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October 17, 2012
News for property casualty insurers

  Top Story 
 
  • Report: Regional insurers fell behind others in metrics for past decade
    Regional insurers' performance metrics for the past 10 years show that they fell behind other types of insurers in return on equity, according to a Fitch Ratings analysis. "For regionals and personal-lines writers, the key driver of deteriorating combined ratios was higher catastrophe losses in the period ending 2011," Fitch says, adding, "While most personal-lines writers in the analysis have adequate scale, regional insurers also have scale disadvantages that promote higher expense ratios and a more-limited underwriting opportunity set." PropertyCasualty360 (10/16) LinkedInFacebookTwitterEmail this Story
 New Era of High-Performance Analytics in Insurance
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  Industry News 
  • Survey: Agents cite P/C insurers facilitating placement of business
    Independent agents and brokers cited in a survey the property/casualty insurers with which they say it's easiest to place business. The respondents identified the insurers based on 11 factors. "We continue to be impressed by how carriers are using this data to focus their improvement efforts. While there is always room for improvement, it is useful to allocate resources to those areas where the greatest return can be had," said Nort Salz, president of Deep Customer Connections, which performed the survey. PropertyCasualty360 (10/16) LinkedInFacebookTwitterEmail this Story
Selling your business? Here are 7 things you should do now.
If you're considering selling your business, you should be doing everything you can to get the best possible price. In just 7 simple steps you can improve your chances of attracting buyers and getting big bucks for your business. Read the article and learn the 7 steps.

  Catastrophic Risk 
 
  • Study: Major Atlantic hurricanes more likely to form in hotter years
    Hurricanes the size of Katrina have double the likelihood of developing off the Southeastern U.S. coast during hotter years than in cooler years, according to a study published in Proceedings of the National Academy of the Sciences. The hurricanes with big storm surges have increased in frequency since 1923, the study also found. "We simply counted how many extreme cyclones with storm surges there were in warm years compared to cold years, and we could see that there was a tendency for more cyclones in warmer years," said Aslak Grinsted of the University of Copenhagen. Los Angeles Times/Science Now blog (tiered subscription model) (10/16) LinkedInFacebookTwitterEmail this Story
  • La. officials call for improved storm-protection system
    Presidents of four parishes in southeastern Louisiana and the mayors of four cities have signed a "storm defense compact" to urge Congress and the Army Corps of Engineers to take steps to improve the hurricane-protection system in their area. "It's a national issue," and federal aid is necessary to prevent "the Gulf of Mexico lapping at the door of metropolitan New Orleans," said Jefferson Parish President John Young. The Times-Picayune (New Orleans) (10/16) LinkedInFacebookTwitterEmail this Story
  • Editorial: Okla. faces dam-failure risk
    Oklahoma faces a significant risk if dams were to fail, and state and federal action is needed to avoid dam-related disasters, according to this editorial. Records from the Association of Dam Safety Officials show the state has 4,758 dams, 321 of which fall into the "high hazard" category, the editorial says. "The challenge is finding enough money to make sure dams are safe. Perhaps the larger challenge is to get the public engaged on a problem that most people don't see as being a problem," the editorial argues. The Oklahoman (Oklahoma City) (10/16) LinkedInFacebookTwitterEmail this Story
  • Commentary: Climate change has a big effect on Missouri River
    The Missouri River is becoming "wilder, less predictable, and more dangerous," posting its greatest monthly flow rate and lowest September flow rate within the past 16 months, environmental consultant Robert Kelley Schneiders writes. A Bureau of Reclamation report in 2011 said the river's annual runoff could increase as a result of climate change, Schneiders writes. "[S]urprisingly, and inexplicably, the [Army Corps of Engineers] has done very little to address climate change along the Missouri. As a matter of fact, it is actually taking steps that will exacerbate the negative effects of climate change on the river," he writes. St. Louis Post-Dispatch (10/16) LinkedInFacebookTwitterEmail this Story
  • W.Va. seeks federal aid for more counties hit by June storm
    West Virginia Gov. Ray Tomblin has filed a request for federal individual assistance for 20 additional counties hit by a severe storm in June. The governor succeeded previously in getting individual aid for four of 24 affected counties. "Our families, seniors and individuals in these 20 counties need additional help to fully recover from the June storm," Tomblin said in a statement. The Gazette (Charleston, W.Va.) (free registration) (10/16) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Policy and Law 
  • Rating bureau seeks workers' comp rate hike in Delaware
    The Delaware Compensation Rating Bureau has filed a request with the state Insurance Department to increase workers' compensation rates for the residual market by 43.5%, and by 38% for the voluntary market. Insurance Commissioner Karen Weldin Stewart has scheduled a public hearing on the proposal for Nov. 2. Cape Gazette (Lewes, Del.) (10/16) LinkedInFacebookTwitterEmail this Story
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  Association News 
  • PCI announces 2013 Human Resources Conference
    PCI is holding its 2013 Human Resources Conference from April 21 to 24 in Boston. Human resources insurance professionals from across the U.S. will gather together for this unique opportunity to network and share ideas with fellow colleagues, as well as discover the latest issues facing the human resources industry. LinkedInFacebookTwitterEmail this Story
 
  • ACIC says CDI regulation invites unnecessary litigation
    In testimony before the California Department of Insurance workshop, the Association of California Insurance Companies raised concerns over the department's proposed prior-approval regulations, stating they would slow an insurer's ability to respond to customers' needs, and inappropriately make trade secret information publicly available. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
In times of change, learners inherit the earth; while the learned find themselves beautifully equipped to deal with a world that no longer exists."
--Eric Hoffer,
American social writer


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