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  Top Story 
  • Swiss Re says 2012 catastrophe-bond sales are 2nd highest ever
    Issuance of catastrophe bonds has hit $5.8 billion this year, and sales of new bonds are the second highest on record, according to Swiss Re. Issuance of catastrophe bonds has become more affordable, and "a large portion [of issuance] is providing capacity for the reinsurance companies so they can write more business by sharing their peak risks," Swiss Re's Martin Bisping said. Reuters (12/13) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Commentary: Analytics help improve agency distribution channels
    Insurance carriers will need to rely on predictive analytics to determine "patterns to explain and predict business outcomes and ensure that their products are being sold through the most appropriate and cost-effective distribution channels," Stuart Rose writes. "... Mobility and ease of doing business are often cited as competitive differentiators, but agency profitability is essential and can be achieved only through analytics and distribution insight." InsuranceTech.com (12/13) LinkedInFacebookTwitterEmail this Story
  • Configurable systems boost efficiency and lower costs, expert says
    Insurers are able to reduce their total cost of ownership through true configurability, which can curtail costly professional services and provide efficiencies for internal users, writes Heather Peacock of OneShield. A design tool for true configurability "goes beyond just the definition of functional insurance products" and "must extend to all aspects of the insurance enterprise," Peacock writes. "... Insurers stand to gain significantly with regards to improving service levels, cost controls, operational savings, streamlining enterprise business processes and achieving a more customer-centric view when a configurable system is leveraged to its full potential." PropertyCasualty360 (12/13) LinkedInFacebookTwitterEmail this Story
  • Report: Terrorism risk needs scrutiny despite a drop in attacks
    The insurance industry should maintain its scrutiny of terrorism risk because the number of terrorist attacks continues to be historically high despite a decrease over the past five years, according to Guy Carpenter. "Unlike other perils, (re)insurers struggle to quantify the risk posed by terrorism due to its unpredictable nature," according to Guy Carpenter. P/C insurers should closely watch events and locations such as Somalia and Yemen and examine thwarted attacks to "improve risk awareness," the reinsurance broker said. PropertyCasualty360 (12/13) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Expert: Incremental approach is key to investigating flood claims
    Property/casualty insurers should have "a disciplined, incremental approach" when investigating insurance claims related to flooding, writes Peter Rossi of law firm Cozen O'Connor. "Carriers can pursue flood subrogation litigation and win, but informed investigation decisions must be made early on," Rossi writes. The industry rarely investigates the smallest flood claims partly because of limited funds for doing so, but most claims are within the $150,000-to-$500,000 range, and "[a]n incremental investigation approach strategically allocates resources as the case unfolds and the prospect for recovery rises," Rossi writes. PropertyCasualty360 (12/13) LinkedInFacebookTwitterEmail this Story
  • Editorial: Lack of hurricane warnings for Sandy was a mistake
    Forecasters made a mistake in issuing no hurricane warnings north of the Carolinas as Hurricane Sandy approached the East Coast, this editorial argues. The lack of warnings as officials watched for the storm to downgrade to a "post-tropical cyclone" occurred "at the expense of clear risk communication," the editorial says. "Here's a simple [change]: Once a tropical system is named, let the [National] Hurricane Center issue warnings until it no longer poses a threat," the editorial says. USA Today (12/13) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Judge denies injunction in lawsuit over Fla. PIP overhaul
    A federal judge in Florida has denied an injunction in a lawsuit that aims to block implementation of the state's Personal Injury Protection Act, saying the plaintiffs "have utterly failed to demonstrate that there is a substantial likelihood they will eventually prevail on the merits." Separately, an emergency rule approved by the state Cabinet means auto insurers can use a form to let accident victims know about their benefits under the law. PropertyCasualty360 (12/13), Insurance Journal (12/13) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
The best preparation for tomorrow is to do today's work superbly well."
--William Osler,
Canadian physician


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