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February 14, 2013

  Top Story 
  • P/C insurers are seeing higher prices, Marsh exec says
    Property/casualty insurance prices in the U.S. rose about 2% in the fourth quarter, while premiums were up 1.2%, says Peter Zaffino, CEO of Marsh. Some U.S. casualty lines are gaining momentum, Zaffino said. "We had a little bit of an impact from [Hurricane] Sandy, but not much, and that started to fall off a little bit in the fourth quarter," he said. PropertyCasualty360 (2/13) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: IT spending is expected to rise for 56% of insurers
    More insurers intend to raise their information-technology budgets this year, with 5% of carriers seeking an increase of at least 10%, a Strategy Meets Action white paper says. "The big theme for IT budgets and plans is the continuing emphasis on core systems, with a significant shift to more focus on front- and middle-office applications that will help insurers drive differentiation and advantage," the white paper says. Insurance Networking News (2/13) LinkedInFacebookTwitterEmail this Story
  • Report: Disclosure is crucial in 3 key risk areas
    Companies should make a priority of disclosing risk management related to environmental, social and governance issues, a Deloitte report says. Such risks "can be financially material and increasingly a concern in today's growth-challenged and volatile environment, when even small shocks from the outside world can determine whether a company sinks or swims," the report says. Business Insurance (tiered subscription model) (2/13) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Obama vows to act on climate change if Congress won't
    President Barack Obama vowed to fight climate change and to use his administrative powers if Congress passes no legislation to address global warming. "If Congress won't act soon to protect future generations, I will," Obama said in his State of the Union address. "I will direct my Cabinet to come up with executive actions we can take, now and in the future, to reduce pollution, prepare our communities for the consequences of climate change, and speed the transition to more sustainable sources of energy." The Hill/E2 Wire blog (2/12) LinkedInFacebookTwitterEmail this Story
  • Experts: Mobile technologies help insurers address Sandy claims
    Property/casualty insurers are responding more efficiently to claims related to Hurricane Sandy with the use of mobile technologies, experts say. "Mobile claims applications got their best workout yet as major carriers reported tens of thousands of claims filed using mobile applications within a few days of the event, allowing policyholders to accelerate the claims remediation process, track their claims, set up temporary rental vehicles, arrange for inspections and sign up for updates," said Stephen Applebaum of Aite Group. (2/13) LinkedInFacebookTwitterEmail this Story
  • Insurer: NFIP bulletin leads to faster closure of Sandy claims
    The National Flood Insurance Program has moved to fast-track the processing of claims related to Hurricane Sandy by issuing a bulletin that waives some general conditions of policies in light of the storm, said Jeff Moore of Wright Flood. The bulletin allows payment of "a loss based on the adjuster's report rather than a signed proof of loss. It also stated that the 60-day time limit in the general conditions would not apply. Instead, the amount of time was extended from 60 days to one year," Moore said. (2/13) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • PCI responds to State of the Union address on free trade: PCI is pleased that President Barack Obama announced in his State of the Union address that he will complete negotiations on a Trans-Pacific Partnership and launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the EU. Read more. LinkedInFacebookTwitterEmail this Story
  • Executive order aims to guard against online attacks
    An executive order issued this week will protect the U.S.'s critical infrastructure against cyberattacks, President Barack Obama says. The National Institute of Standards and Technology and stakeholders in critical infrastructure will develop ways to improve cybersecurity, the White House said. "Congress must act as well by passing legislation to give our government a greater capacity to secure our networks and deter attacks," Obama said. Business Insurance (tiered subscription model) (2/13) LinkedInFacebookTwitterEmail this Story
  Association News 
  • PCI’s Human Resources Conference early-bird registration ends Feb. 15
    The PCI Human Resources Conference early-bird registration discount ends this Friday, Feb. 15. Taking place April 21 to 24 in Boston, the conference features Patrick Sweeney, author of The New York Times best-seller "Succeed on Your Own Terms" and president of Caliper, as well as several other highly acclaimed industry leaders. Be sure to register now and save on your conference registration. LinkedInFacebookTwitterEmail this Story
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