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October 10, 2012
News for property casualty insurers

  Top Story 
  • Insurer groups form a coalition for a unified presence on global rules
    PCI and 30 other insurer groups from around the world have formed the Global Federation of Insurance Associations to support insurers' views on regulations developed by the International Association of Insurance Supervisors and other regulatory bodies. "We are participating in GFIA to supplement our state, federal and international advocacy for open and competitive private insurance markets that are effectively and efficiently regulated. We have been approved to chair a GFIA working group on corporate governance," PCI's Dave Snyder said. PropertyCasualty360 (10/9) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report cites consistent underwriting results for commercial auto lines
    The consistency of underwriting results for commercial auto insurance in the past five years has surpassed that of personal auto and other commercial lines, according to a Fitch report. Commercial auto underwriting performance, however, is declining because of lower premium rates and insured exposure, the report said. "Commercial auto premium is more dispersed across companies than many other segments. Market composition remains fragmented, but it has changed moderately in the last several years in part due to acquisitions," Fitch said. Insurance Networking News (10/9) LinkedInFacebookTwitterEmail this Story
  • 30% of new U.S. vehicles have safety telematics, study finds
    An ABI Research study found that safety and security telematics are used in 30% of new vehicles in the U.S. Telematics are expected to be found in three-fourths of new cars in the country by 2017, the research firm said. The aftermarket could join the telematics category through usage-based insurance and vehicle tracing, ABI's Dominique Bonte said. CEOutlook.com (10/9) LinkedInFacebookTwitterEmail this Story
  • Other News
  Catastrophic Risk 
  • Forest Service gets $400M federal allocation as budget dries out
    The U.S. Forest Service had to dip into its funding for forest-management programs to pay for firefighting expenses this year, even though many of the affected programs are aimed at curbing wildfire risk. Congress approved $400 million in reimbursements to enable the federal agency to continue its fire-prevention efforts. The Washington Post (10/7) LinkedInFacebookTwitterEmail this Story
  • Chicago reimburses some expenses on flood mitigation
    Chicago has chosen the Center for Neighborhood Technology, a nonprofit group, to supervise a city program that reimburses as much as 50% of expenses for homeowners who put up rain barrels in their backyards or take other measures to help prevent flooding of their homes. The center also is coordinating with the Federal Emergency Management Agency and insurance agencies to determine property losses from urban flooding every year, said Ryan Wilson, the center's stormwater manager. Medill Reports (Northwestern University) (10/9) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Policy and Law 
  • Fla. regulators OK a 0.3% Citizens rate hike for mobile homes
    Florida's Office of Insurance Regulation has given state-backed Citizens Property Insurance permission to increase its rates for homeowners insurance on mobile homes by 0.3% on average. The insurer of last resort filed for a 3.9% rate increase. The department also instructed Citizens to decrease multi-peril insurance rates for mobile-home owners by 1.2% and raise coverage rates for mobile-home physical damage by 2.6%. PropertyCasualty360 (10/9) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
No need to hurry. No need to sparkle. No need to be anyone but oneself."
--Virginia Woolf,
British writer


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