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  Top Story 
  • P/C insurance rate increases moderated at Q4 renewal, Marsh says
    The increase in property/casualty insurance rates moderated at renewal during the fourth quarter, rising 1.2% compared with 1.4% in each of the previous two quarters, according to a Marsh report. "While Superstorm Sandy caused some insurers to suffer significant losses, we do not expect it to be a market-changing event. Insurers remain well capitalized with most of them unlikely to reduce their capacity in 2013. However, some insurers are increasing their push for rate increases," Marsh's Dean Klisura said in a statement. PropertyCasualty360 (12/19) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Report: Aviation insurance rates have dropped 10% this year
    Rates for lead hull and liability aviation insurance have declined 10% on average during 2012, according to an Aon report. Forty more programs are expected to be placed by year-end, Aon said. "Much of the catalyst for the reductions is through insurers' challenge to meet broader plans for forecast targets in what is a profitable market as a result of the low level of claims in the industry over the last two years," Aon says. Business Insurance (tiered subscription model) (12/19) LinkedInFacebookTwitterEmail this Story
  • Commentary: ERM may create unexpected risks for insurers
    Emerging risks underscore the need for enterprise risk management, but such initiatives with advanced predictive analytics could spur a new set of risks, writes Kathy Burger. The convictions of Italian seismologists and a government official related to a lack of warnings before a magnitude 6.3 earthquake "suggest some disturbing implications for insurance companies and other risk management professionals," Burger writes. As technology related to risk management "becomes increasingly sophisticated, how does it change the responsibilities that insurers and governments have to educate and communicate with the public about natural and man-made threats?" she writes. (12/19) LinkedInFacebookTwitterEmail this Story
  • Other News
  Catastrophic Risk 
  • Environmentalists tout disaster relief for climate-change awareness
    Greenpeace and other environmental groups have been helping in recovery efforts following Hurricane Sandy to promote an awareness of risks that are being connected with climate change. "We saw a bizarre alignment of the election and the storm [Sandy], and the possibility that it could drive climate back onto the national agenda," said Kert Davies, research director at Greenpeace. "We want people to clearly understand the connection between Sandy and climate change." (12/17) LinkedInFacebookTwitterEmail this Story
  • 33 storm-damaged Vt. homes are ineligible for FEMA buyouts
    The Federal Emergency Management Agency has decided that 33 Vermont homes damaged by the remnants of Hurricane Irene in 2011, and spring flooding earlier that year, do not qualify for buyouts. The properties were demolished before an application was made, causing them to be disqualified for buyouts, FEMA's David Mace said. "FEMA certainly doesn't like to play the role of the Grinch. But in the case of most of these homes, the fact that the homes were in fact demolished prior to an application being provided to FEMA simply makes them ineligible under the program's rules," Mace said. Vermont Public Radio (12/19) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Insurers express doubts about Calif. workers' comp law
    Insurers in California are voicing uncertainty over what the impact of a workers' compensation law will be when it takes effect next year. "I am cautiously optimistic that it's a step in the right direction, but it's the unknowns that concern everybody," said Christopher Flatt of Marsh USA. Mark Sektnan, president of the Association of California Insurance Companies, said "the best that we can hope for in reforms is that they slow down the increases in the workers' comp system." Insurance Journal (12/19) LinkedInFacebookTwitterEmail this Story

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  Association News 
  • Registration now open for PCI's 2013 Human Resources Conference
    Online registration is now open for the 2013 PCI Human Resources Conference, taking place April 21 to 24 in Boston. The program includes several highly acclaimed industry leaders addressing key topics of importance to human resources from employee benefits, retirement readiness and taking control of stress. LinkedInFacebookTwitterEmail this Story
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