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  • Execs: P/C rates to firm, but no market turn is expected for 2013
    Property/casualty insurers may experience gradual firming of pricing, but the industry should expect no "across-the-board" hard market next year, insurer executives say. "The P&C market has been turning gradually with some degree of inconsistency depending on geography, line of business and industry segment. 2013 will lead to additional firming, although underlying economic factors still limit the ability for many businesses to absorb the increases," says Kevin Kenny of Wells Fargo Insurance Services. American Agent & Broker (12/2012) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Report: Collision claims won't rise as population ages
    An increase in the number of older motorists should not drive up the tally of crash-related claims through 2030, according to a report from the Insurance Institute of Highway Safety. Although claims rates are higher for drivers in their 70s and 80s, the percentage of such drivers in relation to the total number of drivers is likely to "remain relatively small," according to the report, which is based on an analysis by the Highway Loss Data Institute. The number of drivers younger than 30 also is expected to decline, the report said, adding that drivers in that age group have the highest overall claims rates. PropertyCasualty360 (11/30) LinkedInFacebookTwitterEmail this Story
  • Texas surplus-lines market sees increased premium
    Surplus-lines premium written in Texas is on the upswing, as the sector saw a 25% increase in the state by the end of October compared with the same period in 2011. "Texas consistently ranks as the second- or third-largest surplus-lines market in the U.S. In 2011, you had $2.25 billion in premium that was reported. It was one-eighth of the entire U.S. surplus-lines market. And $160 million in tax revenue was generated by your industry," Texas Insurance Commissioner Eleanor Kitzman said. Insurance Journal (11/30) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Expert: Firms should maintain understanding of insurance policies
    Hurricane Sandy underscores the need for companies to have a business-recovery plan and understand the terms of their insurance policies to "make sure the coverage meets what is needed," said Neil Harrison of Aon Global Risk Consulting. "Post-event is not the time to find out how your system works," Harrison said, adding, "Be ready to respond and to take immediate action to remediate your loss." PropertyCasualty360 (11/30) LinkedInFacebookTwitterEmail this Story
  • Group: Insurers respond promptly in N.Y. without deadline change
    New York Gov. Andrew Cuomo doesn't need to change the deadline for the property/casualty insurance industry to send adjusters to inspect properties damaged by Hurricane Sandy and its remnants because a governor's report card "shows that companies are doing an outstanding job," says Ellen Melchionni, president of the New York Insurance Association. "The main focus of companies ... has been to help policyholders during this crisis situation," Melchionni said. Insurance Networking News (11/30) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Basel III rules would be problematic for insurers, execs say
    Insurers operating savings and loans should not be subject to Basel III rules, which are a "regulatory mismatch" for the industry, according to insurance executives at a House Financial Services Committee hearing. The rules, which aim to avoid another banking crisis, could not have stopped AIG's collapse, said Kevin McCarty, Florida's insurance commissioner. "Regulatory requirements need to be applied to unregulated financial risks. ... Frequent solvency monitoring, off-site and on, must be performed; and risks of unregulated entities within the group must be a part of this monitoring," McCarty said in a statement. CFO.com (11/30) LinkedInFacebookTwitterEmail this Story
  • 2 carriers get Calif.'s OK to lower earthquake insurance rates
    California Insurance Commissioner Dave Jones says he hopes that two insurers' decisions to reduce earthquake insurance rates will encourage more homeowners to purchase such coverage. Twelve percent of homeowners in the state carry such insurance, according to the state Insurance Department. "We live in earthquake country and the danger is real. Anything we can do to make coverage more affordable for consumers is a good thing," Jones said in a statement. Los Angeles Times/Money & Co. (tiered subscription model) (12/1) LinkedInFacebookTwitterEmail this Story
  • Other News
  SmartQuote 
Silent gratitude isn't much use to anyone."
--Gladys Bronwyn Stern,
British writer


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