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October 12, 2012
News for property casualty insurers

  Top Story 
  • Data tops P/C insurers' budget priorities for 2013, report says
    Investing in data and analytics is property/casualty insurers' biggest priority for 2013 in terms of business capabilities, according to an upcoming Novarica report. "The primary challenge of insurer IT groups ... is to enable business capabilities through technology. That means working hand-in-hand with business leaders, with organizational planning, with corporate strategy, making them aware of what's possible, the costs and the restrictions of the things they may be considering," said Novarica's Matthew Josefowicz, who gave a preview of the report at PCI's Information Technology Conference. Insurance Networking News (10/11) LinkedInFacebookTwitterEmail this Story
  • Big Data can help insurers improve competitive advantage, experts say: Insurance companies can improve their competitive advantage with insights gained from Big Data, experts say. "The data analytics mean nothing without the decision-makers embracing it," says Kimberly Holmes of XL Insurance Group, adding that some models "don't have an impact because the underwriters don't use them." (10/11) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Report: Further losses in power sector may lead to harder market
    The power industry may face higher pricing and diminished insurance capacity if insurers exit the market because of loss trends for power-generating firms, according to a Marsh report. "Insurers are reconsidering their stance on pricing and conditions for the global-power industry following sustained heavy losses arising from machinery breakdown, fire and explosion, natural perils and associated business interruption. Improving risk-management techniques to reduce claims frequency and costs should be a business imperative for power organizations," Marsh's Philippe Du Four said in a statement. PropertyCasualty360 (10/11) LinkedInFacebookTwitterEmail this Story
  • Study: U.S. workers' comp rate median value dropped in 2012
    The nationwide median value for workers' compensation rates declined to $1.88 this year, compared with $2.04 in 2010, with employers in Alaska, California and Connecticut paying the heftiest rates this year, according to a study by the Oregon Department of Consumer and Business Services. "You're beginning to see rankings tighten as states adopt the types of reforms that Oregon pioneered years ago," Patrick Allen, the department's director, said in a statement. Business Insurance (tiered subscription model) (10/11) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Range of disasters spurs concerns for Okla. properties, lawyer says
    Insured property losses from natural disasters in Oklahoma was $1.6 billion last year, compared with $320 million in 2005, said Renee DeMoss of law firm GableGotwals. "For the last five years we've had virtually every natural disaster there is, from hailstorms to floods, droughts and tornadoes. And we've even had this year some magnitude 5.6 earthquakes. There's a lot of disagreement about whether these are actually permanent weather changes or just temporary," DeMoss said. Insurance Journal (10/11) LinkedInFacebookTwitterEmail this Story
  • Lawmakers want Forest Service to study effects of Colo. wildfires
    Sens. Mark Udall and Michael Bennet, both Colorado Democrats, are calling on the U.S. Forest Service to determine the economic and environmental impact of two wildfires to enable the state to prepare for future fires. "The unprecedented nature and pattern of these fires call for a systematic and scientific analysis to learn how we as a society can do better. We must examine the factors that led to the level of intensity and damage, and learn what we can do to reduce future risks," the lawmakers wrote in a letter to Agriculture Secretary Tom Vilsack. The Coloradoan (Fort Collins, Colo.)/Gannett News Service (10/11) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Official: Global regulators, execs have divergent views on ComFrame
    International regulators and industry executives continue to have differing opinions on major issues concerning the Common Framework for insurance supervision proposed by the International Association of Insurance Supervisors. "ComFrame has drifted apart, and everybody recognizes that," said Florida Insurance Commissioner Kevin McCarty, president of the National Association of Insurance Commissioners. Some state regulators say IAIS should not establish quantitative standards, including those for capital, that would supplant local requirements. PropertyCasualty360 (10/11) LinkedInFacebookTwitterEmail this Story
  • More states consider legislation on automated vehicles
    Google is moving forward in its push for driverless cars as more states consider legislation to allow the use of such vehicles. California, Nevada and Florida have passed bills to allow such vehicles, while lawmakers in Oklahoma, New Jersey, Hawaii and the District of Columbia are considering similar proposals. The Wall Street Journal (10/11) LinkedInFacebookTwitterEmail this Story
  Association News 
  • William Kristol to speak at PCI Annual Meeting
    William Kristol, editor of the influential Washington-based political magazine The Weekly Standard, is one of several prominent speakers featured at this year's PCI Annual Meeting, to be held Oct. 28 to 31 in Dana Point, Calif. His presentation will address today's American politics. LinkedInFacebookTwitterEmail this Story
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