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January 31, 2013

  Top Story 
  • Marsh's commercial insurance forecast cites a firmer market
    Commercial insurance rates will become firmer this year because of higher-than-average losses, lower reserve releases and lower investment returns, a report from Marsh says. Policy renewals will be a challenge for many clients because "insurers continue to adjust their pricing and coverage offered to maintain profitability," Marsh's David Bidmead says. "Clients that effectively differentiate themselves from their peers by providing complete underwriting submissions with accurate and high-quality data will be best positioned to secure more favorable terms, conditions and pricing where possible." Insurance Networking News (1/30) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: 2012 was a "banner year" for insurance-linked securities
    Swiss Re Capital Markets says 2012 was a "banner year" for the insurance-linked securities market, with bond issuance totaling $6.3 billion. "Investors continued to flock to the largely uncorrelated and attractive risk-adjusted returns" that catastrophe bonds can provide, "while sponsors capitalized on the opportunity to cede risk at lower overall costs by employing ILS structures," Swiss Re's report says. PropertyCasualty360 (1/30) LinkedInFacebookTwitterEmail this Story
  • Insurers must adapt, exec says
    Property/casualty insurers need to re-examine risks and consider consolidation to meet the demand for coverage in new markets amid rising losses, said Clive Tobin, CEO of Torus Insurance Holdings. P/C carriers need to beef up their finances and "build relationships with the capital markets" to handle multibillion-dollar losses, Tobin said. "I don't want to be alarmist, but we never expected these figures 25 years ago. It is a challenge where we need to ask 'how do we raise capital?' It is a challenge we should not underestimate," he said. PropertyCasualty360 (1/30) LinkedInFacebookTwitterEmail this Story
  • Study: Fewer than 1 in 10 insured drivers changed carriers in 2011
    Fewer auto policyholders changed carriers in 2011 compared with 2009 and 2010, according to a study by McKinsey & Co. While 27% of policyholders shopped around in 2011, about one-fourth of those who remained with their carriers did so to avoid the "inconvenience of shopping and switching," McKinsey said. "In other words, a very busy segment of serial shoppers make the price-centric marketing message appear more successful [than] it actually is," the report says. The Wall Street Journal (1/30) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  Policy and Law 
  • No Solvency II rules for captives in Bermuda
    Solvency II capital requirements won't apply to captive insurers in Bermuda, the Bermuda Monetary Authority says. "We can definitively state that Bermuda will not apply any Solvency II-type regime to the captive sector. We will introduce a risk return as part of consolidated annual filing for captives that they will submit electronically, which will create efficiencies in the process for both the market and the authority," said Jeremy Cox, CEO of the authority. PropertyCasualty360 (1/30) LinkedInFacebookTwitterEmail this Story
  Association News 
  • Amica Insurance provides support for IIHS expansion
    Amica Mutual Insurance is pitching in to improve safety on U.S. roads. As a supporting company of the Insurance Institute for Highway Safety, Amica is donating $190,000 over a two-year period to help the IIHS fund a major expansion to its Vehicle Research Center. LinkedInFacebookTwitterEmail this Story
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