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February 5, 2013

  Top Story 
 
  • 22 states weigh allowing proof of coverage via cellphone
    Measures that would allow drivers in Kansas and Ohio to show proof of coverage via a cellphone bring the total of states considering such bills to 22, PCI says. "Electronic proof of coverage is one of the hottest insurance-related legislative trends for 2013," PCI said. As PCI's Alex Hageli said, "No longer will motorists be ticketed and have to take time off of work to go to court for driving without insurance just because they couldn't find a current ID card in their car." PropertyCasualty360 (2/4) LinkedInFacebookTwitterEmail this Story
2 Reasons to Fall in Love with Workers' Compensation Claims Efficiency
Join us Feb. 14, 1 pm CST, to learn about the competitive and regulatory pressures that have Workers' Compensation insurers feeling a strong need for additional efficiency. See some key functions that address what's needed to remain competitive and grow.
  Industry News 
  • S&P report cites sound capital for P/C insurers
    Property/casualty insurers are expected to weather a tough economy this year because of their strong capital position, a Standard & Poor's report says. The economy, however, will continue to restrict the industry's financial performance, the report said. "Even our optimistic forecast for 2013 is for a subdued recovery, and the base-case forecast is for more of the same, with 2013 [gross domestic product] growth at about the same sluggish rate as in 2012," the report says. Business Insurance (tiered subscription model) (2/4) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Report: Ore. needs infrastructure improvements amid quake risk
    The Cascadia subduction zone off Oregon's coast could trigger an earthquake and tsunami resulting in $32 billion or more in economic losses and thousands of deaths, according to a draft report from the state's earthquake commission. Oregon needs to pursue 50 years of seismic upgrades for schools, hospitals and major infrastructure to reduce the impact of such an earthquake, the report said. "[W]e can choose either a future in which the earthquake results in grim damage and losses and a society diminished for a generation, or a future in which the earthquake is a manageable disaster without lasting impact," the report says. The Oregonian (Portland) (2/4) LinkedInFacebookTwitterEmail this Story
  • Sandy raises concerns over NFIP, "named storm" definition
    Hurricane Sandy has reminded the property/casualty insurance industry of "problems and concerns" with the National Flood Insurance Program, including the definition of a "named storm," write Laurie Infantino and Marjorie Segale. "The storm was one of the biggest ever and the insurance story will not end soon," they write. ClaimsJournal.com (2/4) LinkedInFacebookTwitterEmail this Story
 
  • Other News
  Policy and Law 
  • Report: FAA faces hurdles in putting aviation-safety law into effect
    The Federal Aviation Administration has failed to implement rules under an aviation-safety law because of airline-industry opposition, a report from the Department of Transportation's Inspector General says. The FAA also faces challenges in creating a centralized electronic database where airlines would have access to evaluations of potential pilots' skills, the report says. "To effectively implement these initiatives in a timely manner, FAA must balance industry concerns with a sustained commitment to oversight," the report says. Insurance Journal/The Associated Press (2/4) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Failure changes for the better, success for the worse."
--Seneca the Younger,
Roman philosopher, statesman and playwright


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