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- Insurer groups urge passage of bill on Medicare workers' comp issues
Insurer groups are calling for Congress to approve a bill involving requirements for secondary payments under Medicare of claims related to workers' compensation, no-fault auto insurance and liability insurance. The groups also backed another House measure that aims to address regulation of set-asides for workers' compensation claimants under Medicare. "This bill will benefit injured workers, employers and insurers by eliminating costly delays in the federal government's review process for workers' compensation claims of Medicare beneficiaries," PCI's Tom Litjen said. PropertyCasualty360
(12/14)      
| Industry News |  |  |
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- Outlook is stable for P/C insurance industry in 2013, Fitch says
The property/casualty insurance industry maintains a stable outlook for next year as long as it experiences no hefty catastrophe losses or a rise in inflation, as "[t]he market capital position remains strong" and insurers "have sufficient capital to meet significant future adversity," according to a Fitch report. P/C insurance rates have been rising, and the "trend is likely to continue at least through late 2013," the ratings firm said. "[T]his is a hardening market, in contrast to a hard market where rates are at a level consistent with returns at or above required rates of return on capital," Fitch says. PropertyCasualty360
(12/14)
- Experts: Cost of predictive analytics is a hurdle for insurance CEOs
Many insurance CEOs are reluctant to adopt predictive analytics because of the cost and time involved, according to experts. "Executives are becoming infoholics," ISO's Martin Ellingsworth says, adding that predictive modelers and actuarial experts work closely with business leaders to enhance insurance operations and address uncertainty over insurers' financial performance. Insurance Networking News
(12/14)
- Firms must step up planning for supply-chain disruption, report says
Companies need to increase their focus on preparation for business interruption, which is expected to be a major risk "blind spot" next year, according to a Zurich report. "As the supply chain gets more global, it starts looking like more of a spider web than a chain," Zurich's Linda Conrad says. "... Companies often underestimate their risk, but historically, 40% of companies experiencing extended interruption completely go out of business." PropertyCasualty360
(12/14)
- Expert: Educating customers on policies helps avoid bad feedback
Property/casualty insurers can help curtail damaging feedback about their post-disaster services on social media platforms by ensuring that customers are informed about what their insurance policies cover, Nathan Golia writes. Following a study of product information on insurer's websites, "overall, we were kind of disappointed that firms weren't doing much to differentiate themselves. Very few talk about what's not covered," said Lauren Wistrom of Corporate Insight. InsuranceTech.com
(12/14)
| Catastrophic Risk | | |
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- Climate change is increasingly a focus for P/C insurers, study says
Property/casualty insurers are increasingly working to address risks associated with climate change, according to a study by Evan Mills, a scientist with the Lawrence Berkeley National Laboratory. "Weather- and climate-related insurance losses today average $50 billion a year" and "have more than doubled each decade since the 1980s, adjusted for inflation," Mills said. "Insurers have become quite adept at quantifying and managing the risks of climate change and using their market presence to drive broader societal efforts at mitigation and adaptation." Insurance Networking News
(12/14)
- Experts: P/C insurers must work with policymakers on climate change
The property/casualty insurance sector needs to team up with policymakers and concerned entities in efforts to lessen the effects of climate change, experts said. The industry must push for a "greater understanding of risk management [and] how insurance fits into that -- how insurance can be an effective component to increasing resilience," Swiss Re's Mark Way said. PropertyCasualty360
(12/14)
- Insured losses related to Sandy may hit $30B, report says
Insured losses related to Hurricane Sandy could total as much as $30 billion, according to a report from reinsurance-brokerage firm Holborn. "Supply and demand for reinsurance will not be directly affected by surplus changes as a result of Sandy, even though the Northeast is many reinsurers' peak exposure zone," Holborn said. PropertyCasualty360
(12/14)
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