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  • P/C insurance rates are likely to keep edging upward, reports say
    Modest increases in property/casualty insurance rates are expected to continue next year, but insurers appear unlikely to experience a hard market, according to reports. P/C insurers can expect "not much improvement in underlying underwriting profitability and persistent low interest rates that continue to weaken investment returns," a report from Keefe, Bruyette & Woods says. The industry may see "gentle premium increases," which could be the optimal scenario "as carriers' financial stability is sustained, capacity/coverage remains plentiful, and buyers do not face painful 'sticker shock' at renewal," ALIRT Insurance Research says. PropertyCasualty360 (12/12) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Insurers should focus on updating core systems, expert says
    Insurers need to step up their efforts in replacing core systems next year to be able to work on projects including mobility, telematics, advanced analytics and predictive modeling, says Frank Petersmark of X by 2. "Carriers are pushing hard for [core systems], and in 2013 that will be No. 1. It will get the bulk of investment, at least for another year," Petersmark says. PropertyCasualty360 (12/12) LinkedInFacebookTwitterEmail this Story
  • Report: Data is crucial for insurers in battling fraud
    Fighting fraud can be challenging for the insurance industry because of emerging technologies such as mobile, and insurers need to take actions such as developing standard metrics and enhancing data quality and quantity to better manage fraud risks, according to a Forrester report. Forrester says questionable claims increased 9.4% last year, based on a National Insurance Crime Bureau report, and that "2012 is on track for even higher levels, with the rate of these suspicious claims up 20 percent over the same period a year earlier." Insurance Networking News (12/12) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Sandy shows updated hurricane model's effectiveness, RMS says
    Risk Management Solutions says its revised hurricane model has been working effectively. "We're ahead of the game at this point. We think [Hurricane] Sandy has verified the model's approach," said Michael Kistler of RMS. The model was adjusted to better estimate wind and storm-surge effects, RMS said. PropertyCasualty360 (12/12) LinkedInFacebookTwitterEmail this Story
  • La. parish and New Orleans to get $20M for hazard mitigation
    Lawmakers and New Orleans' mayor say that nearly $20 million in federal grants will fund hazard-mitigation efforts in New Orleans and St. Bernard Parish in light of Hurricane Katrina. "Many of our roads and other critical infrastructure are still in desperate need of fixing, and this funding for repairs will make a tangible difference in the daily lives of citizens" in these areas, Sen. Mary Landrieu, D-La., said in a statement. The Times-Picayune (New Orleans) (12/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Agreement aims to restore access to workers' comp data in N.C.
    North Carolina lawmakers say the North Carolina Rate Bureau, the state Industrial Commission and the North Carolina Press Association have agreed on a measure to end a recent change that restricted access to information on employers' insurance. The Legislature would need to tackle the measure in early 2013. Privacy remains a concern for the N.C. Rate Bureau, however, and legislators should consider implementing software to prevent hackers from accessing the data, said Ray Evans, the organization's general manager. The Charlotte Observer (N.C.)/The News & Observer (Raleigh, N.C.) (12/13) LinkedInFacebookTwitterEmail this Story
  Association News 
 
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