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October 26, 2012
News for property casualty insurers

  Top Story 
  • Solvency II testing could cause 2-year delay, document says
    The EU is considering moving the implementation of Solvency II rules to 2016 so the European insurance regulator can test the proposed regulations' potential impact, according to an internal document. "The current system is inadequate in identifying the risks to which insurers are exposed," the document says. If the tests are conducted soon, however, the regime could go into effect in 2015, according to the paper. Reuters (10/25) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • How to ensure automated systems work for underwriters
    The development of automated underwriting systems requires a checklist so that underwriters' expectations are met, write Gino DiGregorio and Charity McGill of Accenture. Carriers that "are careful and systematic in their selection of underwriting automation technology have a better chance of enhancing their risk selection and underwriting decisions," they write. "When properly selected and implemented, such systems can improve access to information and provide underwriters and management with real-time insights into performance." (10/25) LinkedInFacebookTwitterEmail this Story
  • Commentary: Captives should prepare for new regulations
    Changes to insurance regulation could significantly affect captive insurers, writes Sidney Williams of Strategic Risk Solutions. These changes could increase compliance costs and force financial officers to meet capital-efficiency rules, and some offshore captives may change domiciles to dodge Solvency II requirements, Williams writes. "The current regulatory changes are so remarkable and profound that the entire face of the captive risk transfer market may be altered by the results of their implementation. For captives around the globe, the next two years will represent a new day, but not necessarily doomsday," he writes. Insurance Journal (10/25) LinkedInFacebookTwitterEmail this Story
  • Expert: Document-management systems should meet insurers' needs
    An insurance company should consider factors such as cost savings and compliance when selecting a document-management system, writes Jim True of Cabinet. "Many features of a document management system will enable insurance companies -- both small and large -- to enhance efficiency, boost productivity, increase profitability, and improve client satisfaction, and overall business risks reductions," True writes. PropertyCasualty360 (10/25) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Hurricane Sandy may cause East Coast flooding, experts say
    Hurricane Sandy could affect much of the East Coast and could pose a greater threat if it merges with another storm system, according to forecasters. Although Sandy is expected to weaken before it hits the U.S., "it would be very large, perhaps even larger than Hurricane Irene," said AIR Worldwide's Scott Stransky, adding that "if it were to hit the exact same spot that Irene hit ... the damage could be worse than Irene." Reuters (10/25), Reuters (10/25) LinkedInFacebookTwitterEmail this Story
  • PCI urges Atlantic coast residents to prepare for potential hurricane impact: As Hurricane Sandy heads north from Jamaica, PCI is urging those along the coast to begin taking basic precautions to safeguard themselves, their families and their property. Read more. LinkedInFacebookTwitterEmail this Story
  • Group: Utah must act to reduce effects of climate change
    Utah has failed to prepare adequately for climate change, putting its natural resources at risk, according to a report from the Utah Rivers Council, an environmental group. Average temperatures could increase, contributing to flooding and other extreme weather events, the report says. "The conservative course of action is to prepare for these extremes," said Zach Frankel, the group's executive director. The Salt Lake Tribune (Utah) (10/25) LinkedInFacebookTwitterEmail this Story
  • Official: Wyo. has seen a harsh year for wildfires
    About 560,000 acres in Wyoming were burned by as many as 1,400 fires this year, making the wildfire season among the most destructive on record for the state, said Bill Crapser, a state forester. "Normally we would have a few fires in June and then our fire season would start in about mid-July. This year, the first week in June we had several large fires and it just continued throughout the summer," Crapser said. Insurance Journal/The Associated Press (10/25) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Commentary cites risks from reinsurance-tax bill
    A bill with new taxes for reinsurers would be detrimental to disaster response in the U.S., write J. David Cummins of Temple University and Bradley Kading of the Association of Bermuda Insurers and Reinsurers. "With the potential losses from extreme weather on the rise, the need for global reinsurance will continue to expand," they write. "... Establishing a punitive tax that restricts global risk-spreading will increase consumer costs and take away from the pool of money needed for the unforeseen hurricanes, earthquakes and other catastrophes that cannot be handled with traditional insurance alone." The New York Times (tiered subscription model)/DealBook blog (10/25) LinkedInFacebookTwitterEmail this Story
  • Legislators: Raising workers' comp rates may hurt Del. economy
    A proposal for an increase of more than 40% in workers' compensation rates in Delaware could hurt the state's economy, some legislators argue. "Not only will business growth be automatically stunted if this increase goes into effect, many companies could be forced to examine whether layoffs are necessary. Neither decision would benefit Delaware's already sluggish economy," the legislators write. They add that they plan to examine potential changes to the workers' compensation system next year. Cape Gazette (Lewes, Del.) (10/25) LinkedInFacebookTwitterEmail this Story
  Association News 
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