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  Top Story 
  • NFIP rates are set for phased-in increases starting in January
    The Biggert-Waters Act will bring higher rates for the National Flood Insurance Program starting in January. David Miller of the Federal Emergency Management Agency said he wouldn't speculate on whether the White House will seek an increase in the program's borrowing authority. "Because so many people are relying on NFIP, it is particularly critical that it be financially strong," PCI's David Snyder said, adding, "To the extent practicable, NFIP's rates should also accurately reflect risk so as to provide financial signals that could help reduce future losses." PropertyCasualty360 (12/3) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: Technology focus can help insurers enhance business
    Commercial insurers can focus on business-intelligence and policy-administration systems as they look to technology to help reduce expenses, develop growth strategies and enhance underwriting results, a report from Novarica says. Insurers' are also recommended to consider claims-administration systems and real-time data processing for agents and policyholders, the report says. Insurance Networking News (12/3) LinkedInFacebookTwitterEmail this Story
  • Using IT to fight claims fraud is a must for insurers, report says
    Insurance carriers need to take steps such as using the software that best fits their needs in their efforts to prevent claims fraud, according to a Celent report. "Fighting claims fraud represents a key element of insurers' strategy, and we think claims-fraud mitigation will trigger more investment in the near future," Celent's Nicolas Michellod said. Insurance Networking News (12/3) LinkedInFacebookTwitterEmail this Story
  • Report: Claims systems are a priority for workers' comp insurers
    Workers' compensation insurers are investing heavily in new claims systems and predictive analytics to boost underwriting results and comply with reporting requirements, according to a Novarica report. Other priorities in technology investment include portal functionality, policy-administration system replacements and enhanced document management, the report said. Insurance Networking News (12/3) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Weather service faces criticism for nixing assessment team
    The National Weather Service is facing criticism for a decision to dissolve its post-storm assessment team following Hurricane Sandy. The NWS made its decision in mid-November and said that a "broader federal assessment" with other agencies may be possible. The delay caused by the decision could lead to "increased challenges" for the next assessment team "in collecting the information it needs for a comprehensive report," Rep. Paul Broun, R-Ga., wrote in a letter to the head of the National Oceanic and Atmospheric Administration. The Washington Post (12/2) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • La. regulator is elected NAIC president
    The National Association of Insurance Commissioners has elected Louisiana Insurance Commissioner Jim Donelon as president for next year. The group also chose North Dakota Insurance Commissioner Adam Hamm as president-elect for 2013. Monica Lindeen, Montana's state auditor and commissioner of securities, was selected as vice president. Pennsylvania Insurance Commissioner Michael Consedine was named secretary-treasurer. Business Insurance (tiered subscription model) (12/3) LinkedInFacebookTwitterEmail this Story
  • Official: Workers' comp insurers in Calif. should raise rates 2.8%
    California Insurance Commissioner Dave Jones has endorsed a 2.8% average increase in workers' compensation pure premium rates starting in January. "This is a case where the math matters and actuarial science is the critical component in determining a rate that will maintain insurers' ability to pay claims. We cannot afford to set the pure premium rate based on overestimates of the potential reform savings that S.B. 863 will bring when insurers are already paying out more in claims than they are collecting in premiums," Jones said in a statement. Business Insurance (tiered subscription model) (12/3) LinkedInFacebookTwitterEmail this Story
  • Other News
It is astonishing what force, purity and wisdom it requires for a human being to keep clear of falsehoods."
--Margaret Fuller,
American journalist and women's rights activist

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