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  Top Story 
  • Sandy offers a chance to ensure clarity of coverage, execs say
    The aftermath of Hurricane Sandy is a time when property/casualty insurers should re-examine insurance contracts and improve clarity in their policy language, industry executives say. Erie Insurance CEO Terrence Cavanaugh says that he, as part of PCI, has been coordinating with the National Association of Insurance Commissioners to address the "lack of transparency in the policy, especially with more sophisticated products." PropertyCasualty360 (12/10) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Survey: Prices for commercial insurance lines continued to rise in Q3
    A Towers Watson survey found that commercial insurance pricing continued to increase in the third quarter, with aggregate prices rising 6% compared with the same period in 2011. "In the current environment, underpricing of current business could seriously harm net income. Declining reserve releases, combined with insufficient investment income, have put enormous pressure on earnings. Pricing discipline, as a result, is even more important -- and underwriting results really need to perform well for the foreseeable future," Towers Watson's Tom Hettinger said. Insurance Networking News (12/10) LinkedInFacebookTwitterEmail this Story
  • Report: Insurers face difficulty in evaluating exposure from Sandy
    While property/casualty insurers and reinsurers are unlikely to see major effects on their credit from Hurricane Sandy, the storm confronted the industry with unexpected risks, according to a Standard & Poor's report. Many carriers have had difficulty determining their exposure to losses from the storm because nonstandard policy wordings and other factors have led to complexity in flood, business-interruption and infrastructure claims, the ratings firm said. Losses from the storm may reduce insurers' earnings this year, but are not expected to erode capital, S&P added. Business Insurance (tiered subscription model) (12/10) LinkedInFacebookTwitterEmail this Story
  • Premiums are increasing for fidelity/crime insurance, report says
    Fidelity/crime insurance rates increased 3.3% on average during the third quarter, when rates rose for 46% of accounts, according to a report from Marsh. The market segment is relatively stable based on available capacity and pricing, Marsh said. "Given the consistent profitability to insurers of the fidelity/crime product line, we expect it will continue to attract modest amounts of new capacity, which will pressure traditional carriers to temper efforts to increase premiums," the report says. PropertyCasualty360 (12/10) LinkedInFacebookTwitterEmail this Story
  • Insurers' mobile systems are used across age groups, study says
    Mobile systems provided by insurers are used by people across all age groups, not just of a certain generation, according to a study by Celent. Consumers seeking service turn to a range of technological options, choosing a channel that best suits a particular transaction, the study said. "What came across with this study is a continued focus on mobile development for customer service," Celent's Mike Fitzgerald said. PropertyCasualty360 (12/10) LinkedInFacebookTwitterEmail this Story
  • Road deaths in 2011 dropped to lowest level since 1949, NHTSA says
    The number of U.S. traffic fatalities dropped 1.9% last year, to 32,367, the lowest on record since 1949, according to the National Highway Traffic Safety Administration. The decrease can be attributed to more effective technologies for seat belts and air bags, safer vehicles and better driving behavior, experts said. "We're confident that NHTSA's 5-Star Safety Ratings Program and nationwide collaborations like 'Click It or Ticket' and 'Drive Sober or Get Pulled Over' have played a key role in making our roads safer," NHTSA chief David Strickland said. The Christian Science Monitor (12/10) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Experts discuss disaster preparation and rebuilding
    A panel of experts at a Harvard School of Public Health forum discussed the challenges in post-disaster rebuilding and preparation for future disasters, as well as the public perception of climate change after the devastation caused by Hurricane Sandy. "The challenge now is that looking back to determine future preparations will not be enough" because "the future is changing," said Paul Biddinger, director of the school's Emergency Preparedness and Response Exercise Program. The Huffington Post (12/10) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • White House budget request seeks NFIP borrowing cap of $30.4B
    The Obama administration has sent Congress a supplemental budget request in light of Hurricane Sandy. The request also seeks to raise the National Flood Insurance Program's borrowing authority to $30.4 billion, a 50% increase. "I think [the borrowing-cap increase] is an adequate amount for existing losses and potential losses. It also provides a small cushion for future events," said Mississippi Insurance Commissioner Michael Chaney, who heads the National Association of Insurance Commissioners' working group on flood insurance. PropertyCasualty360 (12/10) LinkedInFacebookTwitterEmail this Story
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  Association News 
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