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October 23, 2012
News for property casualty insurers

  Top Story 
  • Personal-lines insurers' first-half net income was $5.2B, report says
    Personal-lines insurers' after-tax income in the first six months of 2012 was about $5.2 billion, compared with an $800 million loss during the same period last year, according to an A.M. Best report. The sector's combined ratio improved to 101.7 for the first half of the year, compared with 109.4 in the first half of 2011, the report says. The revenue increase was "due primarily to rate increases on homeowners and private passenger automobile liability lines. This has mainly been in response to the significant rise in property losses resulting from a trend of more frequent and severe weather-related claims over the past four years," the report says. PropertyCasualty360 (10/22) LinkedInFacebookTwitterEmail this Story
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  Industry News 
 
  • Report: Transactional-risk policy limits are up 35%
    Businesses are seeking insurance to guard them from risks related to mergers and acquisitions, a trend evidenced by the fact that limits for transactional-risk policies rose 35% to $2.3 billion during the 12 months that ended June 30, according to a Marsh report. "Demand for transactional-risk insurance has soared as both buyers and sellers worry about how to protect their positions during a deal. We are increasingly seeing sellers build transactional-risk insurance into the M&A process in order to exit with minimal post-closing warranty exposure, while at the same time preventing buyers from seeking to reduce the purchase price," Marsh's Lorraine Lloyd-Thomas said. PropertyCasualty360 (10/22) LinkedInFacebookTwitterEmail this Story
  • Study: Configurable system helps insurer boost efficiency by 25%
    A case study nominated for the Novarica Research Council Impact Award found that a property/casualty insurance company was able to improve its efficiency by 25% after it moved from legacy policy-administration systems to a modern configurable system. The replacement also helped the insurer achieve a 25% improvement in accuracy of location-related information, the study found. Insurance Networking News (10/22) LinkedInFacebookTwitterEmail this Story
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  Catastrophic Risk 
 
  • Inquiry is sought in denial of $46M payment for La. cleanup
    The Federal Emergency Management Agency should conduct an investigation into the Louisiana Recovery Office's decision to deny payment of $46.1 million to Livingston Parish for waterway cleanup following Hurricane Gustav in 2008, U.S. Rep. Bill Cassidy says. "The parish has documented scores of examples of flooding from streams that the [Louisiana Recovery Office] claimed would not flood, even if choked with debris. In light of this evidence, the LRO's conclusion that none of the streams anywhere in the parish presented a flood risk seems illogical," Cassidy wrote in a letter to FEMA officials. The Advocate (Baton Rouge, La.) (10/23) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Policy and Law 
  • Kan. law helps decrease crashes involving teen drivers, experts say
    The number of wrecks in Kansas involving motorists ages 14 to 16 dropped below 3,000 in 2011 after topping 5,000 in 2004 and 2005, according to data from the state Department of Transportation. The decline can be attributed in part to a graduated driver's license law that the state implemented in 2010, safety experts say. "I think that's exactly the outcome we expected," said Suzanne Wikle of nonprofit group Kansas Action for Children. Insurance Journal/The Associated Press (10/22) LinkedInFacebookTwitterEmail this Story
  Association News 
 
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  SmartQuote 
Too often man handles life as he does the bad weather. He whiles away the time as he waits for it to stop."
--Alfred Polgar,
Austrian journalist


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