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  Top Story 
 
  • Report cites a jump in commercial P/C rates last month
    Rates for commercial property/casualty insurance were up 5% year-over-year in November, with rates for manufacturing and transportation climbing by 6%, according to a MarketScout report. "The manufacturing rate increase was surprising. Normally, manufacturing is a very stable industry class absent quick pricing changes. Going from plus 4% [in October] to plus 6% was unusual," MarketScout CEO Richard Kerr said in a statement. Business Insurance (tiered subscription model) (12/5) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Expert: Homeowners carriers can benefit from predictive analytics
    Predictive analytics can provide many benefits when tough market conditions face carriers offering homeowners insurance, writes Dax Craig, CEO of Valen Technologies. Insurers can develop predictive models with accuracy through the use of properly structured data, Craig writes, adding that predictive analytics allows carriers to make consistent decisions and predict a policy's performance. "While it is impossible to control the weather, it is possible to understand more about the homes carriers insure and price them accordingly using predictive analytics," Craig writes. PropertyCasualty360 (12/5) LinkedInFacebookTwitterEmail this Story
  • Report touts statistical approach in agency management
    Property/casualty insurers should take a statistical approach to managing their agency force in order to enhance their combined ratios by up to 5 percentage points, according to a Ward Group report. Insurers should avoid subjectivity in agency management "to provide credibility to the management process" and "consistency for evaluating agency performance," Ward Group said, adding that an objective approach "establishes a trust in the process across all departments within a company." Business Insurance (tiered subscription model) (12/5) LinkedInFacebookTwitterEmail this Story
  • Study looks at "no pay, no play" laws
    States may experience a decline of up to 1.6% in their rates of uninsured drivers after implementing "no pay, no play" laws, according to an Insurance Research Council study. Such laws bar uninsured motorists from receiving damages from negligent drivers who have auto coverage, according to the International Risk Management Institute. "This report, which also develops cost estimates for states that do not have no-pay, no-play laws on the books, highlights the benefits a strict law may provide to the average insured consumer," said Elizabeth Sprinkel of the Insurance Research Council. PropertyCasualty360 (12/5) LinkedInFacebookTwitterEmail this Story
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  Catastrophic Risk 
 
  • N.Y. city to revive beach work to mitigate storm risk
    The Army Corps of Engineers is expected to work on a project designed to strengthen the beachfront of Long Beach, N.Y., after the City Council approved the plan. The city abandoned a similar plan six years ago amid protests by residents, but it reconsidered the proposal after Hurricane Sandy. "Local support is extremely important to a project like this," said Ken Wells of the Corps of Engineers. Newsday (Long Island, N.Y.) (subscription required) (12/5) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Policy and Law 
  • Report: Lapse in terrorism-insurance backstop may reduce coverage
    Property/casualty insurers would be likely to reduce their underwriting in areas facing the highest terrorism risk if the federal government allows the terrorism-insurance backstop to lapse, according to a report from Guy Carpenter. "Many policyholders would be left to self-insure the entire risk or portions of the risk, meaning any future terrorist attacks could have a negative impact on U.S. economic activity" and hurt the country's competitiveness globally, the report says. Business Insurance (tiered subscription model) (12/5) LinkedInFacebookTwitterEmail this Story
  Association News 
  • Early-bird registration for PCI's Executive Roundtable Seminar ends Dec. 14
    The early-bird registration deadline for the 2013 PCI Executive Roundtable Seminar, to be held Jan. 20 to 22 in Naples, Fla., is Dec. 14. Be sure to register now for this premier PCI-members-only seminar designed exclusively for executive management of property/casualty insurance companies. LinkedInFacebookTwitterEmail this Story
 
 
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