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January 17, 2013

  Top Story 
  • Wyo. lawmakers consider bill on electronic proof of auto insurance
    Wyoming lawmakers are considering legislation that would enable drivers to present electronic proof of their auto coverage if they are stopped by police, a proposal that generally sits well with insurer groups. PCI's Alex Hageli said, however, that a provision of the bill could result in delays in uploading information to the state's online-verification system after a policyholder's insurance cards are issued. Such a provision does not exist in other states and should be dropped from Wyoming's bill, Hageli said. PropertyCasualty360 (1/16) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Survey: Most insurance execs expect increased P/C premium growth
    About three-fourths of property/casualty insurance executives polled by the Insurance Information Institute said that greater premium growth is possible this year despite the potential harmful impact of budget troubles on the economy. "As the economy continues its recovery, exposures will continue to grow, implying further increases in insurance premium volume," said Steven Weisbart, the III's chief economist. "Moreover, business bankruptcies in 2012 dropped below their level at the start of the 2007-'09 recession and are expected to continue falling in 2013, so the erosion of commercial accounts will continue to ease." Insurance Networking News (1/16) LinkedInFacebookTwitterEmail this Story
  • Study: Deadly crashes are more likely to involve unlicensed drivers
    A study by the California Department of Motor Vehicles found that the possibility of a fatal crash being caused by an unlicensed motorist is nearly three times greater than that of a deadly crash caused by a licensed driver. "If you don't hold people accountable to acceptable standards, then we get people that aren't prepared and don't have the skill set," said Tyler Izen of the Los Angeles Police Protective League. The state could curb traffic fatalities by allowing illegal immigrants to take driving tests and get licenses, immigrant-rights groups say. Los Angeles Times (tiered subscription model) (1/15) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Execs: Economy, Sandy pose big questions for P/C insurers
    Property/casualty insurers are concerned about budget squabbles in Congress, insurance executives said at the annual Property/Casualty Joint Industry Forum. Legislative deadlock is resulting in an "incredible pent-up demand," said The Hartford CEO Liam McGee, adding that a survey by the firm found that pessimism among small and midsize companies jumped during the past six months. Dowling & Partners' V.J. Dowling said that Hurricane Sandy served as a "wake-up call" for P/C insurers to think of all possible scenarios that could result from a disaster. PropertyCasualty360 (1/16), InsuranceTech.com (1/16) LinkedInFacebookTwitterEmail this Story
  • P/C insurance execs assess industry's response to Sandy: Property/casualty insurers performed well in responding after Hurricane Sandy hit the Northeast last year, said industry executives and experts at the 2013 Property/Casualty Joint Industry Forum. The storm also underscored the need for P/C insurers to adjust their strategies in managing catastrophe risk, senior insurance executives said. Business Insurance (tiered subscription model) (1/16), Business Insurance (tiered subscription model) (1/16) LinkedInFacebookTwitterEmail this Story
  • Report: Increased exposures are spurring higher catastrophe losses
    Hefty catastrophe losses in 2011 were driven largely by greater exposures in regions vulnerable to natural disasters, according to AIR Worldwide, which said that little evidence shows an increase in the frequency and severity of storms and other catastrophes. "As the number of properties in highly-exposed areas of the world and the overall penetration of insurance increase, insured losses from natural catastrophes will only continue to rise," the modeler said. The property/casualty insurance industry faces a nearly 7% probability of seeing more than $110 billion in disaster losses in a year, AIR Worldwide said. PropertyCasualty360 (1/16), Business Insurance (tiered subscription model) (1/16) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Fla. property insurance market needs a revamp, regulator says
    Proposals by Florida Insurance Commissioner Kevin McCarty would rework the state's property insurance market, with elements such as analyzing insurer rate filings and storm models using home-mitigation credits and creating a reinsurance pool for wind exposure that is voluntary for private insurers. McCarty also is seeking major changes to Florida's Citizens Property Insurance, such as allowing the state-backed insurer to share risk with private insurers and establishing a clearinghouse through which consumers can seek private coverage. American City Business Journals/South Florida (1/16) LinkedInFacebookTwitterEmail this Story
  Association News 
  • PCI's Investment Seminar to be held Sept. 8 to 11
    PCI's premier event for insurance investment professionals will be held Sept. 8 to 11 in Napa, Calif. The program will address the current U.S. economy, global markets, alternative investments, financial reporting and much more. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Admiration is a very short-lived passion that immediately decays upon growing familiar with its object; unless it be still fed with fresh discoveries, and kept alive by a perpetual succession of miracles rising into view."
--Joseph Addison,
British writer and politician


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