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January 2, 2013

  Top Story 
  • Report: P/C sector's net income was $31.2B in 1st 3 quarters of 2012
    Property/casualty insurers' net income was $31.2 billion for the first nine months of 2012, up from $12.3 billion during the same period in 2011, according to a report from A.M. Best. The industry's combined ratio for the first three quarters of 2012 was 100.1, compared with 108.5 in the same period in 2011, the report said. While losses from Hurricane Sandy are expected to harm insurers' financial results for the fourth quarter and for 2012 as a whole, the industry has adequate capital, which "should result in Sandy having only a modest impact next quarter," the report says. Insurance Networking News (12/31) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Reinsurance rates stabilize in light of Sandy, report says
    Hurricane Sandy helped slow down declines in reinsurance pricing, according to a report from Willis Group Holdings. Reinsurance rates remained flat or decreased by up to 5% for insurers that incurred no reinsurance losses last year, but increased 10% for those that did incur such losses, the report said. "In the absence of Superstorm Sandy, reinsurers would have found it difficult to resist buyer pressure for further concessions. Sandy's impact has helped to stabilize market pricing on an overall basis," the report says. The Wall Street Journal/Dow Jones Newswires (12/31) LinkedInFacebookTwitterEmail this Story
  • Report: Crash responders may face risk of shock from electric cars
    Electric vehicles involved in crashes could pose the risk of electric shock for first-responders and tow-truck operators, according to a report from the Society of Automotive Engineers. "As electric vehicles enter the marketplace in greater numbers, it's an appropriate time to recognize best practices that facilitate a safe response when these vehicles are in an accident," said Todd Mackintosh, chairman of the group's technical committee. CNN (12/29) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Boehner defers vote on bill to provide $60B in Sandy relief
    House Speaker John Boehner, R-Ohio, decided late Tuesday to cancel a vote on legislation to provide $60 billion in disaster relief for areas affected by Hurricane Sandy, which drew criticism from lawmakers from New York and New Jersey. "It is outrageous that our needs are being pushed aside tonight," said Rep. Rob Andrews, D-N.J. Boehner spokesman Brendan Buck wrote in an e-mail that "[t]he speaker is committed to getting this bill passed this month." The Philadelphia Inquirer (1/2) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
Birds sing after a storm; why shouldn't people feel as free to delight in whatever remains to them."
--Rose Kennedy,
American philanthropist

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