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February 15, 2013

  Top Story 
  • GAO: Climate change poses a fiscal threat for the U.S.
    The Government Accountability Office has included climate change on its "High Risk List" of issues that it advises the federal government to address. "Climate change is a complex, crosscutting issue that poses risks to many environmental and economic systems -- including agriculture, infrastructure, ecosystems, and human health -- and presents a significant financial risk to the federal government," the GAO said, citing areas including the National Flood Insurance Program and the disaster-relief aid it distributes. Reuters (2/14) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: Social media has value for insurers' core operations
    Insurers can use social media in many areas, including core operations, a Celent report says. Social media search functions can enhance the handling of claims, customer service and product management, Celent's Mike Fitzgerald says. "The results will be especially valuable for companies which concentrate on the consumer and/or small commercial segments and which value customer intimacy as a fundamental strategy," Fitzgerald says. PropertyCasualty360 (2/14) LinkedInFacebookTwitterEmail this Story
  • Insurers must be ready for action on cyber-risks, expert says
    Insurance companies must be ready to respond to information about cyber-risks because of President Barack Obama's executive order on cybersecurity, says Lisa Sotto of the Department of Homeland Security. The private sector will help develop cybersecurity standards, which could factor into insurers' policy limits and requirements, Sotto said. Insurance Networking News (2/14) LinkedInFacebookTwitterEmail this Story
  • Severe weather is prompting P/C rate hikes, exec says
    Higher property/casualty insurance rates are needed amid a trend of more severe weather, says Brian MacLean, president and finance chief at Travelers. "In the business we are in, we have to believe that this is a pattern and it will have some sustainability to it. So we have to take action," MacLean says. PropertyCasualty360 (2/14) LinkedInFacebookTwitterEmail this Story
  • Other News
  Catastrophic Risk 
  • Sandy recovery may be hit by automatic spending cuts, official says
    Automatic, across-the-board federal spending cuts that are scheduled to take effect on March 1 could hinder rebuilding in states affected by Hurricane Sandy and its remnants, the White House said. Lawmakers need to decide how to avoid the $85 billion in so-called sequestration cuts, said Shaun Donovan, Housing and Urban Development secretary. "The ripple effects are enormous because of how central housing is to our economy," Donovan said. Reuters (2/14) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Measure to fix insolvent injury fund advances in Mo. Senate
    The Missouri Senate has given initial approval to legislation aimed at restoring a fund for disabled workers who are later injured again. The fund is running $25 million short as a result of a workers' compensation law that limits business fees that go toward it. The fees would be increased temporarily under the bill, which also would impose limits on which injuries are covered. Insurance Journal/The Associated Press (2/14) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
If you want to live a happy life, tie it to a goal. Not to people or things."
--Albert Einstein,
German-born theoretical physicist


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