| February 7, 2013 |
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| Top Story |  |  |
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- Report: Personal lines saw another rate hike last month
Prices rose 4% year-over-year in January for personal-lines insurance, MarketScout says. "Admitted personal-lines insurers continue to take slight rate increases across the board," MarketScout CEO Richard Kerr said, adding that rate increases are steeper for excess and surplus lines. "For those accounts which must secure terms from the non-admitted market, rate increases are as much as 10% in many instances," Kerr said. PropertyCasualty360
(2/6)      
| Industry News | | |
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- Survey: Cyber-risk is a concern for 85% of execs, brokers
Cybersecurity is a concern for 85% of senior executives, risk managers and insurance brokers, according to a survey commissioned by American International Group. Eighty percent said the same about property damage. "Clients are more aware today than even a year ago that this risk is really not just an IT exposure. It really needs to be addressed through risk management," AIG's Tracie Grella says. The Wall Street Journal/Dow Jones Newswires
(2/6)
- Experts: NYC flood maps fail to account for climate-change effects
The Federal Emergency Management Agency's revised flood maps for New York City do not reflect the risks posed by rising sea levels and other effects of climate change, some scientists say. The city's flood zone could have encompassed an even greater area if future sea-level increases had been considered, said Philip Orton of the Stevens Institute of Technology. "The fear is that we'll get a meter of [sea-level] rise by the end of the century, potentially more. ... The New York City area isn't ready for the storm surges of today, as we learned from Sandy, let alone what is possible in the future," Orton said. InsideClimateNews.org
(2/6)
- $1.83 billion in Sandy aid is headed to N.J.
The U.S. Department of Housing and Urban Development will provide $1.83 billion for New Jersey homeowners and businesses affected by Hurricane Sandy, Gov. Chris Christie says. The money can go toward helping residents make repairs and to elevate their homes and other buildings, Christie said. The Star-Ledger (Newark, N.J.)
(2/6)
- NYC aims to spend $1.8B for post-Sandy repairs, business loans
New York City Mayor Michael Bloomberg has announced plans for nearly $1.8 billion in federal aid, the first installment the city will receive from the federal Hurricane Sandy relief package. The plans include home repairs, business loans and other initiatives designed to help properties withstand future storms. City officials said they are hopeful that the plans will be approved by the U.S. Department of Housing and Urban Development and implemented by April or May. The Washington Post/The Associated Press
(2/6)
| Policy and Law | | |
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- TRIA extension bill requires an extensive debate, group says
Lawmakers should consider a range of options as they debate legislation that would extend the Terrorism Risk Insurance Act because "the market for terrorism insurance today is very different than it was a decade ago," said R.J. Lehmann of the R Street Institute. Rep. Randy Neugebauer, R-Texas, said he also supports a debate on the proposal. "With the Terrorism Risk Insurance Act set to expire in 2014, my subcommittee is getting a lot of feedback on this issue. It's important to me that we hear from all interested stakeholders," Neugebauer said. PropertyCasualty360
(2/6)
- Experts: States must work with insurers on gun liability coverage
The school shooting in Newtown, Conn., has prompted lawmakers in at least four states to introduce legislation to require gun owners to buy liability insurance. State lawmakers would need to coordinate with insurers on coverage criteria because no market exists for such coverage, said Robert Hartwig of the Insurance Information Institute. "A legislature could in theory mandate gun liability coverage, but you cannot require insurers to offer that coverage," Hartwig said, adding that these states may end up having to create insurance programs if carriers don't provide such coverage. Reuters
(2/6)
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