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| News for property casualty insurers |
- Many U.S. firms have no cyber-risk insurance, study finds
About 75% of companies in the U.S. don't carry cyber-risk or network-security coverage, and these firms say they are confident about internal controls or that they have no exposure to such risk, according to a Towers Watson study. Firms that carry cyber-risk coverage, however, are likely to forgo developing data-protection protocols and preparing for a potential breach, experts said. "It's one of the most common misconceptions that we see in this space. Mitigating the risk is really all about preparation, while purchasing cyber-insurance is really only about transferring the cost of the risk. They're not mutually exclusive," Immersion's Larissa Crum said. Business Insurance (tiered subscription model)
(6/17), Business Insurance (tiered subscription model)
(6/17)      
 | 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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| Industry News |  |  |
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- CFA auto insurance report draws criticism from insurer groups
A Consumer Federation of America report says state-mandated auto insurance is difficult to afford for moderate-income motorists in 15 major U.S. markets, according to a survey, indicating a lack of competitiveness in the market. Insurer groups and the Insurance Information Institute questioned the findings, which are based on policies offered by four major auto insurers. PCI's Alex Hageli said the results actually show that the market is competitive, adding: "If they were all the same price, then why should there be three carriers? There would only need to be one." PropertyCasualty360
(6/18), Insurance Networking News
(6/18)
- Computerworld puts 11 insurers on list of top 100 IT employers
USAA and 10 other insurance carriers made it to Computerworld's "100 Best Places to Work in IT 2012" list. The ranking is based on evaluations by respondents at the nominated companies on factors including percentage of information-technology staffers who receive promotions, average salary and bonus increases, and turnover rates in the IT department. Insurance Networking News
(6/18)
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- Split policies hurt Louisiana Citizens, regulator says
Louisiana Citizens Property Insurance does not benefit from a split-policy arrangement under which coastal residents buy private coverage for all property risks except hurricanes, state Insurance Commissioner Jim Donelon says. Such an arrangement makes the state-backed insurer take on the greatest risk by providing hurricane protection while giving the less-risky business to private insurers, Donelon says. The state-run insurer also wants to cease providing wind-and-hail-only insurance coverage, he says. The Advocate (Baton Rouge, La.)
(6/19)
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