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January 11, 2013

  Top Story 
  • PCI praises Obama's signing of Medicare secondary-payer legislation: The Medicare IVIG Access Act is a major victory for beneficiaries and taxpayers, according to PCI. Read more. Read more. LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: Premium growth, slow organic growth likely for P/C insurers
    The property/casualty insurance industry is likely to experience challenges alongside expected premium growth this year, Deloitte says in a report. "The soft market for insurance may be over, but the hardening of the market is likely to remain modest. While premium rates and overall volume are both on track to rise this year, organic growth will not necessarily be quick -- or high -- enough to satisfy shareholders looking for a greater return on equity in a competitive capital market," Deloitte said. Business Insurance (tiered subscription model) (1/10) LinkedInFacebookTwitterEmail this Story
  • Expert: Automated traffic-law enforcement may affect auto premiums
    Red-light cameras and other automated methods of traffic-law enforcement "may have a quicker and more dramatic impact [on auto insurance premiums] than onboard technologies," Celent's Donald Light said. "If and when liability for many accidents shifts to the manufacturers of the automobiles ... it is likely that the frequency of accidents will be significantly lower, leading to lower losses, and lower premiums for auto insurers. So change is coming for auto insurers in terms of business and operating models. The big question is how quickly," Light said. (1/10) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Report: Models fail to give accurate account of Sandy losses
    Property/casualty insurers evaluating the damage from Hurricane Sandy relied on catastrophe models that focused on windstorm risk, sometimes resulting in hefty losses because the storm surge "caused the most damage," according to Fitch. The models also failed to reflect the exposure to auto losses as thousands of vehicles were found to be total losses because of salt-water damage, the ratings firm said. "Hurricane models typically produce low automobile losses under the assumption that the majority of vehicles are driven away prior to the storm as part of the evacuation," Fitch said. PropertyCasualty360 (1/10) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • N.Y governor looks to revamp workers' comp system
    A proposal by New York Gov. Andrew Cuomo to overhaul laws on workers' compensation and unemployment insurance aims to help employers save $1.3 billion. The proposal, included in Cuomo's State of the State address, was praised by PCI. "Gov. Cuomo has shown, both through ensuring the full implementation of the 2007 workers compensation reforms and through his continuing efforts to ensure that workers compensation works both for the employer and the worker, that he clearly 'gets it,' that bringing down workers compensation costs is critical to bringing jobs to New York and continuing New York's economic recovery," a statement from PCI says. Business Insurance (tiered subscription model) (1/10) LinkedInFacebookTwitterEmail this Story
  • High court hears case on blood-alcohol tests of drivers
    The U.S. Supreme Court is weighing a case involving a lawsuit on whether it's lawful for police to take blood samples from drunken-driving suspects without having a warrant. With backing from the federal government, Missouri prosecutors called on the justices to allow warrantless blood-alcohol tests because of the time required to obtain a warrant. Several justices, however, raised questions about bodily intrusions allowed by the government. The New York Times (tiered subscription model) (1/9) LinkedInFacebookTwitterEmail this Story
  • Commentary: Market security is a top issue for surplus-lines insurers
    Market security is among the major issues for surplus-lines insurers this year after the industry adjusted to the implementation of the Nonadmitted and Reinsurance Reform Act last year, writes Richard Brown, an insurance regulatory lawyer. Premium tax audits will be another significant issue that surplus-lines carriers will face in 2013, Brown writes. Insurance Journal (1/10) LinkedInFacebookTwitterEmail this Story
  Association News 
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