Report: Insurance focus on analytics boosts risk officers' role | Experts: Wider adoption of electric cars is unlikely to happen soon | Study: More Katrina-strength storms may occur as temperatures rise
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March 20, 2013
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Report: Telematics usage is poised for a sharp increase by 2018
Regulation and customer awareness are likely to push the number of telematics users past 300 million in five years, more than four times the current number, according to ABI Research. Vehicle original-equipment manufacturers "continue to roll out safety telematics services globally across their portfolio" and appear to "increasingly consider safety telematics as a commercial proposition and no longer await possible mandates, which keep being postponed," ABI Research's Dominique Bonte says. Insurance Networking News (3/19)
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Industry News
Report: Insurance focus on analytics boosts risk officers' role
Insurer chief risk officers are gaining a more prominent role as the industry places greater focus on Big Data and analytics to address increasing risk exposure, according to an Ernst & Young report. "Even marketing and branding efforts carry higher risks than previously, given that social media and consumer empowerment mean every interaction that goes awry can turn into a highly visible (and potentially costly) media event," the report says. "In other words, insurers are coming to terms with the presence of risk across their operations and seeking to define the right strategies and tactics to manage it properly." (3/19)
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Experts: Wider adoption of electric cars is unlikely to happen soon
Electric vehicles appear unlikely to capture 1% of the market before 2018, according to LMC Automotive. "Continuous improvement in gas engines will continue to push plug-in hybrids and electric vehicles further into the future," the forecasting firm's Michael Omotoso said. Hybrid cars reached 2% of the U.S. auto market after eight years, and a survey found that 60% of consumers have expressed an interest in such vehicles, Ford's Mike Tinskey says. Detroit Free Press (3/19)
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Catastrophic Risk
Study: More Katrina-strength storms may occur as temperatures rise
Increasing air temperatures and Atlantic Ocean surface temperatures could produce more hurricanes like Katrina this century, research indicates. The study is based on storm surges, said Aslak Grinsted of the University of Copenhagen. "When people talk about [hurricane] intensity normally, then they mean wind speed. But that is not what is causing the most damage only. Sometimes it's about how fast it is traveling," Grinsted said. Reuters (3/19)
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Calif. county's actions bring an insurance discount for homeowners
Mitigation efforts by Sacramento County, Calif., are resulting in a 35% discount on flood insurance for owners of 11,500 properties, officials say. The county achieved a better rating in the Federal Emergency Management Agency's Community Rating System program because of the efforts. The county's score is matched or exceeded by only four other communities nationwide, FEMA's Nancy Ward says. The Sacramento Bee (Calif.) (free registration) (3/19)
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Survey: N.J. residents say FEMA rules should be met to keep Sandy-relief aid
A Fairleigh Dickinson University survey of New Jersey registered voters found that most respondents want Hurricane Sandy victims who receive federal disaster aid to rebuild their homes to be resistant to "significant weather events." The survey also found that 58% of respondents are in favor of aid recipients having to return the money if they fail to follow the Federal Emergency Management Agency's guidance on rebuilding. The Star-Ledger (Newark, N.J.) (3/19)
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Other News
Policy and Law
NARAB II gets backing from agent groups, state regulators
A bill that seeks to streamline a system for nonresident producer licensing by establishing the National Association of Registered Agents and Brokers has the backing of agent and broker groups as well as state insurance regulators. While the National Association of Insurance Commissioners "recognizes that streamlined nonresident producer licensing is an important goal," a move to create such a system "must not undermine current state authorities to protect insurance consumers and take enforcement action against malfeasant producers," said Monica Lindeen, the group's vice president. PropertyCasualty360 (3/19)
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Insurer gets favorable Supreme Court ruling on class action suit
The U.S. Supreme Court has sided with an insurer facing a class action lawsuit by ruling that the case should be in federal court. The homeowner in the case signed a stipulation limiting damages at $5 million for the class and had sought to keep the lawsuit in a state court considered by insurers as friendly to plaintiffs. The decision indicates that "class action plaintiffs cannot manipulate the system by slicing and dicing claims," said Theodore Boutrous, who represented the insurer. Reuters (3/19)
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Quality is not an act, it is a habit."
-- Aristotle,
Greek philosopher
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