Experts: Firms shifting to the cloud should examine risk to data | Experts: Business plans figure heavily in captives' domicile choices | Study cites recovery for Wis. medical-malpractice fund
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March 11, 2013
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Moody's: Pricing, economy to boost P/C insurers this year
Increased earned premiums and a year-over-year drop in catastrophe losses were key contributors to a 50% increase in net income for the property/casualty insurance industry in 2012, Moody's Investors Service said. "The favorable pricing momentum and gradually improving economy, coupled with relatively benign loss cost trends, will benefit accident-year loss ratios and underwriting margins for 2013 (excluding catastrophes)," Moody's said. PropertyCasualty360 (3/8)
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Join us Mar. 20 to hear Strategy Meets Actions' Karen Furtado discuss insurer priorities. Learn about Claims plans as well, and see how better customer experience and faster settlement can result from using workflow, specific catastrophe capabilities, and a graphical rule builder.
Industry News
Experts: Firms shifting to the cloud should examine risk to data
Risk management is crucial in preventing data loss and theft that could harm a company financially and reputationally during a shift to the cloud, experts say. Firms considering such a move should look for insurance that specifically covers data breaches and service outages, experts say. Business Insurance (tiered subscription model) (3/10)
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Experts: Business plans figure heavily in captives' domicile choices
Business plans and operating costs, which tend to be lower in the U.S., are among the biggest considerations of captive-insurer owners as they seek domiciles, according to experts. Growth in U.S.-domiciled captives in 2012 surpassed that of regions including the Caribbean, which had a higher number of captives last year, according to Business Insurance. Business Insurance (tiered subscription model) (3/10)
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Study cites recovery for Wis. medical-malpractice fund
A study by Wisconsin's Legislative Audit Bureau found that investment earnings of the state's medical-malpractice insurance fund have experienced two years of increases. The fund's net asset balance was $361.3 million last year after running a $109 million deficit in 2009 chiefly because of a $200 million transfer to Medicaid, the study found. Wisconsin returned $234 million to the fund in 2011 after the state Supreme Court ruled against the transfer. Milwaukee Journal Sentinel (tiered subscription model)/The Associated Press (3/8)
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Cultural compatibility spurs M&A among agencies, exec says
Price isn't the only factor involved in mergers and acquisitions among insurance agencies, says J. Powell Brown, CEO of Brown & Brown. "Typically, when we talk to somebody, we see if there is a cultural fit and then we try to figure out how to get to the price or not. ... When you throw all the bones on the table up front, we're skeptical about that," Brown says. PropertyCasualty360 (3/8)
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Catastrophic Risk
Report: Some winter-storm losses last month were less than expected
Insured losses from winter storms last month were "lower than might have been expected" in some cases, said Steve Jakubowski of Aon Benfield's Impact Forecasting. The industry could see less than $100 million in insured losses from three of the four significant winter storms last month, said Steven Bowen of Aon Benfield. PropertyCasualty360 (3/8)
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Wildfire-fighting costs exceeded $580M last year, report says
More than $580 million went toward fighting the biggest U.S. wildfires in 2012, according to a report from the National Interagency Fire Center. Lightning caused more than 80% of such wildfires last year, with some fires lasting longer than three months, the report said. The Washington Post/The Associated Press (3/8)
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Experts call for proactive strategy on La. coastal flooding
Louisiana needs a proactive approach to help coastal areas cope with the risks posed by storms and flooding, experts say. "Life in this coastal area is going to change dramatically as we start having to handle risk earlier," said Mark Davis of Tulane University Law School. The Times-Picayune (New Orleans) (3/8)
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Policy and Law
Questions arise about liability in automated-car crashes
Automated-vehicle technology is leading to new legal and regulatory concerns, experts say. Arizona state Rep. Jeff Dial introduced a bill on driverless cars last year and said that after he filed the measure, "insurance companies started approaching me with the questions of the liability." National Public Radio/Planet Money blog (3/8)
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Association News
PCI questions Ceres climate-change report findings
According to PCI, the Ceres climate-change report ignores many examples of actions insurers are taking to deal with climate change.
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PCI to participate in City of Hope fundraiser
PCI is participating in the third annual Hoops for Hope, a fundraiser hosted by the Midwest Insurance Committee for City of Hope on April 8 at the Public House in Chicago. Proceeds raised at this viewing party of the NCAA national men's basketball championship game will benefit City of Hope and their pioneering cancer, diabetes and HIV/AIDS research and treatment programs.
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The greatest way to live with honor in this world is to be what we pretend to be."
-- Socrates,
Greek philosopher
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