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October 11, 2012
News for property casualty insurers

  Top Story 
  • P/C insurance jobs dropped by 1,200 in August, analysis finds
    The property/casualty insurance industry experienced a drop of 1,200 jobs in August after posting increases in workforce for six months, according to an Insurance Information Institute analysis of Bureau of Labor Statistics data. Decreases from July to August, however, have been common for the sector since 1990, when the data from the bureau first became available, according to Insurance Information Institute President Robert Hartwig. PropertyCasualty360 (10/10) LinkedInFacebookTwitterEmail this Story
Is Pricing Low Your Strategy to Success? Think again.
Pricing is the heart of a business. It affects everything you do and is affected by everything you do. Economists talk of supply and demand as key factors behind pricing—successful entrepreneurs manipulate demand by making their products more desirable. These six steps will help you determine the right price for your product or service, read the article and learn how to get pricing right.

  Industry News 
 
  • Report: Insurers may see mixed results for commercial lines in 2013
    The property/casualty insurance sector could see a range of rate changes across commercial lines next year, according to a Willis report. Rates for casualty, executive risks and certain specialty lines could rise, while those for non-catastrophe-exposed property accounts could decrease, the report said. "In the absence of our traditional tidal shifts in pricing, we are seeing a marketplace where smaller, localized waves are the dominant force," Willis Group Chairman and CEO Joe Plumeri said. Business Insurance (tiered subscription model) (10/10), PropertyCasualty360 (10/10) LinkedInFacebookTwitterEmail this Story
  • P/C insurers are poised for strong Q3 results, report says
    Property/casualty insurers are expected to record robust earnings in the third quarter, while pricing edges upward and investment income decreases, according to a report from Keefe, Bruyette & Woods. Commercial insurance prices are rising about 6% to 7%, and rates for personal insurance are increasing between 2% and 3%, with reinsurance renewal rates for January likely to remain unchanged "despite what is shaping up to be a catastrophe-free year," the report said. Insurance Networking News (10/10) LinkedInFacebookTwitterEmail this Story
  • Consolidation may boost medical-malpractice rates, PwC says
    Medical-malpractice rates are likely to increase partly as a result of consolidation among health care providers, according to a PricewaterhouseCoopers presentation. The consolidation, coupled with legal and legislative challenges at the state level and expected increases in demand for health care, could bring significant changes to the medical-professional liability market in the coming years, PwC's David Kaye said. Business Insurance (tiered subscription model) (10/10) LinkedInFacebookTwitterEmail this Story
  • NHTSA warns of counterfeit air bags in repaired vehicles
    Replacement air bags installed by repair shops in thousands of vehicles during the past three years could be counterfeit, posing a safety risk to motorists, according to the National Highway Traffic Safety Administration. NHTSA chief David Strickland said that 10 of 11 counterfeit airbags failed to inflate properly during tests. "It is an extreme safety risk," Strickland said. The Washington Post/The Associated Press (10/10) LinkedInFacebookTwitterEmail this Story
Transformational Journeys: Modern Business Planning
Harvard Business Review explores why CFO's and their finance organizations must adapt to the changing landscape of their markets and how big data, organizational collaboration, and new cloud-based planning and analysis technologies are driving successful change.
Click here to access the report.

  Catastrophic Risk 
 
  • Report: FEMA halts repayment push for $94.9M in disaster payouts
    The Federal Emergency Management Agency has decided to waive the repayment of $94.9 million in what it thinks were improper payments to disaster victims from 2005 to 2010, but it denied 1,293 waiver requests worth $6.3 million, said a report from the Department of Homeland Security Inspector General's office. "I'm encouraged that the recoupment waiver process is moving forward and providing resolution for survivors of Hurricanes Katrina and Rita. In more than 18,000 cases, Louisianians can now put this part of the recovery in the past and continue rebuilding," said Sen. Mary Landrieu, D-La. The Times-Picayune (New Orleans) (10/10) LinkedInFacebookTwitterEmail this Story
  • Some La. levee sensors failed during Isaac, Corps of Engineers says
    Some water gauges in New Orleans' flood-protection system failed during Hurricane Isaac, according to an Army Corps of Engineers official. "If we don't have instruments that we can rely on, we're getting bad information and we're potentially sending out our employees to verify the information that we think we're receiving," said Tim Doody, president of the Southeast Louisiana Flood Protection Authority. WVUE-TV (New Orleans) (10/10) LinkedInFacebookTwitterEmail this Story
What's hiding in your data silos? Maybe organized crime.
Organized crime sees plenty of opportunities in insurance fraud. They go where the money is, and there's billions to be made here. In this paper, Chris Swecker, a former FBI agent and Head of Security for Bank of America, goes over the steps insurance companies should take to protect their data - and themselves.

  Policy and Law 
  • Commentary: Reinsurer-tax measure may raise Fla. insurance costs
    Homeowners and businesses in Florida could see increased insurance costs under legislation by Sen. Robert Menendez, D-N.J., and Rep. Richard Neal, D-Mass., that seeks new taxes for reinsurers, writes Sandra Mortham, former Florida secretary of state. The proposal could result in a reduction of the supply of reinsurance in the U.S., which would mean higher insurance prices, Mortham writes. "Floridians should ask their Congressional members to oppose this special punitive tax. On the twentieth anniversary of Hurricane Andrew, we don't need a perfect storm of higher taxes and higher insurance costs," Mortham writes. Sun-Sentinel (Fort Lauderdale, Fla.) (10/10) LinkedInFacebookTwitterEmail this Story
  Editor's Note 
  • What is the greatest B2B pain your company feels?
Meeting customers' B2B requirements
Errors, delays and cost from manual steps in B2B processes
Inability to scale B2B processes with company growth
Lack of visibility across B2B transactions and supply chain

  SmartQuote 
Action may not always bring happiness; but there is no happiness without action."
--Benjamin Disraeli,
British politician


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