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- Brokers to see little change in revenues next year, Fitch says
Insurance brokers are unlikely to experience substantial revenue growth next year because of competition and global economic difficulties, according to a Fitch report that says the sector's earnings "are anticipated to remain relatively stable in 2013 with levels reported in the first nine months of 2012." Increasing premiums have not been accompanied by a significant increase in broker revenues this year, Fitch said. "This pricing trend appears sustainable into 2013, which should promote continued moderate growth going forward," the ratings firm said. PropertyCasualty360
(12/7)      
| Industry News |  |  |
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- Expert: "Gap analysis" is key to upgrading legacy systems
Insurers can use a "gap analysis" to upgrade their business-intelligence systems for handling Big Data pouring in from rapidly advancing technology, writes Philippe Torres of consultancy firm InEdge. "The gap analysis can evaluate, fine-tune and troubleshoot mature" business-intelligence systems that face difficulties with user adoption and the collection of information, and it can also benefit systems facing cost overruns and late deliverables, Torres writes. "A gap analysis can reveal the real user constituencies and help implement changes in the right order, on the correct architecture," he writes. InsuranceTech.com
(12/7)
| Catastrophic Risk | | |
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| Policy and Law | | |
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- Reinsurers show interest in Texas' coastal market, officials say
Overseas trips by Texas Insurance Commissioner Eleanor Kitzman this year show that global reinsurers are interested in the state's coastal windstorm insurance market, the Insurance Department says. Kitzman met with many reinsurance companies during these trips, she and the department said. "The meetings were highly productive as the reinsurance industry indicated it is ready and willing to continue participating in the Texas coastal property insurance market," said Jerry Hagins, a spokesman for the department. Corpus Christi Caller-Times (Texas)
(12/8)
- Okla. court: Workers' comp denial was based on wrong statute
The Oklahoma Supreme Court has overturned a ruling on a workers' compensation lawsuit involving an employee's lower-back injury from 2008. The lower court should have used the "any competent evidence" standard in evaluating the injury, the high court said. The "clear weight of the evidence" required as part of the state's 2011 workers' compensation overhaul is not applicable because the injury took place before the state enacted the changes, the high court found. Business Insurance (tiered subscription model)
(12/7)
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