Experts: Big Data expands the demographic for insurance products | Report: P/C written premiums in Ariz. continued to fall in 2011 | N.C. insurance pools put $500M in catastrophe bonds on the market
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March 28, 2013
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Experts consider health law's possible effects on P/C lines
The Affordable Care Act carries potential consequences for property/casualty insurance lines, particularly on workers' compensation and medical malpractice, actuaries say. "As of now, it is hard to tell what impact the reforms will have on liability and costs,” says Anne Petrides of Towers Watson. Insurance Networking News (3/27)
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Industry News
Experts: Big Data expands the demographic for insurance products
Big Data offers insurers opportunities to develop product options for a wider range of consumers, experts say. "If you want to provide opportunities to certain folks, there has to be the incentive to do it -- you have to be able to match your rate for risk to generate a reasonable level of profit. Big Data is going to allow us to have more comprehensive historical data than we do today just by the nature of what data is available," says Chris Early of ISO. (3/27)
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Report: P/C written premiums in Ariz. continued to fall in 2011
An Arizona Insurance Council study found that property/casualty written premiums decreased for a fifth consecutive year in 2011. P/C insurers posted $7.3 billion in written premiums that year, with losses amounting to $5.6 billion, the study found. "Through 2011, effects of the economic recession and competition among property and casualty insurers in Arizona continued the decline in written premiums," said Nicole Farr of the Arizona Insurance Council. American City Business Journals/Phoenix (3/27)
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N.C. insurance pools put $500M in catastrophe bonds on the market
Insurance pools that provide wind coverage in North Carolina are selling $500 million in catastrophe bonds, up from an initial $200 million, because of high demand among investors. Proceeds from the sale will go toward the pools' reinsurance agreement. American City Business Journals/Raleigh/Durham, N.C./TBJ Morning Call blog (3/27)
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Catastrophic Risk
Report: U.S. catastrophes drove global insured losses to $77B in 2012
Global insured losses in 2012 amounted to $77 billion, driven largely by natural catastrophes that hit the U.S., according to a Swiss Re report. Insured losses from Hurricane Sandy are estimated at $35 billion, making it the costliest disaster last year, the report said. "The possibility that such events could increase in frequency and strike densely populated regions such as the Northeast U.S. means that extreme storm surges need to be more thoroughly understood," said Swiss Re's Matthias Weber. PropertyCasualty360 (3/27)
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La. plans to tackle 117 projects to curb flooding, restore coast
Louisiana's Coastal Protection and Restoration Authority is poised to spend $640.3 million for 117 projects to rehabilitate coastal areas and improve flood protection under a $767.3 million annual plan adopted for fiscal 2014. Residents in areas at risk of a 100-year flood are facing gradual but significant increases in flood insurance rates, said Ross Richardson of the Federal Emergency Management Agency. The Times-Picayune (New Orleans) (3/27), The Times-Picayune (New Orleans) (3/27)
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Isaac recovery in La. gets a $106M boost from federal grants
Louisiana will receive more than $106 million in federal grants for rebuilding from damage caused by Hurricane Isaac. Sen. Mary Landrieu, D-La., had the funding included in the supplemental spending bill for Hurricane Sandy recovery. "As I worked with my colleagues on a Sandy recovery bill, I made it clear that Isaac-affected communities in Louisiana would not get left behind," Landrieu said. The Times-Picayune (New Orleans) (3/27)
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Other News
Policy and Law
IAIS proposals would hurt consumers and the economy, lawmaker says
Rep. Randy Neugebauer, R-Texas, wrote to Federal Insurance Office Director Michael McRaith to outline concerns about proposals by the International Association of Insurance Supervisors. IAIS initiatives such as ComFrame could hinder the economy and hurt consumers, argues Neugebauer, chairman of the House Financial Services Subcommittee on Housing and Insurance. The ComFrame draft "includes an onerous group-wide capital-assessment process that would require U.S.-based international insurers to hold more capital on a discriminatory basis than similarly-situated insurance groups that operate entirely within the U.S. or other major jurisdictions," he wrote. PropertyCasualty360 (3/27)
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Rates to rise 6% under Mich. no-fault system, group says
Premiums for catastrophic coverage in Michigan will rise 6% to $186 per insured vehicle starting in July, according to the Michigan Catastrophic Claims Association. The move comes as lawmakers are considering ways to curb personal-injury-protection costs. "Another 6 percent increase demonstrates the need to adopt cost-saving reforms to alleviate the rising medical costs that are driving Michigan motorists out of the market," Pete Kuhnmuench of the Insurance Institute of Michigan said in a statement. (Michigan) (free registration) (3/27)
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We owe something to extravagance, for thrift and adventure seldom go hand in hand."
-- Jennie Jerome Churchill,
American-born British society figure
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