transportation Secretary Ray LaHood has said. The Wall Street Journal/Driver's Seat blog
(8/21)
| Catastrophic Risk | | |
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- Report: Hurricanes can cause insured losses of $10B every 4 years
The U.S. could see insured losses of $10 billion or more from hurricanes every four years, according to a report from Karen Clark & Co. Karen Clark said her research firm analyzed about 180 hurricanes and identified those that could have caused at least $10 billion in losses. "Clients like to know history. 'If a storm is repeated, what would happen to my book of business today?' They can also benchmark model results," Clark says. PropertyCasualty360
(8/21)
- Expert: Climate change's possible link to extreme weather is clearer
Nobel laureate Mario Molina says evidence from "the last year or so" supports a link between climate change and extreme weather. "People may not be aware that important changes have occurred in the scientific understanding of the extreme weather events that are in the headlines. They are now more clearly connected to human activities, such as the release of carbon dioxide -- the main greenhouse gas -- from burning coal and other fossil fuels," Molina says. His comments follow a National Oceanic and Atmospheric Administration report saying that man-made climate change could be tied to extreme weather events. PropertyCasualty360
(8/21)
- Storm-prone states urge residents to prepare for hurricanes
States along Atlantic coast and the Gulf of Mexico are working to encourage communities to prepare for hurricanes amid concerns that residents have become complacent since Hurricane Wilma made landfall more than six years ago. "It's easy to become complacent, but we have to snap ourselves out of it. I implore people to find out today if they live in a hurricane-storm-surge evacuation zone. You need a plan. You don't want to be figuring that out when the hurricane is on your doorstep," said Rick Knabb, director of the National Hurricane Center.  USA TODAY
(8/21)
- Texas windstorm insurer has $800M for claims
The Texas Windstorm Insurance Association has about $800 million for claims payouts in case a catastrophic storm strikes the state. TWIA has premium revenue and a catastrophe trust fund amounting to about $300 million, said John Polak, general manager of the insurer of last resort. The insurer also "successfully secured $500 million in financing through what is known as a bond-anticipation note," Polak said. Insurance Journal
(8/21)
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| Policy and Law | | |
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- Report says Fla. law will lower auto insurance prices
Motorists in Florida may see as much as a 24.6% cut in their personal-injury-protection premiums as a result of a law that revamps the no-fault auto insurance system, according to a report. Insurance executives, however, are uncertain whether the changes will translate to lower prices. "While the 2012 PIP legislation delivered the potential to address the fraud and abuse in the PIP system, policymakers, regulators and Florida drivers need to understand that the new PIP law must have adequate time to be implemented and take effect so the new PIP law can achieve its potential," PCI's Donovan Brown said. Sun-Sentinel (Fort Lauderdale, Fla.)
(8/21)
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