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| News for property casualty insurers |
- Editorial: Fla. officials make the right move in revamping Citizens
Florida officials' decision to revamp Citizens Property Insurance is "a welcome and overdue step" to address concerns spurred by the state-backed insurer's rapid growth, according to this editorial. A major hurricane could result in Citizens' inability to pay claims and the passing on of costs to non-Citizens policyholders, says the editorial, citing a 2007 report from the Property Casualty Insurers Association of America. "The Legislature and [Gov. Rick] Scott should therefore keep working on reforming and shrinking Citizens. Florida residents need to be sure that Citizens can cover claims should a big storm, or several storms, hit," the editorial concludes. The Daytona Beach News-Journal (Fla.)
(4/18)      
 | Combat fraud and improve pricing accuracy.
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| Industry News |  |  |
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- Customer satisfaction declines for auto claims, study finds
Overall customer satisfaction has dropped for auto insurance claims, but the decline could be a result of policyholders' decisions, according to a J.D. Power and Associates study. Although many customers were displeased with the waiting period for their vehicles to be repaired, almost half of claimants said they opted to wait for a convenient time to bring their vehicle to a body shop, the study found. "Many times the car is still drivable, so they wait. The problem is that skews how long it takes to get their car back from the point at which they report damage," said Jeremy Bowler of J.D. Power. PropertyCasualty360
(4/18)
- Study: Industrial and materials companies deal with 3 major risks
Economic turmoil, business interruption and fluctuations in commodity pricing are the three major risks for the global industrial and materials industry, an Aon study found. Catastrophes around the world in 2011 "served as a wake-up call for all organizations to more carefully evaluate the interdependencies of their global operations. It is more important than ever for organizations to embrace an enterprise-wide approach to managing risk and optimize that strategy on a global basis," Aon's Mike Stankard said in a news release. Insurance Networking News
(4/18)
- Survey: Risk managers' main worries are still economics-related
Most of risk managers' concerns still stem from economic risks, according to a survey by the Society of Actuaries, Casualty Actuarial Society and Canadian Institute of Actuaries. "The financial crisis pointed out both the shortcomings of implementation at many firms as well as the potential for the risk management process when backed by a strong risk culture. Most risk managers are providing input and having a say when new opportunities are considered, and [enterprise risk management] activity is expanding," according to a report on the survey. Business Insurance (tiered subscription model)
(4/18)
| Catastrophic Risk | | |
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- Calif. Delta faces flooding risk because of aging levees
Big investments have gone toward upgrading levees in the Delta of central California to meet federal standards, but many experts are concerned that the risk of flooding remains because of the region's century-old levees. The levees are vulnerable to earthquake damage, the experts said. "I think the Delta is the single most serious seismic vulnerability in the state," said Jonathan Stewart, an earthquake expert at UCLA.  Contra Costa Times (Walnut Creek, Calif.)
(4/18)
| Policy and Law | | |
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- "Hurricane deductibles" bill clears Conn. House
The Connecticut House has voted in favor of legislation to prevent property/casualty insurers from applying "hurricane deductibles" if a hurricane weakens into a tropical storm by the time it reaches the state. Insurance Information Institute President Robert Hartwig disagreed with one lawmaker's statement about preventing "insurance industry abuse." Deductibles after Tropical Storm Irene received state Insurance Department approval, Hartwig said, adding that "I think the effort here is to achieve consistency. So, any comments that this curbs some kind of abusive practice by insurers are completely out of line and false." The Hartford Courant (Conn.)
(4/18)
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