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  • Study: Usage-based insurance to see sharp growth
    Insurance professionals say they expect a rapid increase in the market share of usage-based insurance, but "there is no unanimity of opinion as to how big a share of the market UBI will ultimately have, what it will look like, and what it will do to the traditional market," Strategy Meets Action says in a research paper. One-fifth of those surveyed said they expect usage-based insurance to compose more than half of the market for personal auto insurance by the end of the decade, the paper says. Insurance Networking News (12/4) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Survey: Social media will boost smaller firms' risk exposure
    A majority of insurance professionals polled by Torus said they expect more small and medium-sized companies to seek media-liability policies as they face greater risk exposure from the inclusion of social media in their business strategies. Although such risk exposure is the same for companies of all sizes, small and medium-sized firms lack the resources for training, monitoring postings and receiving legal advice, said Torus' Christopher Cooper, adding that legal action regarding online postings is increasing. PropertyCasualty360 (12/4) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Sandy costs likely will drain disaster fund, FEMA chief says
    The Federal Emergency Management Agency appears likely to deplete its disaster-relief fund by early spring by paying recovery costs from Hurricane Sandy and its remnants, FEMA Director Craig Fugate says. About $4.88 billion remains in the agency's disaster fund, and the White House is preparing a supplemental spending bill to cover Sandy-related expenses, Fugate said. Reuters (12/4) LinkedInFacebookTwitterEmail this Story
  • Sandy-hit states request federal aid
    New Jersey Gov. Chris Christie wrote to the Federal Emergency Management Agency seeking full reimbursement of emergency costs the state incurred in the aftermath of Hurricane Sandy and its remnants. New York Gov. Andrew Cuomo urged Congress to provide assistance for the recovery efforts as overall storm losses are expected to increase. "We need help. These are big numbers, even for New York," Cuomo said. Reuters (12/3), Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Feds may have to pay damages over dam releases, high court says
    The federal government may be found liable for property damage caused by water releases from a dam, the U.S. Supreme Court found. The case involved whether such actions can be considered a "taking" under the Fifth Amendment. The government is "not categorically exempt" from liability under the amendment, and there is "no solid grounding in precedent for setting flooding apart from all other government intrusions on property," Justice Ruth Bader Ginsburg wrote for the unanimous court. Reuters (12/4) LinkedInFacebookTwitterEmail this Story
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  Association News 
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  SmartQuote 
The forceps of our minds are clumsy things and crush the truth a little in the course of taking hold of it."
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