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  Top Story 
  • N.Y. governor presses for faster payment of Sandy claims
    New York Gov. Andrew Cuomo has tightened the deadline, to six days, for insurance adjusters to inspect properties. The move is part of an effort to expedite the payment of insurance claims related to Hurricane Sandy. Cuomo also is letting adjusters from other states help tackle Sandy-related claims, and he has commended some property/casualty insurers for their initiatives to reduce the backlog of claims. "No one takes their role of helping customers more seriously than insurers," PCI's Kristina Baldwin said. San Antonio Express-News/The Associated Press (11/29) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: Accident-year results are declining for liability insurance
    Liability insurers need to revisit their business strategies, as market trends such as favorable calendar-year underwriting have concealed the sector's dwindling accident-year results, a Conning report says. "Decreasing loss frequency and an ample reserve position have supported satisfactory results even in the face of falling premium rates in the past decade's soft market. If current trends continue, however, the tort environment is expected to worsen for the defense bar, with adverse loss frequency and severity trends likely emerging for insurers," said Jerry Theodorou, an analyst with Conning. Insurance Networking News (11/29) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Lawmakers seek to address climate change in light of Sandy
    Some Democratic lawmakers are calling for climate-change measures to be considered amid rebuilding of the infrastructure in states affected by Hurricane Sandy and its remnants. "The infrastructure for the past is no longer adequate for the new normal of new extremes that we are now facing," said Sen. Sheldon Whitehouse, D-R.I. Sen. Charles Schumer, D-N.Y., said that "Sandy reminded us of a very stark reality -- we can either invest now or we'll pay later." CBS News (11/29) LinkedInFacebookTwitterEmail this Story
  • Forecasters: 2012 hurricane season was among the "most unusual"
    The 2012 Atlantic hurricane season is considered among "the most unusual seasons on record with a significant number of weaker cyclones combined with a general lack of major hurricane activity," according to a report from a team of forecasters at Colorado State University. This year's season generated one major hurricane among 19 named storms. PropertyCasualty360 (11/29) LinkedInFacebookTwitterEmail this Story
  • Experts want to enhance warning system for storm surge
    The National Hurricane Center wants to improve the warning system for storm surge after water caused the greatest damage during this year's hurricane season, says Rick Knabb, the center's director. "We've been working toward a new storm-surge warning for a few years now," Knabb said. Hurricane Sandy and two other named storms this year "show us how much we really need to hit the accelerator on getting that storm-surge warning out the door," he added. Reuters (11/29) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Lawmakers, regulators: Basel III approach needs revision
    Lawmakers and state regulators say the Federal Reserve and other U.S. banking regulators should revamp their approach to Basel III implementation because they say the rules could subject insurers and small banks to stricter capital requirements. "The one-size-fits-all approach ... does not take into consideration the diversity of our nation's financial system and the unique challenges faced by different-sized institutions," said Rep. Shelley Moore Capito, R-W.Va. Insurers that provide banking services would face difficulty in complying with bank-centric rules, said Kevin McCarty, Florida insurance commissioner and president of the National Association of Insurance Commissioners. Reuters (11/30) LinkedInFacebookTwitterEmail this Story
  • Bill for illegal-immigrant driver's licenses heads to full Ill. Senate
    The Illinois Senate is expected to act on a bill that could allow 250,000 illegal immigrants to obtain a special driver's license after the legislation cleared the Senate Executive Committee. The measure aims to improve road safety by requiring illegal immigrants to undergo vision and driving tests to obtain the license, Senate President John Cullerton said. Chicago Tribune (tiered subscription model) (11/29) LinkedInFacebookTwitterEmail this Story
  Association News 
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