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January 28, 2013

  Top Story 
  • PCI commends Gov. Christie on Sandy building standards: PCI applauds New Jersey Gov. Chris Christie's commitment to strengthening New Jersey's guidelines on rebuilding standards. Read more. LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Increase in casualty rates to continue this year, report says
    A Marsh report indicates that rates for casualty insurance lines increased in the fourth quarter, a trend that is expected to continue this year. The rate increases "are likely to be felt unevenly across the various industry sectors" and rely on "client-specific risk factors," the report says. Policyholders who enjoyed "exceptionally good loss histories, strong safety controls, and lower hazard exposures generally continued to secure decreases at renewal," Marsh says. PropertyCasualty360 (1/25) LinkedInFacebookTwitterEmail this Story
  • Study: Auto insurer claimant satisfaction rose in Q4
    Auto insurers received higher customer-satisfaction ratings for their claims process in the fourth quarter compared with the same period in 2011, mainly because of an increase in settlement satisfaction, a study by J.D. Power and Associates says. "Regardless of the claim type, the faster the claimant is paid and can move forward with a repair or to replace their vehicle, the more likely they are to be satisfied. In addition, satisfaction with the claims professional is at an all-time high, indicating that the process is becoming smoother," said Jeremy Bowler of J.D. Power. PropertyCasualty360 (1/25) LinkedInFacebookTwitterEmail this Story
  • Drivers' risky actions involve more than phones, study finds
    Motorists who use cellphones while driving are less likely to wear a seat belt and more likely to speed and drive while drowsy, according to a study by the AAA Foundation for Traffic Safety. "What concerns AAA is this pattern of risky behavior that even goes beyond cellphone use. These same cellphone-using drivers clearly understand the risk of distraction, yet are still likely to engage in a wide range of dangerous driving activities," AAA's Kathleen Bower said. St. Louis Post-Dispatch (1/25) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Experts: Disaster-coverage costs are a concern for risk managers
    Public-entity risk managers face challenges because of rising disaster-related insurance premiums, but they can overcome complex issues after a catastrophe if good insurer-broker relationships and effective loss-prevention initiatives are in place, experts say. "Insurance solutions in a disaster can be pretty difficult," says Mary Breighner of FM Global, adding that the aggregation of exposures in one particular area is a major concern for carriers. Business Insurance (tiered subscription model) (1/27) LinkedInFacebookTwitterEmail this Story
  • Insurers must brace for bigger losses from disasters, experts say
    Property/casualty insurers must prepare for issues including cyber-risk, reputational risk and an increasing threat from natural catastrophes, industry experts say. "Companies with global exposures and an expanding global reach need to be prepared for the possibility that future catastrophes will produce losses exceeding any historical amounts," said Bill Churney of AIR Worldwide. (1/25) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Private flood insurance may get a look in Congress
    Lawmakers are expected to consider a partial or full privatization of the National Flood Insurance Program, and the Risk and Insurance Management Society says it supports a considered approach. "We believe that these studies should be completed in order to determine whether privatization is a viable option. Prematurely abandoning the NFIP would leave many homeowners and businesses exposed to the perils of floods and would throw the marketplace into flux," RIMS' Carolyn Snow wrote in an e-mail. Business Insurance (tiered subscription model) (1/27) LinkedInFacebookTwitterEmail this Story
  • Pondering SIFI status for state-backed insurers
    A state-backed insurer could be considered systemically important because "any large government-controlled or -sponsored financial institution presents real issues of interconnectedness," this unbylined opinion piece argues. Although applying tougher regulatory oversight to government-controlled insurers may result in higher costs to policyholders and taxpayers, "ignoring the potential for damage done by a state enterprise when determining what is a SIFI ultimately could lead to a considerably costlier bailout by the public should such an insurer fail," the opinion piece concludes. Business Insurance (tiered subscription model) (1/27) LinkedInFacebookTwitterEmail this Story
If fate means you to lose, give him a good fight anyhow."
--William McFee,
British-American writer

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