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- Insurers with thrifts to get more time before capital rules take effect
Insurer groups lauded federal agencies' decision to delay rules that would subject insurance companies that have thrifts to capital standards that also apply to the banking sector. "We encourage developing a separate rule making for savings-and-loan holding companies engaged in the business of insurance reflecting appropriate capital exemptions and requirements for insurance companies that complements existing state regulatory requirements," PCI's Jim Olsen said. National Underwriter Life & Health
(11/9)      
| Industry News | | |
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- Sandy may not prompt rate increases, experts say
The losses caused by Hurricane Sandy and its remnants likely are not enough by themselves to lead the property/casualty insurance industry to raise homeowners rates, industry experts say. Rate increases depend on "actual and anticipated losses in any given state," said Michael Barry of the Insurance Information Institute. PCI's Chris Hackett said that "one storm in and of itself may not be enough" to result in higher rates for everyone. Bankrate.com
(11/9)
- P/C insurers will examine their exposure in Northeast, exec says
Property/casualty insurers may consider increasing insurance rates in the Northeast as they re-examine their exposure after Hurricane Sandy and its remnants, said Mark Thresher, chief financial officer of Nationwide. "I think [companies] will step back and say, 'This is now two years in a row' " that a storm has hit the Northeast, Thresher said. "They are going to think about their concentrations in this region." PropertyCasualty360
(11/9)
| Catastrophic Risk | | |
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- State regulators work to address Sandy-related claims
New York's Department of Financial Services has extended the deadline for filings related to Hurricane Sandy and its remnants. State regulators struggled to provide services after the department closed its Manhattan offices because of damage from the storm. Insurance regulators in Connecticut and Rhode Island released bulletins concerning requirements for reporting catastrophe claims related to the storm. PropertyCasualty360
(11/9), PropertyCasualty360
(11/9)
- Study: Climate change is quickening, will contribute to more crises
Climate change is taking place at a faster pace and will contribute to more disruptive events that will put more pressure on military and intelligence agencies, according to a study by the National Research Council. Catastrophic events such as Hurricane Sandy will become more frequent as a result of global warming, said John Steinbruner, the report's lead author. "You can debate the specific contribution of global warming to that storm. But we're saying climate extremes are going to be more frequent, and this was an example of what they could mean. We're also saying it could get a whole lot worse than that," Steinbruner said. The New York Times (tiered subscription model)/Green blog
(11/9)
- Global action on climate change is a must, U.N.'s Ban says
The devastation from Hurricane Sandy and its remnants shows that global action is necessary to prepare for and mitigate future extreme weather events spurred by climate change, U.N. Secretary General Ban Ki-moon says. While attributing a single event to climate change could be difficult, "extreme weather due to climate change is the new normal," Ban said. "This may be an uncomfortable truth, but it is one we ignore at our peril." Yahoo/The Associated Press
(11/9)
| Policy and Law | | |
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- Editorial: U.S. needs to review federal flood insurance
Hurricane Sandy should prompt the federal government to re-examine the National Flood Insurance Program, according to this editorial. Congress recently extended the NFIP for five years and made changes to the program, but the moves "aren't enough amid a changing climate that might make big storms (and big flood-insurance claims) more frequent," the editorial argues. "... Strengthening flood insurance is crucial to those who need it most: the middle-class Americans and small businesses whose lives and livelihoods depend on being close to the water." Bloomberg
(11/11)
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