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February 13, 2013

  Top Story 
  • PCI: "Disparate-impact" rule by HUD threatens actuarial factors
    A final rule under issued by the Department of Housing and Urban Development requires a "disparate-impact" analysis to determine whether discrimination exists in the selling of homeowners insurance. The rule could undermine "longstanding, sound, state-approved actuarial factors that are the foundation of responsible insurance underwriting," PCI's Leon Buck said. PropertyCasualty360 (2/12) LinkedInFacebookTwitterEmail this Story
  • PCI issues response to HUD's rule on "disparate impact": In response to the Department of Housing and Urban Development's rule on the Fair Housing Act's Discriminatory Effects Standard, PCI stated that homeowners insurers are committed to fair housing practices and do not discriminate against protected groups. Read more. LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Survey: Insurers expect more investment in technology
    About 85% of insurance CEOs worldwide expect their companies to make greater investments in technology this year, a PricewaterhouseCoopers survey says. "Surprisingly, however, most CEOs say they aren't concerned about the speed of technological change or the threat from new entrants. Moreover, few insurers are comfortable with using new data sources and analytical techniques to shape decision making," the report says. Insurance Networking News (2/12) LinkedInFacebookTwitterEmail this Story
  • Stable outlook continues for reinsurers, A.M. Best says
    Reinsurers in the U.S. and Bermuda are likely to post a 10% return on equity for 2012, compared with 19% in 2006, and are likely to continue to see pricing improvements, credit rating firm A.M. Best says. "A disciplined underwriting posture has enabled reinsurers to produce reasonable profits from underwriting activities, helping to mitigate the continuing deterioration in investment earnings," A.M. Best says. PropertyCasualty360 (2/12) LinkedInFacebookTwitterEmail this Story
  • Industry calls for tougher action on fraudulent claims in Minn.
    Auto insurance companies are urging Minnesota lawmakers and law-enforcement agencies to take action against fraudulent personal-injury claims amid a reported increase in such crimes. Mark Kulda of the Insurance Federation of Minnesota says criminals are going to Minnesota to evade stricter regulations in other states. Minnesota Public Radio (2/11) LinkedInFacebookTwitterEmail this Story
  • Study: Less than half of auto claims are from 2-car crashes
    Crashes involving two moving vehicles are the top cause for auto insurance claims, accounting for almost 45%, according to a study. "We buy auto insurance because we envision two cars careening toward each other and screeching brakes, but more than a third of all incidents involve things like a parked car, the weather, vandalism, hitting animals or road debris," said Des Toups of Tires blog (2/12) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Banks should quickly disburse insurance payouts in N.Y., Cuomo says
    Banks should expedite their disbursement of funds for insurance claims related to Hurricane Sandy, New York Gov. Andrew Cuomo says. Hundreds of policyholders have told the state Department of Financial Services that banks were either setting excessive requirements or working slowly in processing paperwork. Citibank said it's "committed to working as quickly as possible" and that it has tackled about 87% of its insurance claims in the state, while JPMorgan said that it has closed 76% of claims. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  • Snowstorm brings no influx of damage claims, insurers say
    Insurance companies say last week's snowstorm has not resulted in a surge of insurance claims, especially compared with the periods after hurricanes and snowstorms in recent years. Storm warnings and driving prohibitions helped reduce crashes, insurers said. That situation could change, however, if snow and freezing rain continue to fall in the next few weeks, said Tim Doggett of AIR Worldwide. The Boston Globe (tiered subscription model) (2/11) LinkedInFacebookTwitterEmail this Story
  • Expert: Weather lessened winter storm's impact: The damage from the snowstorm that hit the Northeast was less than expected because of factors including low-density snow and a lack of previous snowfall, says Tim Doggett of AIR Worldwide. In addition, wind gusts were not as severe as they were projected to be, Doggett said. Insurance Journal (2/12) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Adoption of FEMA flood maps draws N.J. lawmakers' criticism
    Democratic state senators in New Jersey criticized the state Department of Environmental Protection's decision to adopt the Federal Emergency Management Agency's new flood maps and home-elevation requirements. Sen. Bob Smith questioned the maps' scientific validity, while Sen. Paul Sarlo cited confusion among residents and officials. Homeowners may spend as much as $31,000 annually for flood insurance if they fail to meet the new standards, FEMA has said. The Star-Ledger (Newark, N.J.) (2/12) LinkedInFacebookTwitterEmail this Story

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  Association News 
  • PCI Annual Meeting to be Held Oct. 20 to 23 in Boston
    Mark your calendar now for the 2013 PCI Annual Meeting, being held Oct. 20 to 23 in Boston. This premier industry event is designed exclusively for CEOs and senior executives of property/casualty insurance companies. This meeting also hosts the largest gathering of property/casualty insurance professionals in North America. LinkedInFacebookTwitterEmail this Story
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