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- Report: Average auto insurance premium rose slightly in 2010
A report from the National Association of Insurance Commissioners shows Louisiana and Washington, D.C., led the U.S. in costliest auto insurance coverage in 2010, when average premium and expenditure rates increased less than 1%, compared with figures from the two previous years. The increase indicates a general trend in pricing and is likely to continue in 2013 because of factors including weather-related insured losses, said Robert Hartwig, president of the Insurance Information Institute. "We don't expect to see radical changes in the numbers, but we do expect to see a general upward drift in the numbers," Hartwig said. PropertyCasualty360
(12/21)      
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- Expert: Insurers, agents should ensure cooperation to serve clients
Technology has had some effect on insurer-agent relationships, but carriers' and producers' expectations of each other have changed little, writes Deloitte's Sam Friedman. "In the end, independent agency carriers and their producers can only make a formidable team and stave off irrelevance and disintermediation if they work together to retain the loyalty of those who keep them both in business -- their clients," Friedman writes. PropertyCasualty360
(12/21)
- Analytics offers producers a chance for growth, exec says
 Analytics, workers' compensation and claims management should provide growth opportunities for insurance agents and brokers next year, while attracting the best talent will continue to remain a challenge, said David Bidmead, U.S. CEO of Marsh. Change is "the new normal" of the insurance industry, and "the ability to lead and successfully manage change is going to become an increasingly notable difference and a competitive differentiator," Bidmead said. PropertyCasualty360
(12/21)
- Report: P/C insurers step up efforts to modernize core systems
Many property/casualty insurance companies are making major progress in upgrading core policy-administration and other systems as insurers realize that failure to replace legacy systems would make them less competitive, according to a report from Celent. "The drag effect of legacy systems on the P&C insurer is a reality," according to the report. "As the market shifts to modern platforms that offer greater flexibility to respond to market requirements, the requirement to undertake the replacement programs [becomes] more pressing." Business Insurance (tiered subscription model)
(12/21)
| Catastrophic Risk | | |
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- $60.4B Sandy-relief bill is set for a Senate vote
The Senate has set the stage for a decision on a measure to provide $60.4 billion for rebuilding in states affected by Superstorm Sandy and its remnants. The bill, which also would raise the National Flood Insurance Program's borrowing authority to $30.4 billion, could face hurdles in the House, according to this article. "Before we release another round of federal dollars, let's have all the information we need to make the best possible decision. Congress has already approved $7.1 billion, and [the Federal Emergency Management Agency] has not indicated that more is needed at this point," said Jennifer Hing, a spokeswoman for House Appropriations Committee Chairman Hal Rogers, R-Ky. PropertyCasualty360
(12/21)
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SmartBrief will not publish Tuesday
In observance of Christmas, SmartBrief will not publish Tuesday. Publication will resume Wednesday. Enjoy the holiday!
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--William Blake,
British poet and painter
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