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January 30, 2013

  Top Story 
  Industry News 
  • Business interruption, disasters are top P/C risks, survey finds
    Business interruption and natural disasters top the list of concerns that property/casualty insurers face this year, according to a survey by Allianz Global Corporate & Specialty. Fire and explosion risks, which placed 10th last year, now rank third, the survey found. "Fire risk is certainly no 'known unknown' in the world of corporate risk, but it continues to be a major hazard for companies which shouldn't compromise on higher protection standards due to economic pressure," said Paul Carter of Allianz Global Corporate & Specialty. PropertyCasualty360 (1/29) LinkedInFacebookTwitterEmail this Story
  • Survey: Insurers say predictive modeling helps boost performance
    A majority of property/casualty insurers polled by Towers Watson said they consider predictive modeling important to their businesses, particularly for personal-lines carriers. "Working to establish consistency in underwriting and claim internal data capture electronically in defined fields, particularly for nonfinancial but potentially predictive variables, will position carriers to fully leverage their book of business in building better predictive models for risk selection, pricing and claim settlement," says Brian Stoll of Towers Watson. Insurance Networking News (1/29) LinkedInFacebookTwitterEmail this Story
  • Other News
  Catastrophic Risk 
  • Report: U.S. coasts face issues from climate change
    Coastal areas in the U.S. will remain vulnerable to storms, flooding and other risks linked to climate change, with population centers along the Gulf of Mexico and in Northern Alaska, Hawaii and the Mid-Atlantic particularly at risk, according to a report. "[Hurricane] Sandy showed us that coastal states and communities need effective strategies, tools and resources to conserve, protect and restore coastal habitats and economies at risk from current environmental stresses and a changing climate," said Margaret Davidson of the National Oceanographic and Atmospheric Administration, the report's lead author. United Press International (1/29) LinkedInFacebookTwitterEmail this Story
  • Sandy's damage to boats in N.J. spurs insurance issues
    Many marine vessels along the coast of New Jersey were damaged or destroyed by Hurricane Sandy's remnants last year, resulting in a long cleanup and bringing insurance issues to the forefront, officials said. The storm is estimated to have damaged 25,000 boats worth $242 million, according to BoatUS. Many boat owners discovered that their policies covered damage but not the salvage of a vessel, said Scott Croft, spokesman for BoatUS. Insurance Journal/The Associated Press (1/29) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
Resentment is like taking poison and waiting for the other person to die."
--Malachy McCourt,
Irish-American actor, writer and politician

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