Survey: Agents and insurers cite improved interactions | M&A deals should involve risk managers' insight, experts say | Endorsements would exclude cosmetic wind and hail damage
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March 8, 2013
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Report on insurers' catastrophe readiness draws industry criticism
A report commissioned by Ceres said many insurers operating in California, Washington and New York have strategies that aren't geared toward dealing with more severe natural disasters in the long run. But David Snyder of PCI said the industry is adopting a range of strategies that address climate-related risk. "Across the board we think the industry is responding to the needs of its policyholders," Snyder said. Insurance Journal (3/7)
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Industry News
Survey: Agents and insurers cite improved interactions
Agents and insurers reported better interaction but differed on which financial metrics were seen as most beneficial, according to a survey by Strategy Meets Action. The biggest connectivity hurdle among insurers and agents was re-keying data across systems, the survey found. "To achieve real business advantage, connectivity must move beyond data exchange to informed interaction that provides the ability to complete the transaction in an environment of collaboration and negotiation as it is required," according to Strategy Meets Action. Insurance Networking News (3/7)
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M&A deals should involve risk managers' insight, experts say
Risk managers' input on insurance and liability matters is crucial when a merger or acquisition is under consideration, experts said. "If your company expects to acquire or be acquired by another company ... the cost of the transaction cannot be assessed unless you've looked at the contracts, the insurance and the indemnification at issue," said Meghan Magruder, a partner at King & Spalding. "Often overlooked by risk managers today is the value of historical insurance that might address latent or long-tail liabilities that come up," she added. Business Insurance (tiered subscription model) (3/7)
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Endorsements would exclude cosmetic wind and hail damage
Endorsements filed by ISO and the American Association of Insurance Services would exclude cosmetic property damage caused by hail and wind. As wind and hail claims are increasing, "insurers would prefer to have the choice to allow some homeowner insureds to get a break on their premium for damage that is purely cosmetic in nature," said Joseph Harrington of the American Association of Insurance Services. Insurance Journal (3/7)
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Other News
Catastrophic Risk
Recent snow increases Red River flooding risk, forecasters say
The National Weather Service forecasts a higher risk of Red River flooding near Fargo, N.D., and Moorhead, Minn., because of snowfall this month. Fargo officials said the city is prepared with sandbags left over from 2011 if a flood crest exceeds 38 feet. The Forum (Fargo, N.D.-Moorhead, Minn.) (free registration) (3/7)
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FBI to look for disaster-relief fraud among N.J. homeowners
The FBI plans to be on the lookout for New Jersey homeowners who may be defrauding federal disaster-relief programs and insurers following Hurricane Sandy. "We're going to take cases that otherwise clearly would not be on our radar screen," said Douglas Veivia, an FBI supervisory special agent in New Jersey, adding that "we want to bring some of them early in the process to serve as a deterrent." The Record (Hackensack, N.J.) (3/6)
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Policy and Law
Some property owners to lose federal subsidies under new law
The Biggert-Waters Act, passed by Congress last year, could do away with federal subsidies for people in flood-prone coastal communities, according to this article. The law was passed in an effort to shore up the National Flood Insurance Program. Such measures "will have a large impact on the cost of ownership. Part of the message we're trying to get out, especially to property owners whose homes were damaged by Hurricane Isaac, is to find any available methods to elevate now," said David Hiegel of the Federal Emergency Management Agency. The Times-Picayune (New Orleans) (3/7)
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SmartQuote
Hope never abandons you, you abandon it."
-- George Weinberg,
American psychologist, writer and activist
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