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October 18, 2012
News for property casualty insurers

  Top Story 
  • IAIS unveils proposals on global systemically important insurers
    Insurance companies could be required to undergo restructuring if they are determined to be global systemically important insurers under a proposal by the International Association of Insurance Supervisors. If companies that don't carry such systemic risk "are swept into the definition of G-SIIs, these measures will unfairly and inappropriately impose on them restrictions, increased capital requirements and other burdens not shared by their competitors. The result will be an uneven playing field, less competition and higher costs, thereby actually harming consumers in the name of consumer protection," PCI's Dave Snyder said. National Underwriter Life & Health (10/17) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Study: Commercial insurance is growing faster in emerging markets
    The commercial insurance market is undergoing changes as the U.S. economy shifts and emerging markets experience fast-paced growth, according to a Swiss Re study. More commercial insurance penetration is needed in emerging markets, which have been hit by natural catastrophes recently, the study found. "Property risks are increasing, and their nature is broadening from traditional property damage to business interruption and even to less well-understood contingent business interruption risk, which includes company supplier disruptions," but commercial coverage is still low worldwide, study co-author Roman Lechner said in a statement. Business Insurance (tiered subscription model) (10/17) LinkedInFacebookTwitterEmail this Story
  • Rates were up in Q3 for excess and umbrella casualty, report says
    Excess and umbrella casualty insurance rates were up in the third quarter, the fifth consecutive quarter of increases, rising 3% on average at renewal, a Marsh report says. The trend is expected to continue in the fourth quarter, with rates rising by as much as 10% for more difficult risk profiles, according to the report. PropertyCasualty360 (10/17) LinkedInFacebookTwitterEmail this Story
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  Catastrophic Risk 
  • Study: North America has seen an increase in natural disasters
    The number of weather-related disasters to hit North America increased by a factor of five between 1980 and 2011, with the continent's insured losses from weather-related catastrophes at $510 billion, representing 69% of such losses globally, according to a Munich Re study. "If prices are not adequately reflecting the risks in our view, we would have to retreat from covering some U.S. risks such as hurricanes. At the moment, prices are still adequate," Munich Re's Peter Roeder said. Bloomberg (10/17) LinkedInFacebookTwitterEmail this Story
  • Supercomputer to help study, predict extreme weather
    A supercomputer built by the National Center for Atmospheric Research is designed to help research efforts on hurricanes, tornadoes and other weather-related phenomena. "By learning more about the structure and evolution of severe weather, researchers will be able to help forecasters deliver more accurate and specific predictions, such as which locations within a county are most likely to experience a tornado within the next hour," the agency said. blog (10/17) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Workers' comp law leads to lower costs in Texas, report says
    The average workers' compensation premium in Texas was down by nearly 49% in 2010 compared with six years prior, before the state enforced a measure revamping its workers' compensation system, according to a report from the Insurance Council of Texas. "The legislation directly addressed the problems the workers' compensation system faced and the results have been an overall reduction in rates, costs, disputes and claims," the group's Steve Nichols said in a statement. San Antonio Express-News (10/17) LinkedInFacebookTwitterEmail this Story
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