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February 1, 2013

Top Story

Experts: Carriers must do more to benefit from predictive analytics
Insurers need professionals who can interpret data and for their information-technology teams to be swift in creating and deploying predictive models, experts say. Carriers pursuing predictive analytics with limited data resources can include public data to keep up with "resource-rich insurers," a Towers Watson study says. InsuranceTech.com (1/31)

Industry News

More antitrust and environmental litigation is likely, report says
Firms are likely to face more litigation on antitrust and environmental matters in 2013, a report from law firm Crowell & Moring says. The report also examines National Labor Relations Board activity, patent law and whistle-blowers' effects on litigation. Business Insurance (tiered subscription model) (1/31)

Execs: Risk managers must address C-suite concerns on captives
Risk managers will be more likely to get executives' support for forming a captive insurer if they present the idea based on the priorities and concerns of the C-suite, two speakers said at an industry event. John Alberici, chairman of a construction firm, said he was persuaded to create a captive after realizing that his firm's margin would benefit if insurance costs were lowered. "So for me it made sense to attack it from that side," he said. Business Insurance (tiered subscription model) (1/31)

Catastrophic Risk

Insured losses from Ga. storm are estimated at $75M, official says
Insured losses are estimated at $75 million after a storm that involved tornadoes hit Georgia this week, says Ralph Hudgens, the state's insurance commissioner. "That figure will rise as new claims are reported," Hudgens said, adding that one manufacturing facility received "quite extensive" damage. American City Business Journals/Atlanta (1/31)

NYC suspends zoning rule so residents can raise Sandy-hit homes
New York Mayor Michael Bloomberg has suspended zoning restrictions on height to enable Hurricane Sandy victims to rebuild and elevate their homes. Preliminary updated flood maps by the Federal Emergency Management Agency indicate that many more properties in the city are in flood zones and may need to be elevated to mitigate risk. The Wall Street Journal/The Associated Press (1/31)

NYC officials pursue a bill to fight disaster-related crimes
Crimes against victims of Hurricane Sandy in New York City have prompted officials to work on a measure to address such concerns. The proposal may tighten penalties for thefts and fraud, and impose fines for crimes committed during a state of emergency. ClaimsJournal.com/The Associated Press (1/31)

Number of flood-damaged car titles soars in N.J., officials say
Buyers of used vehicles in New Jersey should check a car's title and other records before buying a vehicle to determine whether it was damaged during Hurricane Sandy, state officials say. Processing of flood-damaged and salvage titles has skyrocketed in the past three months, data indicate. The Philadelphia Inquirer/The Associated Press (1/31)

Policy and Law

Fla. lawmakers ready a property insurance overhaul
Lawmakers intend to reveal a draft of legislation that seeks major changes to Florida's property insurance market. Preparing a proposal that will get the support of the Legislature would be difficult, said David Simmons, chairman of the Senate Banking and Insurance Committee. Democratic lawmakers say they expect to fight any measure that could drive insurance-rate increases. Insurance Journal (1/31), Insurance Journal (1/31)

Association News

PCI Responds to N.Y. AG's effort to help improve insurers' strong performance following Sandy
PCI recognized New York Attorney General Eric Schneiderman's efforts to help homeowners working to recover from Superstorm Sandy and highlighted the insurance industry's strong response following the storm.

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