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October 30, 2012
News for property casualty insurers

  Top Story 
  • P/C insurers can handle losses from Hurricane Sandy, experts say
    Property/casualty insurers will be able to absorb the financial losses from Hurricane Sandy, industry experts say. P/C insurance companies have been "able to collect adequate premiums and charge adequate rates" this year, PCI's Chris Hackett said. Insured losses through the third quarter decreased 40% to 50% compared with year-ago levels, said Insurance Information Institute President Robert Hartwig, adding that "even with losses from Sandy, 2012 catastrophe losses will still be well below 2011." WIVB-TV (Buffalo, N.Y.)/The Associated Press (10/29), PropertyCasualty360 (10/29) LinkedInFacebookTwitterEmail this Story
  • Insured losses from Hurricane Sandy could hit $10B, modeler says: Insured losses from Hurricane Sandy could range from $5 billion to $10 billion, according to catastrophe modeler Eqecat. Property/casualty insurers could "easily" handle losses amounting to $5 billion, and the costs are "unlikely to significantly accelerate personal- and commercial-lines rate increases," said Meyer Shields of Stifel Nicolaus. The storm likely will have "widespread" effects because of its size, Willis' Dave Passman said. PropertyCasualty360 (10/29), PropertyCasualty360 (10/29), PropertyCasualty360 (10/29) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Regulation, inflation are major concerns for insurers, experts say
    The insurance industry is essentially "about identifying risk, pricing risk, helping consumers mitigate their risk," and property/casualty insurers also have to deal other risks including inflation, PCI President David Sampson said, discussing the theme of PCI's annual meeting this year. PCI Chairman Donald Southwell, CEO of Kemper, said next week's elections will be "a turning point" for the U.S. Insurers should prepare to work "within a challenging political environment" in the future amid "the continued threat from severe weather and increased layers of regulation at the state, federal, and international levels." Business Insurance (tiered subscription model) (10/28) LinkedInFacebookTwitterEmail this Story
  • Report: Workers' comp injury types are similar across age groups
    Employees across different age groups have "remarkably similar" kinds of workers' compensation injuries, and the impact of an aging workforce on claims costs may be less severe than previously estimated, according to a report from NCCI Holdings. Injuries caused by high-severity diagnoses have become more common among younger workers, the report said. Employers are implementing safety and loss-control programs to keep older employees, a move that will likely "improve overall productivity and benefit workers of all ages," NCCI said. Business Insurance (tiered subscription model) (10/29) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Flooding hits coastal cities as Hurricane Sandy pummels East Coast
    Hurricane Sandy, which weakened to a post-tropical cyclone before it made landfall in New Jersey on Monday, caused flooding in New York City and other coastal areas in the Northeast. At least 16 deaths were linked to the storm, and more than 6 million were left without power. "It's sure shaping up to be a storm that will be historic in nature," said Louis Uccellini of the National Centers for Environmental Prediction. The Wall Street Journal (10/30), USA Today (10/30) LinkedInFacebookTwitterEmail this Story
  • Corps of Engineers monitors levees, dams: The Army Corps of Engineers inspected levees and dams in Maryland and nearby states in preparation for Hurricane Sandy. "We are confident the projects will perform as designed," said Col. J. Richard Jordan, commander of the Corps of Engineers' Baltimore District. Water reservoirs in the Pittsburgh area are expected to hold about a third of rainfall during the hurricane and help lessen flooding, but areas near uncontrolled streams and tributaries are at risk of flash floods, the Corps of Engineers said. WMAR-TV (Baltimore) (10/30), Pittsburgh Post-Gazette (10/29) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Indeterminate-loss formula for NFIP will help insurers, expert says
    The formula for indeterminate losses, the development of which is mandated by federal law, will help insurers and policyholders and secure the financial strength of the National Flood Insurance Program, lawyer Michael Nelson writes. Using a standardized formula could "reduce post-storm litigation" and "provide some certainty to the claims process," Nelson writes. "Still, the indeterminate claims allocation formula will not impact policyholders during this hurricane season as it will be at least two years before the formula is ready to be implemented," he writes. PropertyCasualty360 (10/29) LinkedInFacebookTwitterEmail this Story
  Association News 
  • offers special coverage of 2012 PCI Annual Meeting
    In this edition of World Risk and Insurance News,, PCI President and Chief Executive Officer David Sampson discusses the challenges facing carriers, economic drivers affecting the industry, TRIA and the impact of Sandy. Also, a report from The Insurance Insider’s David Bull, and Lynn Halper from PartnerRe looks at the U.S. Specialty Casualty market -- the challenges and opportunities. LinkedInFacebookTwitterEmail this Story
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