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| News for property casualty insurers |
- Insurance exec backs bill on third-party parts for autos in crashes
A House subcommittee conducted a hearing on a bill to shorten the duration of patent protections for auto parts to allow third-party manufacturers to sell such parts for the repair of vehicles damaged in crashes. "The purpose of such parts is only to restore the vehicle's original, pre-accident appearance. Naturally, that is what consumers demand and what insurance policies provide; therefore, these are 'must-match' parts. There is no room for innovation by alternative suppliers so as to avoid allegations of infringement," said Rockingham Group President Neal Menefee, who represented PCI and other groups at the hearing. The Hill/Transportation blog
(8/1)      
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PCI member testifies before Congress to support PARTS Act: PCI member Neal Menefee, president and CEO of Rockingham Group, testified before Congress to underscore how consumers benefit from competition in the automotive-collision repair-parts market. Read more.
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- Survey: Agencies report greater satisfaction with regional insurers
Regional insurers received a higher satisfaction rating among agencies in Delaware, Maryland and Pennsylvania than their national counterparts did in a survey by Insurance Agents & Brokers. "Maybe there is the sense that the regionals have a stronger relationship [with agencies] than the nationals. It may have to do with making it easier to do business with them or their sales representatives may make more visits to the agency," said Tim Wonder of Insurance Agents & Brokers. PropertyCasualty360
(8/1)
- Exec: Insurers to gain more from smaller rate hikes than hard market
The property/casualty insurance industry would be better suited by moderate rate increases than by a hard market, said J. Patrick Gallagher, CEO of Arthur J. Gallagher & Co. "This is not a classic hard market. Frankly, that's a very good thing for us, our clients and our markets. ... We don't want to see 100% rate increases and cutbacks in coverage. The industry is not reacting to balance-sheet problems, but rather to income-statement and loss-ratio concerns," Gallagher said. PropertyCasualty360
(8/1)
- Fla. works to curb workers' comp fraud involving check-cashing firms
A Florida law intended to address check-cashing firms' alleged participation in workers' compensation fraud in the construction industry has helped authorities make arrests in connection with more than $140 million in transactions. Florida's "Office of Statewide Prosecution will prosecute these individuals and ensure that justice is served," Attorney General Pam Bondi said in a statement. Insurance Journal
(8/1)
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- Relatively few tornadoes were reported in July, meteorologists say
The U.S. experienced relatively few tornadoes last month, making July quieter than in many other years on record, according to meteorologists. July usually sees an average of about 100 tornadoes, said Greg Carbin of the U.S. Storm Prediction Center. Preliminary reports were filed for 24 tornadoes in July, said Harold Brooks of the National Oceanic and Atmospheric Administration. In addition, no tropical storms or hurricanes formed in the Atlantic last month, said Dennis Feltgen of the National Hurricane Center. USA TODAY/Science Fair blog
(8/1)
- Ore. is due for a major earthquake, study finds
The Cascadia Subduction Zone near Oregon could soon trigger an earthquake similar to the massive quake in Japan last year, according to a study by researchers at Oregon State University. "Oregon is not ready," said researcher Scott Ashford, who was not involved with the study. "We have a bunch of legacy infrastructure, but it's never been tested and was never designed for Cascadia Subduction Zone earthquakes." The Oregonian (Portland)
(8/1)
- Federal projects aim to restore La. wetlands
The Army Corps of Engineers has announced projects designed to restore wetlands in Louisiana and lessen the environmental effects from construction of a levee system along the Mississippi River's West Bank. Corps of Engineers officials estimated in January that the cost of wetland-restoration projects would be about $252 million. The Times-Picayune (New Orleans)
(8/1)
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- PCI recommends renters insurance for college students
As college students get ready to move on campus, parents and students should consider buying a renters insurance policy to cover those expensive school supplies such as laptop computers, bicycles, stereo equipment and televisions that may get lost or stolen, said PCI.
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