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February 8, 2013

  Top Story 
  • Experts: Sandy showed P/C insurers' strength, was a wake-up call
    Property/casualty insurers were able to weather the estimated $20 billion to $25 billion in losses from Hurricane Sandy because of their risk management and robust capital position, says Matthew Mosher of A.M. Best. V.J. Dowling of Dowling & Partners says the storm served as a wake-up call for P/C insurers. The industry was lucky, said Julie Rochman of the Insurance Institute for Business & Home Safety, adding that improving catastrophe-loss projections should be a priority. Insurance Journal (2/7) LinkedInFacebookTwitterEmail this Story
Is Pricing Low Your Strategy to Success? Think again.
Pricing is the heart of a business. It affects everything you do and is affected by everything you do. Economists talk of supply and demand as key factors behind pricing—successful entrepreneurs manipulate demand by making their products more desirable. These six steps will help you determine the right price for your product or service, read the article and learn how to get pricing right.

  Industry News 
 
  • Experts discuss how to educate policyholders on their coverage
    An insurance agent is the "primary educator" who explains coverage to policyholders, but carriers also should work to improve policy language and teach customers about the scope of their policies, says Brian Sullivan, editor for Risk Information. Texas Insurance Commissioner Eleanor Kitzman says buyers often are interested chiefly in the cost of insurance, but that agents should still seek to explain what is and isn't covered in a policy. Insurance Journal (2/7) LinkedInFacebookTwitterEmail this Story
Transformational Journeys: Modern Business Planning
Harvard Business Review explores why CFO's and their finance organizations must adapt to the changing landscape of their markets and how big data, organizational collaboration, and new cloud-based planning and analysis technologies are driving successful change.
Click here to access the report.

  Catastrophic Risk 
 
  • Report: Sandy revealed deficiencies in catastrophe models
    Incidents such as Hurricane Sandy are revealing inadequacies of catastrophe models in projecting inland flooding, storm surge and other causes of losses, says a report by Jeff Tennis of Lockton. Shortcomings are evident "particularly for areas with a limited historical record," Tennis says, adding that it "would be naive to fully discredit" catastrophe models. PropertyCasualty360 (2/7) LinkedInFacebookTwitterEmail this Story
What's hiding in your data silos? Maybe organized crime.
Organized crime sees plenty of opportunities in insurance fraud. They go where the money is, and there's billions to be made here. In this paper, Chris Swecker, a former FBI agent and Head of Security for Bank of America, goes over the steps insurance companies should take to protect their data - and themselves.

  Policy and Law 
  • Private insurers show support for N.Y. workers' comp overhaul
    The New York Insurance Association says it supports a proposed overhaul of the state's workers' compensation system. "If the structure is changed so [the State Insurance Fund] would pay the same assessment as private insurers, it would be a major step in leveling the playing field," said Ellen Melchionni, the group's president. PropertyCasualty360 (2/7) LinkedInFacebookTwitterEmail this Story
  • Fla. lawmakers draft changes for Citizens Property Insurance
    Florida lawmakers have released a draft bill for an overhaul of state-backed Citizens Property Insurance. Proponents say the proposal, which would mandate that premium prices "reflect the risks covered," is aimed at guiding people into lower-priced private insurance providers. Others say the state-backed insurer has already raised premiums and reduced coverage significantly, and that homeowners would be hurt further by the proposal. Tampa Bay Times (St. Petersburg, Fla.) (2/6) LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
If you want to make enemies, try to change something."
--Woodrow Wilson,
28th U.S. president


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