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January 9, 2013

  Top Story 
  • S&P: 2013 outlook is largely stable for the insurance industry
    The credit outlook for the U.S. insurance industry will remain generally stable this year because of the favorable business climate, the industry's strong balance sheets and better enterprise risk management, Standard & Poor's Ratings Services says. But political fighting and the slow economic recovery pose threats, the ratings firm said. "Unfortunately, we expect the downside risks to continue to outweigh upside risks at least in 2013," said Rodney Clark of S&P. PropertyCasualty360 (1/8) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Many risk managers keep carriers after smaller rate hikes, poll finds
    Most risk managers whose general liability insurance rates increased said in a poll by Hanover Stone Partners that they remained with their carrier after rates rose. "In the face of modest price increases, most buyers are choosing to maintain both their level of insurance protection as well as their relationships with incumbent insurers," said John Kelly of Hanover Stone. "Should pricing continue to rise, however, we may see more buyers looking for alternatives, both in terms of program structure and their insurance providers." PropertyCasualty360 (1/8) LinkedInFacebookTwitterEmail this Story
  • Study: Malpractice claims take up about 11% of physicians' time
    A study found that medical practitioners allocate about 11% of their time to dealing with malpractice claims. "We believe that the time required to resolve malpractice claims may be a significant reason that physicians are so vocal about malpractice reform, and that any attempt at malpractice reform will need to take the speed with which cases are resolved into account," according to Harvard Medical School's Anupam Jena, an author of the study. HealthDay News (1/8) LinkedInFacebookTwitterEmail this Story
  • Experts: Auto insurance is set to evolve with new coverage types
    The auto insurance business is likely to remain normal for "the foreseeable future" amid technological advances, but factors such as new types of coverage could cause shifts in the industry, write Marik Brockman and Anand Rao of PricewaterhouseCoopers. "Despite some doomsday predictions for the industry, there are opportunities for insurers to develop innovative new products, alternative distribution approaches, and new customer segments which can help them thrive, not just survive," Brockman and Rao write. (1/8) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Commentary: Agents need to prepare for post-disaster E&O claims
    An insurance agency must develop an effective recovery plan to minimize exposure to errors-and-omissions claims and defend themselves when addressing such claims after hurricanes and other catastrophes, writes Sally Combs of Fireman's Fund Insurance. "While many agents' clients have disaster recovery plans, those same plans may be deficient among the agents," Combs writes. An insurance agency "needs a recovery plan, including off-site data storage, to cope with post-disaster losses, not just to aid in their own defense, but to keep their business running efficiently," Combs adds. Insurance Journal (1/8) LinkedInFacebookTwitterEmail this Story
  • Texas' insured losses amounted to $2.3B last year, group says
    Insured losses in Texas for 2012 amounted to $2.3 billion, with the costliest disasters being a pair of storms that caused $1.66 billion in insured losses in the Dallas-Fort Worth area in the spring, the Insurance Council of Texas said. "You just need a couple of storms like the ones in April and June that go through a heavily populated areas and you have horrific numbers really quick," the association's Mark Hanna said. Fort Worth Star-Telegram (Texas) (1/7) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
If you want to test your memory, try to recall what you were worrying about one year ago today."
--E. Joseph Cossman,
American entrepreneur and inventor

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