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June 20, 2012
News for property casualty insurers

  Top Story 
  • D&O liability is not a major concern for public companies, survey finds
    Public companies are showing a "lack of concern" for directors-and-officers liability, as 80% of 145 companies polled by Chubb said their executives are unlikely to face a lawsuit. Nearly one-fourth of respondents, however, said that their directors and officers had been sued. "No one thinks they are going to get sued, but we are paying a lot of claims," said Chubb's Evan Rosenberg, who called the findings "disconcerting." PropertyCasualty360 (6/19) LinkedInFacebookTwitterEmail this Story
 P&C Insurers Use Analytics to Optimize Business Performance
This white paper discusses how property and casualty (P&C) insurers are integrating analytics into their daily business processes to gain competitive advantage — by reducing operational expenses, increasing premium revenue and ensuring regulatory compliance.

  Industry News 
  • Willis CEO: Claims professionals have enhanced their performance
    Claims professionals are improving their performance, and focus on claims service has increased as insurers are expected to face new risk trends in the coming 10 years, Willis Group Holdings Chairman and CEO Joe Plumeri says. "Together we've made huge strides in recent years: Claims issues are higher up the agenda, more claims people are moving into leadership, and service is improving along with expectations. But there's still some way to go. Claims is fundamental to the insurance experience; it needs to be at the forefront of everything we do," Plumeri said. PropertyCasualty360 (6/19) LinkedInFacebookTwitterEmail this Story
  • Exec: Micro-insurance in developing countries requires collaboration
    Offering micro-insurance products in developing countries shows promise for insurers, but a collaborative strategy is necessary for such an effort to work, said Brian Duperreault, CEO of Marsh & McLennan. Health risks and natural catastrophes are major threats to people and businesses in such countries, Duperreault said. "Yet despite the clear benefits at the societal and individual levels, only a small percentage of this population has access to insurance," he said. Business Insurance (tiered subscription model) (6/19) LinkedInFacebookTwitterEmail this Story
  • Study links obesity to indemnity-benefit duration in workers' comp
    Obesity is linked to longer indemnity-benefit duration in workers' compensation, according to a study by the National Council on Compensation Insurance. When considering temporary total and permanent total indemnity-benefit payments, "the duration of obese claimants is more than five times the duration of non-obese claimants, after controlling for primary ICD-9 code, injury year, U.S. state, industry, gender and age," the study says. PropertyCasualty360 (6/19) LinkedInFacebookTwitterEmail this Story
  • Vehicle thefts appear to continue downward trend, report says
    Seven of the 10 cities with highest vehicle-theft rates last year were in California, according to a report from the National Insurance Crime Bureau. Spokane and Yakima, in Washington, and Anderson, S.C., also ranked in the top 10, but the total number of stolen vehicles seems to have continued its decline last year, the report said. "[A]n area with a much smaller population and a moderate number of thefts can -- and often does -- have a higher theft rate than an area with a much more significant vehicle theft problem and a larger population to absorb it," the report said. Insurance Networking News (6/19) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Major La. flood-protection system undergoes federal testing
    The Army Corps of Engineers conducted testing on a drainage-pump facility along the Gulf Intracoastal Waterway in Louisiana. The $1 billion West Closure Complex "is the largest drainage pump station in the world" and "the largest sector gate" in the U.S., said Col. Ed Fleming of the Corps of Engineers. The project is designed to protect Jefferson Parish and nearby areas from storm surge during a hurricane, said Kevin Wagner, manager of the complex. WWL-TV (New Orleans) (6/19) LinkedInFacebookTwitterEmail this Story
  • Draft report on La. levee project may come out this week
    The Army Corps of Engineers may release a draft report on the Morganza-to-the-Gulf levee project in Louisiana for public review "very, very soon," possibly this week, said Elaine Stark, project manager with the Corps of Engineers. The report will contain the projected cost as well as standards to make the project provide adequate hurricane protection for the region, Stark said. Daily Comet (Thibodaux, La.) (6/19) LinkedInFacebookTwitterEmail this Story
  Featured Content 

  Policy and Law 
  • Online system allows Ala. officials to verify auto insurance
    The Alabama Revenue Department has developed a system intended to enable authorities and license-plate officials to determine whether a vehicle is covered by liability insurance. The online insurance-verification system, which was mandated under state law, is a pilot program in 10 counties and is expected to be operational around the state by January, Revenue Commissioner Julie Magee said. Insurance Journal/The Associated Press (6/19) LinkedInFacebookTwitterEmail this Story
  • Other News
Any supervisor worth his salt would rather deal with people who attempt too much than with those who try too little."
--Lee Iacocca,
American businessman

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