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  Top Story 
  • Study: Nonlife, reinsurance rates are expected to rise next year
    The industry is expected to see greater rates and premium volume in nonlife insurance and reinsurance, while improvement in the housing market is among the factors that may enhance results for insurers, according to a Swiss Re study. Nonlife insurance premium volume grew this year, a trend that appears likely to continue in 2013, but rate increases in 2012 were insufficient to offset lower investment yields, the study found. The industry achieved better underwriting results this year, however, and pressures on reserves in 2013 could spur faster-paced rate increases in casualty lines, the study said. Business Insurance (tiered subscription model) (12/11) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Customer satisfaction drops for P/C insurers, report says
    Rate increases in personal lines insurance prompted customers to give property/casualty insurers lower satisfaction ratings this year, according to the American Customer Satisfaction Index. The industry's overall customer satisfaction rating dropped to 78 out of 100, a five-year low, with smaller insurers experiencing a significant decline, according to the report. PropertyCasualty360 (12/10) LinkedInFacebookTwitterEmail this Story
  • Report: Social, mobile, cloud spur changes in business practices
    Insurers working on their consumer portals and a range of electronic services should examine a "nexus of forces" that are producing "new and radically different business scenarios," according to a Gartner report. Social, mobile, cloud and information elements are combining for a "user-driven ecosystem of modern computing" that is leading to changes in claims-status checks, policies and other functions, the report said. "The growing importance of the social commons will force insurers to improve their e-service functionality," Gartner said. Insurance Networking News (12/11) LinkedInFacebookTwitterEmail this Story
  • Officials: Ohio hits record high in allegations of insurance fraud
    The number of insurance fraud allegations in Ohio rose 10% over last year's figures to hit a record of 4,022, according to the state Department of Insurance. Officials said the increase reflects better insurance-fraud reporting in the state. "Insurance fraud is a cost of business, and like any cost of business, it gets passed on to normal consumers in higher premiums," said James Quiggle, spokesman for the Coalition Against Insurance Fraud. Insurance Journal/The Associated Press (12/11) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • N.J. Senate panel aims to help Sandy victims rebuild
    The New Jersey Senate Budget and Appropriations Committee held a hearing to get input from residents of areas heavily affected by Hurricane Sandy and its remnants. The committee's objective is "not about just hearing complaints. It's about coming up with solutions," said state Sen. Kevin O'Toole, adding that the committee may develop as many as 20 bills in an effort "to stitch back New Jersey again." The Star-Ledger (Newark, N.J.) (12/11) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Study: Insurers have less impact than banks on global economy
    As the insurance industry seeks exemption from bank-centric capital rules, a Geneva Association study said that carriers are much smaller and pose far less systemic risk than banks. The average of $1.5 trillion in assets held by the 28 largest banks is about four times greater than the average assets of the 28 biggest insurers, according to the study. In addition, the amount of credit default swaps sold by banks is 158 times greater than those sold by insurers, the study said. Reuters (12/11) LinkedInFacebookTwitterEmail this Story
  • Lawmaker says he'll view alternatives to request on NFIP borrowing
    Senate Banking Committee Chairman Tim Johnson, D-S.D., said increasing the National Flood Insurance Program's borrowing authority by 50% "is the primary solution" to pay claims related to Hurricane Sandy and its remnants. He added, however, that he is considering alternatives. "That's the only solution I see, but I could be wrong," Johnson said. PropertyCasualty360 (12/11) LinkedInFacebookTwitterEmail this Story
  • NTSB calls for ignition interlocks for drunken-driving offenders
    The National Transportation Safety Board is endorsing the mandatory installation of ignition interlocks for drunken-driving violators throughout the U.S. The recommendation "will be extremely useful in convincing state legislatures to pass ignition-interlock bills," said Jackie Gillan of Advocates for Highway and Auto Safety. Bloomberg (12/12) LinkedInFacebookTwitterEmail this Story
Thinking is like loving and dying. Each of us must do it for himself."
--Josiah Royce,
American philosopher

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