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  Top Story 
  • Sen. Collins: Dodd-Frank capital rules were not meant for insurers
    Sen. Susan Collins, R-Maine, who authored provisions in the Dodd-Frank Act that apply certain capital rules to bank holding companies, wrote to regulators including Federal Reserve Chairman Ben Bernanke to say that lawmakers had not intended to subject insurance companies to stringent capital standards designed for banks. Federal regulators were not meant to "supplant state-based regulation with a bank-centric capital regime" under the act, Collins wrote. PropertyCasualty360 (11/28) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: Demand may help smaller insurers issue catastrophe bonds
    Smaller insurers are more likely to be able to issue catastrophe bonds to guard themselves against natural disasters because of investors' growing appetite for such bonds, according to report from Munich Re. While catastrophe bonds normally are issued by large insurers that can afford high transaction costs, some bond issues could soon have values below $100 million, Munich Re said. Reuters (11/28) LinkedInFacebookTwitterEmail this Story
  • Marsh: Drops in reinsurance rates are unlikely for Jan. 1 renewals
    The effects of Hurricane Sandy will prompt some reinsurers to increase rates at Jan. 1 renewals, particularly for accounts heavily affected by the storm, according to Marsh. Renewal rates are unlikely to decline, although "flat is still possible," said Marsh's Duncan Ellis, adding that carriers would focus more on deductibles, policy terms and conditions, and language concerning storm surge. PropertyCasualty360 (11/28) LinkedInFacebookTwitterEmail this Story
  • Other News
  Catastrophic Risk 
  • Expert: Barring wind deductibles may boost Sandy losses
    The decisions to waive hurricane deductibles in states hit by Hurricane Sandy and its remnants mean "a greater financial loss" for property/casualty insurers and could raise overall insured losses by as much as $2.2 billion, Milliman's Philip Borba writes. The decision would spur "a considerable amount of effort" in "sorting out whether property owners or insurers will be responsible for the significant losses" related to such deductibles after Sandy, Borba writes. "In the long run, there is a need for improved clarity through clearer regulations or statutory actions concerning the applicability of wind deductibles." Insurance Journal (11/28) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • New leaders are appointed to key House committees
    U.S. Rep. Jeb Hensarling, R-Texas, has been picked to succeed Rep. Spencer Bachus, R-Ala., as chairman of the House Financial Services Committee. Rep. Dave Camp, R-Mich., will continue to head the House Ways and Means Committee, which will review tax provisions of importance to insurers. Rep. Ed Royce, R-Calif., who has been involved in matters concerning regulation of the industry, has been named head of the Foreign Affairs Committee. PropertyCasualty360 (11/28) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
We acquire the strength we have overcome."
--Ralph Waldo Emerson,
American writer


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