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February 18, 2013

  Top Story 
  • House panel seeks FIO's overdue reports on regulation
    The Federal Insurance Office should release "without further delay" its reports recommending ways to modernize insurance regulation, the House Financial Services Committee says. The committee aims to make sure that the agency requires no unnecessary data collection by the industry, said Chairman Jeb Hensarling, R-Texas. The panel "will also monitor implementation of the FIO's authority to coordinate policy and represent the U.S. on international insurance issues," especially on methodology for identifying global systemically important insurers, Hensarling said. Insurance Networking News (2/15) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Insurance coverage is a key part of ERM, expert says
    Companies are better able to handle the rising risk of internal fraud with an effective enterprise-risk-management program, says Tracy Gillis of Marsh. Crime coverage and cyberpolicies are important in protecting firms, experts say. "Having insurance coverage without cyber is like playing hockey without a goalie," Marsh's Damian Brew says. PropertyCasualty360 (2/15) LinkedInFacebookTwitterEmail this Story
  • Study ties greater risk maturity, reduced stock volatility
    Companies with the highest risk-maturity rating from 2010 to 2012 showed less-volatile stock prices than did those with the lowest risk-maturity rating, according to a report from Aon Global Risk Consulting. "Not only is strong risk management associated with more stable performance over time, it also appears to bolster financial performance and cushion organizations from negative external pressures," the report says. Business Insurance (tiered subscription model) (2/15) LinkedInFacebookTwitterEmail this Story
  • Auto-event-data recorders will spur safety advances, supporters say
    Privacy advocates oppose the use of black boxes in vehicles, but safety experts say the technology can help save lives. "If we had these event-data recorders, we would have picked up on child deaths from air bags much sooner," says Clarence Ditlow of the Center for Auto Safety, adding that the technology will help resolve problems that must be addressed through recalls. "If you can combine crash-recorder data with auto-crash notification systems, like OnStar, if you can get medical care delivered faster, you will save lives," Ditlow says. Los Angeles Times (tiered subscription model)/Highway 1 blog (2/15) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Calif. draws flak for aggressive efforts on wildfire settlements
    California is drawing criticism for efforts to put companies and individuals on the hook for emergency-response and recovery costs if they are responsible for causing wildfires. Gov. Jerry Brown is urging lawmakers to increase the number of lawyers, fire accountants and investigators who handle such wildfire cases, but Sen. Jim Nielsen wants to restrict the initiatives to "irrefutable" cases. "It's clearly being abused. The state is going to try to identify as many sources of revenue for government as it possibly can, and that's what's driving it," Nielsen says. The Sacramento Bee (Calif.) (free registration) (2/17) LinkedInFacebookTwitterEmail this Story
  • Experts: N.J. coastal rebuilding must account for climate change
    New Jersey Gov. Chris Christie should include climate change among the factors to consider in rebuilding coastal areas hit heavily by Hurricane Sandy and its remnants, some scientists say. "Sometimes, in the rush to recover, those communities are setting themselves up for the next disaster" because storms "are almost assuredly going to get much, much worse," said Gavin Smith of the University of North Carolina. New Jersey needs to take actions such as "hardening" infrastructure and updating building codes, Smith said, adding that "those decisions need to be made now." The Philadelphia Inquirer (2/18) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Expert: Carriers to "wait and see" on cybersecurity order
    Insurers probably will take a "wait and see" approach before they can respond to President Barack Obama's executive order aimed at protecting critical infrastructure from cyberthreats, says Jim Whetstone of Hiscox. Insurers will be able to help affected companies comply with new requirements once government agencies and other public entities develop frameworks under the executive order, Whetstone said. PropertyCasualty360 (2/15) LinkedInFacebookTwitterEmail this Story
  • Minimum auto-liability requirement to increase in Ohio
    Ohio next month will implement a law that will increase the minimum liability-coverage requirements for auto insurance to $25,000 injury coverage per person or $50,000 per accident, as well as $25,000 for property-damage liability. Some experts and observers raised concerns about how rising rates could affect drivers' ability to buy coverage. The Plain Dealer (Cleveland) (2/15) LinkedInFacebookTwitterEmail this Story
  • Other News
You will become as small as your controlling desire; as great as your dominant aspiration."
--James Allen,
British author

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