| February 6, 2013 |
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| Top Story |  |  |
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- Reports cite gains for P/C commercial insurance rates
Rates increased 5% in January for property/casualty commercial insurance lines, MarketScout says, and a survey by the Council of Insurance Agents & Brokers found that rates in the fourth quarter also were up 5%, higher than the increases recorded in the first three quarters of 2012. "I think you can characterize the fourth quarter as more of the same. Carriers were still cautious about the risks they were putting on their books and pushed for price increases where they could get them," CIAB chief executive Ken Crerar said in a statement. PropertyCasualty360
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Further P/C insurance price hikes are likely this year, report says: Further rate increases for property/casualty insurance are expected for 2013, and they will "lead to underlying margin expansion," a report from Barclays Capital says. The industry faces expectations that "are now elevated with little room for missteps, in our view," the report said. Commercial insurers "remain constructive about the P&C pricing environment, while reinsurers appear more positive on property reinsurance rates for the critical Jan. 1 renewal season," according to the report. Business Insurance (tiered subscription model)
(2/5)
- NICB ranks vehicle models, states with the most thefts
The Ford Escape, Chevrolet Tahoe and Toyota RAV4 top the list of the most-stolen sport utility and crossover utility vehicles from 2008 to June last year, according to the National Insurance Crime Bureau. The rankings are based on data from the National Crime Information Center. California, Texas and Florida had the highest numbers of auto thefts during the same period, the data show. Insurance Networking News
(2/5)
- Del. expects higher premium-tax revenue from captives for 2012
Delaware may become the No. 3 captive domicile in the U.S., with the state saying premium-tax revenue from captives for 2012 is expected to be up 21% to $1.5 million. "This level of growth is unprecedented in the captive insurance world," said Steve Kinion of the state Insurance Department. Delaware issued licenses to 59 new captive insurers last year, bringing the total in the state to 190, the department said. IFAWebNews.com
(2/5)
| Catastrophic Risk | | |
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- N.J. governor criticizes NFIP on Sandy-claims response
"Local insurance companies have been doing a great job" of responding to claims in areas affected by Hurricane Sandy, New Jersey Gov. Chris Christie says, but claims payments under the National Flood Insurance Program are slow because of factors including paperwork, staffing shortages and the prospect of insurer penalties. The Federal Emergency Management Agency and Christie made differing statements on the percentage of claims that have been settled. "FEMA's top priority is to get resources to those in need as quickly as possible, while also meeting our requirements under the law," the agency said in a statement. The Washington Post/The Associated Press
(2/5)
- Boston will address risk of sea-level rise, mayor says
Boston will focus on reducing the impact of rising sea levels following the flooding in New York City caused by Hurricane Sandy, Boston Mayor Thomas Menino says. "Had Sandy hit Boston during high tide, our city would have experienced a 100-year flood event," Menino said, adding that he is instructing his climate team "to take a set of actions to be sure that Boston is as ready as possible for a storm like Sandy." Reuters
(2/5)
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