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| News for property casualty insurers |
- MarketScout: Commercial insurance composite rate rose 4% in May
The commercial insurance composite rate increased 4% in May over the same month last year, according to MarketScout. Pricing for accounts exceeding $1 million is expected to increase further as carriers attempt to remedy what MarketScout CEO Richard Kerr refers to as "Show Pony Syndrome." "It's not unusual for underwriters to aggressively price jumbo accounts because of the [cachet] they bring. Fortune 100 'Show Pony' accounts bring bragging rights, but sometimes rates do not justify the exposure," Kerr said. PropertyCasualty360
(6/6), Business Insurance (tiered subscription model)
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 | When the business of insurance gets in the way of the business of insurance —
CV-Exchange helps you streamline processes for loss payee, mortgagee, and producer notifications and escrow billing. You get fast, reliable compliance services — and more time to focus on your core business. Find out how.
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- Hard market draws near for P/C insurers, expert says
The property/casualty insurance industry faces bright prospects this year and is "not too far away from reaching a hard market," says Steven Weisbart of the Insurance Information Institute. Carriers have experienced positive premium growth but incurred heavy underwriting losses, Weisbart said. "Incurring consistent, large underwriting losses is not a sustainable business plan in the current investment environment," he said. PropertyCasualty360
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- Most vehicles on family-friendly list are IIHS "Top Safety Picks"
Japanese cars hold seven spots on a list by Parents magazine and Edmunds.com of the 15 most family-friendly vehicles, 14 of which earned "Top Safety Pick" status from the Insurance Institute for Highway Safety. Prices and safety features were among the factors considered for selection, and "parents who own and drive these vehicles every day" were consulted, according to Parents and Edmunds.com. The Detroit Bureau
(6/6)
| Catastrophic Risk | | |
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- Expert warns insurers about NYC's vulnerability to hurricanes
Property/casualty insurers would be "headed for bankruptcy" if a major hurricane pummels New York City and if the industry doesn't change how it approaches the risks such a storm poses, said Nicholas Coch, a coastal geologist and professor at Queens College. The city is "the most dangerous place in the world for storm surge," said Coch, adding that "a Category 2 in New York is equal to a Category 4 in Charleston," referring to the South Carolina city. PropertyCasualty360
(6/6)
- Fugate: Technology backups are necessary in storm-prone areas
A backup technology plan should be part of storm-preparation efforts of people in hurricane-prone regions because Internet and cellphone service are likely to face disruptions during a severe storm, said Craig Fugate, director of the Federal Emergency Management Agency. "It will go out, and if it doesn't go out, everybody will try to call each other and won't get through," Fugate said, adding that families should stay connected using text messages or e-mail instead of making phone calls. Insurance Journal/The Associated Press
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- Houston-area residents can determine storm risk with online tool
Rice University and the city of Houston have developed the Storm Risk Calculator, an online tool that enables residents of Texas' Harris County to determine their properties' vulnerability to storm surge, power outages and other storm-related risks. The project is designed to prevent unnecessary evacuations similar to one following Hurricane Rita, in 2005, said Dennis Storemski of the Mayor's Office of Public Safety and Homeland Security. Houston Chronicle
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| Policy and Law | | |
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- Fla. high court rules for insurer in storm-deductible-disclosure case
The Florida Supreme Court has ruled in favor of QBE Insurance in a lawsuit that accused the insurer of failing to strictly comply with hurricane-deductible-disclosure requirements. Policyholders can't sue an insurer because the law provides no legislative penalty for such noncompliance, the high court ruled. "This decision has wide implications for insurers underwriting insurance in Florida. Had the court ruled otherwise, any policy in Florida would have been voided, [resulting] in an incalculable loss to insurance companies," said Raoul Contero, who represented the insurer in the case. Insurance Journal
(6/6)
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| Association News | | |
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- Peggy Noonan to speak at PCI Annual Meeting
 Peggy Noonan, a former White House speechwriter, columnist for The Wall Street Journal and best-selling author of seven books on American politics, history and culture, is one of several prominent speakers featured at this year's PCI Annual Meeting being held Oct. 28 to 31 in Dana Point, Calif.
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