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January 18, 2013

  Top Story 
  Industry News 
  • Experts consider safety features' effect on auto insurance
    The auto insurance business is "shrinking" because of fewer crashes and better vehicle-safety technologies, Brian Sullivan of Risk Information says. But while insurers support efforts to build safer vehicles, risk won't be "mitigated so much that the premium falls significantly," says State Farm CEO Edward Rust Jr. "The cost to repair a vehicle that has been in an accident is much greater. It's not your grandpa's Olds," Rust says. (1/17) LinkedInFacebookTwitterEmail this Story
  • Group: West Africa sea piracy risk is up, but overall attacks are down
    The number of pirate attacks against sea vessels decreased to 297 last year -- the lowest since 2008 -- because of onboard security and navy patrols off Somalia's coast, according to the International Maritime Bureau. The threat of pirate attacks, however, is increasing off the coast of West Africa, particularly in the Gulf of Guinea, where pirate attacks increased to 58 last year, the group said. Reuters (1/16) LinkedInFacebookTwitterEmail this Story
  • Captive-insurer total in Mont. hit 114 last year
    Montana granted licenses to 34 captive insurers last year, data from the Office of the Commissioner of Securities and Insurance indicate. Montana now has 114 captive insurers, of which 79 are single-parent captives and 16 are risk-retention groups. The office said it's pushing for changes in Montana's captive law, such as allowing series limited liability company captives. Business Insurance (tiered subscription model) (1/17) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  Policy and Law 
  • Mich. has new department to oversee insurance, financial services
    Michigan Gov. Rick Snyder has issued an executive order to create the Department of Insurance and Financial Services. The department will assume functions that had been handled by the Office of Financial and Insurance Regulation. Lori Conarton of the Insurance Institute of Michigan said she is hopeful that the department will help promote the industries it will regulate. "It's a high-wage industry, and we think that we can grow it and encourage more companies to come here," Conarton said. (Michigan) (free registration) (1/17) LinkedInFacebookTwitterEmail this Story
  • Court again denies bid to put Fla.'s PIP law on hold
    A federal court in Florida has dismissed a lawsuit asking it to reconsider the denial of an injunction that would stop the implementation of a law revamping the state's personal-injury-protection insurance. "[N]o matter to what degree this court may sympathize with Plaintiffs' plight of suffering potential economic loss by virtue of this newly enacted legislation, the court must be guided by the rule of law," U.S. District Judge Richard Lazzara wrote in the ruling. PropertyCasualty360 (1/17) LinkedInFacebookTwitterEmail this Story
  • Other News
If I had my life to live over, I would perhaps have more actual troubles but I'd have fewer imaginary ones."
--Don Herold,
American humorist, writer and cartoonist

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