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October 8, 2012
News for property casualty insurers

  Top Story 
 
  • Major P/C insurance lines saw global rate uptick in Q3, Marsh says
    Major property/casualty insurance lines are showing potential for stability, as third-quarter global rates rose 0.9% over the previous quarter, according to a Marsh report. Renewal rates increased 1.4% during the third quarter, the report added. "With capacity and appetite for well-managed risk still strong, insureds are still able to achieve favorable results on renewal in many lines of business," Bowring Marsh CEO Andrew Chester said. PropertyCasualty360 (10/5) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Further increases in workers' comp rates are necessary, experts say
    Although workers' compensation prices have risen, more rate increases are necessary for insurers to offset weak investment income as well as higher costs because of medical inflation, according to experts. "The industry experienced rate increases throughout the first half of 2012. In the second half of 2012, those increases are moderating a bit in some lines of business. But others, like workers' compensation, are still in need of significant rate, and increases are not moderating," Zurich's Craig Fundum said. PropertyCasualty360 (10/5) LinkedInFacebookTwitterEmail this Story
  • Wyo. official: Auto insurance scam falsely cites state agency
    Wyoming Secretary of State Max Maxfield and state Insurance Commissioner Tom Hirsig are warning that a telemarketing scam is falsely claiming that Maxfield's office has determined that auto insurance policyholders are paying excessively for coverage. "My office does not have any such information about consumers. We certainly do not endorse any particular type of auto insurance," Maxfield said in a statement. Star-Tribune (Casper, Wyo.) (10/7) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Wash. is under an outdoor-burning ban amid wildfires
    Wildfires in Washington have prompted Gov. Chris Gregoire to ban outdoor burning. "Washington state is experiencing a weather pattern like one we've rarely seen before. The long, warm dry spell has elevated fire danger across our state. Given that we don't expect a significant amount of rainfall for quite some time, it makes sense to ... expand the burn ban," Gregoire said in a statement. KCPQ-TV (Seattle) (10/7) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • FIO director is selected as head of IAIS Technical Committee
    The International Association of Insurance Supervisors has chosen Federal Insurance Office Director Michael McRaith to succeed Monica Mächler as head of the organization's Technical Committee. Florida Insurance Commissioner Kevin McCarty, who is president of the National Association of Insurance Commissioners, also was considered for the position. McRaith helped spark a dialogue between U.S. and EU regulators on regulatory-regime equivalency, PCI officials said. PropertyCasualty360 (10/5) LinkedInFacebookTwitterEmail this Story
  • Delay in finalizing Solvency II draws flak from insurance watchdog
    The European Insurance and Occupational Pensions Authority has voiced criticism over the delay of Solvency II as the European Commission, the European Parliament and national governments have yet to reach agreement. National regulators would have to implement obsolete rules if no agreement is reached soon, EIOPA Chairman Gabriel Bernardino wrote in a letter to EU Commissioner Michel Barnier. "[T]here is a huge danger that supervisors will not be able to identify and analyze risks correctly and will not be able to take the necessary supervisory actions in time, which may have serious consequences for policyholder protection," Bernardino wrote. Reuters (10/5) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
The ability to deal with people is as purchasable a commodity as sugar or coffee and I will pay more for that ability than for any other under the sun."
--John D. Rockefeller,
American industrialist and philanthropist


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