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October 1, 2012
News for property casualty insurers

  Top Story 
  • Group: Rating factors help lower auto insurance costs for consumers
    Auto insurance costs for consumers are higher than last year's, but are slightly lower than in 2004 and are "expected to be 19% lower in 2012 than in 2003 and lower than at any point in nearly 20 years" when adjusted for inflation, according to the Insurance Information Institute. If regulators "were to heed the [Consumer Federation of America's] advice and restrict the number and type of rating factors insurers are currently employing ... auto insurance premium expenditures would almost surely increase, with good drivers paying more and riskier drivers paying less," the group said. PropertyCasualty360 (9/28) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Auto insurers in Fla. face deadline to submit plans for PIP rates
    Today is the deadline for insurers in Florida to comply with the state's updated no-fault auto insurance law by submitting their rate-reduction plans for the personal-injury-protection portion of auto coverage. "It appears the effect of the law for most companies may be to reduce the amount of rate requests, which is a positive development," although officials are unsure whether rates will decline, said Jack McDermott, communications director for the state Office of Insurance Regulation. Associated Press (10/1) LinkedInFacebookTwitterEmail this Story
  • NHTSA reports a 9% increase in traffic deaths during first half
    The number of traffic deaths in the first six months of the year is estimated at 16,290, a 9% increase over the same period last year, according to the National Highway Traffic Safety Administration. "While it is too soon to speculate on the contributing factors or potential implications of any increase on our roadways, it should be noted that the historic downward trend in traffic fatalities in the past several years ... means any comparison will be to an unprecedented low baseline figure," NHTSA said in a statement. United Press International (9/28) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Calif. project aims to reinforce Yuba River levee
    The Three Rivers Levee Improvement Authority in California is beginning a $400,000 project to reinforce a levee along the Yuba River. An access corridor is necessary to conduct repair work and monitor the structure, according to officials. "We found some erosion there and some trees that had to be removed. And then we have to move some residents as well," said Paul Brunner, the authority's executive director. Appeal-Democrat (Marysville-Yuba City, Calif.) (9/29) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Calif. governor has "solid record" with insurers, group official says
    California Gov. Jerry Brown's decisions on bills affecting insurers make many observers uncertain whether he can be considered friendly to the industry. But many bills opposed by the Association of California Insurance Companies failed to make it past the Legislature, and Brown appears to have had a "pretty solid record with the insurance industry" during the past two years, said Mark Sektnan, the association's president. Insurance Journal (9/28) LinkedInFacebookTwitterEmail this Story
  • Okla. tax credit for insurers draws flak from state lawmaker
    Oklahoma state Rep. David Dank, chairman of the House Tax Credits and Economic Incentive Oversight Committee, is questioning the state's home office tax credit for insurers with a certain number of employees. "We don't know who these employees are. ... There is no pre-approval. We basically take their word for it in many respects," Dank said. Insurers applying for the tax credit are required to submit supporting documents, said Frank Stone of the state Insurance Department, adding that "we do try to verify as much information as we can." Insurance Journal/The Associated Press (9/28) LinkedInFacebookTwitterEmail this Story
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--Pablo Picasso,
Spanish artist

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