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October 15, 2012
News for property casualty insurers

  Top Story 
  • List of "too-big-to-fail" institutions will grow, FSB says
    The Financial Stability Board says it supports broader rules for "too-big-to-fail" financial institutions, expanding the scope to include insurers and national banks. Chairman Mark Carney said an updated version of the list of affected institutions, based on end-of-2011 data, will be published in November. Bloomberg (10/11) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Reports of motorcycle theft dropped about 6% last year, NICB says
    About 46,700 motorcycles were reported stolen last year in the U.S., a decrease of about 6% from the previous year, according to the National Insurance Crime Bureau. California, Texas and Florida had the most reports of motorcycle thefts, while Alaska, Vermont and South Dakota were among the states with the fewest theft reports, NICB said. Forbes (10/12) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Scientists: Extreme events may show pattern tied to global warming
    The increased frequency of flooding, drought and other extreme weather events in the past decade shows a statistical pattern possibly linked to global warming, some U.S. scientists say. "We can state, with a high degree of confidence, that extreme anomalies ... were a consequence of global warming because their likelihood in the absence of global warming was exceedingly small," researchers including NASA climatologist James Hansen wrote in a study published last month. Los Angeles Times (tiered subscription model) (10/12) LinkedInFacebookTwitterEmail this Story
  • Report: Changes are needed to reduce Missouri River flood risk
    The risk of floods persists after the historic flooding in the Missouri River basin last year, highlighting the need to take steps such as increasing reservoirs' flood-control storage, according to a report from the Army Corps of Engineers. "All of us bear a shared responsibility for reducing flood risk," the report says. Omaha World-Herald (Neb.) (10/13) LinkedInFacebookTwitterEmail this Story
  • NRC: Calif. nuclear facility can weather a quake from nearby fault
    The Diablo Canyon nuclear facility operated in California by Pacific Gas & Electric is able to withstand an earthquake triggered by a fault off the coast nearby, according to a report from the Nuclear Regulatory Commission. PG&E said it's pleased with the report. The report "confirms that Diablo Canyon is seismically safe and is designed to withstand the maximum ground motions that seismic faults in the region are believed capable of producing," the utility said in a statement. Reuters (10/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Fla.-backed insurer defers loan program for private carriers
    Florida-backed Citizens Property Insurance has deferred action on a plan to offer as much as $350 million in loans for private insurers to take over many of its policies, citing criticism from state officials. "I want to express my desire to make sure elected officials' concerns are addressed, and simultaneously fulfill our mission to depopulate and maintain the confidence of the public and officials," said Chris Gardner, chairman of Citizens' depopulation committee. Insurance Journal (10/12) LinkedInFacebookTwitterEmail this Story
I have loved the stars too fondly to be fearful of the night."
--Galileo Galilei,
Italian astronomer, philosopher and physicist

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