 |  |
| Top Story |  |  |
|
- Basel III capital rules aren't suitable for insurers, senator says
Senate banking committee members expressed concern about a proposal that would apply international capital standards to insurance companies deemed systemically significant and insurers with thrifts. Banking agencies need to coordinate with insurance regulators "to better understand the insurance-accounting framework and risk-based capital model currently used," said Sen. Tim Johnson, D-S.D. PCI said Basel III capital standards could hurt businesses and the economy, and that regulatory agencies must "identify the perceived gaps that were exposed during the financial crisis and then develop the most effective and efficient approach to bridging those gaps." PropertyCasualty360
(11/15)      
| Industry News | | |
|
- Outlook is stable for personal-lines insurance, report says
The property/casualty personal-lines market is expected to remain stable after facing losses from Hurricane Sandy and its remnants, according to a Moody's Investors Service report. "We expect that losses from Hurricane Sandy will not jeopardize capital for major property and casualty insurers, although it will weaken 2012 earnings," said Enrico Leo of Moody's. PropertyCasualty360
(11/15)
- Survey: P/C carriers expect $17.5M cost to upgrade claims functions
Claims executives polled by Accenture said they expect the modernization of property/casualty claims systems to cost an average of $17.5 million in the coming three years. "Today's digital-savvy, mobile-enabled consumers expect seamless, real-time interaction with their service providers. For P&C insurers, that means reducing settlement times and enabling policyholders to interact with them about the progress of their claims when and where they want. A modern core claims system is essential to achieving all of these objectives," Accenture's Michael Costonis said. Insurance Networking News
(11/15)
| Catastrophic Risk | | |
|
- Obama: U.S. needs a conversation on addressing climate change
President Barack Obama has pledged to begin a national conversation on climate change, but stopped short of proposing a legislative push to address the issue. Obama added that he will not seek climate solutions that threaten the country's economic recovery. "If the message is somehow we're going to ignore jobs and growth simply to address climate change, I don't think anybody's going to go for that," he said. "I won't go for that." Reuters
(11/14), The Washington Post/The Associated Press
(11/14)
- RMS estimates insured losses from Sandy in range of $20B to $25B
Risk Management Solutions has estimated that insured losses from Hurricane Sandy and its remnants could be between $20 billion and $25 billion, RenaissanceRe's Kevin O'Donnell says. RMS had been holding off on releasing an estimate because it said too many variables could affect the amount of losses. More losses like those from Sandy are possible "in our lifetime," O'Donnell said. PropertyCasualty360
(11/15)
- FAIR plans threaten higher taxes and premiums, study finds
Plans based on Fair Access to Insurance Requirements provided coverage to 3.3 million homeowners and businesses with an overall value of $884.7 billion last year, and they will pose a significant threat to state finances if a hurricane hits, according to a study by Robert Hartwig and Claire Wilkinson of the Insurance Information Institute. Taxpayers, including those in areas of lower risk, "will continue to face the prospect" of increased premiums and taxes, the experts said. The New York Times (tiered subscription model)/Green blog
(11/15)
| Policy and Law | | |
|
- Senate fails to clear cybersecurity legislation
A test vote in the Senate failed to garner a filibuster-proof majority for a cybersecurity bill to allow intelligence agencies and private firms to have greater information-sharing capability. The bill has met opposition from business groups, and privacy groups are concerned that the proposal could lead to online eavesdropping. Senate Majority Leader Harry Reid, D-Nev., said an executive order from President Barack Obama is necessary "to fully protect our nation from the cybersecurity threat." Reuters
(11/15)
- Captives group wants legislation to clarify intent of NRRA
The Coalition for Captive Insurance Clarity is seeking legislative language saying that provisions of the Nonadmitted and Reinsurance Reform Act were not meant to be applied to captive insurers. "The captive insurance industry expects and desires strong regulation," and the confusion about captives that arises from the law could adversely affect the industry, Vermont Gov. Peter Shumlin said in a statement. "Companies need to have the choice of where they domicile based on regulatory strength, not based on tax ambiguity." Business Insurance (tiered subscription model)
(11/15)
| SmartQuote | | |
|
 | One thing I am convinced more and more is true and that is this: The only way to be truly happy is to make others happy. When you realize that and take advantage of the fact, everything is made perfect."
--William Carlos Williams,
American poet and physician
|
| |
| Advertise |
| Associate Publisher:
Abiy Bekele 212-450-7919
|
|
|
| |
|
Read more at SmartBrief.com |
|
A powerful website for SmartBrief readers including:
|
|
|
|
| |
| |
| | Recent PCI SmartBrief Issues:
- Thursday, November 15, 2012
- Wednesday, November 14, 2012
- Tuesday, November 13, 2012
- Monday, November 12, 2012
- Friday, November 09, 2012
| | | Lead Editor: Charles Tomlinson
Sales Account Director: Jasmine Rogers
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 | |
| |
|
| © 1999-2012 SmartBrief, Inc.® Legal Information |
|
