D&O concerns and pricing are on the rise, survey finds | Study: U.S. outpaces Europe in reported cellphone use behind the wheel | Major Northwest quake could cause $32B in economic damage, study finds
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March 15, 2013
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D&O concerns and pricing are on the rise, survey finds
Organizations say that their directors and officers have been inquiring more about directors-and-officers insurance, which experienced premium increases in many cases this past year, according to a Towers Watson survey. "Increasing D&O and employment litigation, coupled with inadequate pricing and retentions in the private and nonprofit [D&O] space, are all driving insurers' need for pricing increases," Towers Watson's Larry Racioppo said in a statement. PropertyCasualty360 (3/14)
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Industry News
More customers bought cyberinsurance last year, Marsh says
One-third more companies bought cyberinsurance last year, with average coverage limits climbing 20% to $16.8 million, a Marsh report says. "Awareness of cyber and privacy risks continue to grow, especially in the wake of a number of highly visible data breaches, hacking attacks, litigation and increased government focus on cyber security," Marsh's Bob Parisi says. Insurance Networking News (3/14)
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Study: U.S. outpaces Europe in reported cellphone use behind the wheel
More motorists in the U.S. said that they use cellphones while driving than did respondents in Europe, according to a study by the Centers for Disease Control and Prevention. Drivers in Europe "tend to be better at obeying traffic laws because of better enforcement," which could explain the difference, said Russ Rader, spokesman for the Insurance Institute for Highway Safety. The Philadelphia Inquirer/The Associated Press (3/14)
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Catastrophic Risk
Major Northwest quake could cause $32B in economic damage, study finds
A major earthquake and subsequent tsunami in the Pacific Northwest could result in $32 billion in economic damage and more than 10,000 deaths, according to a report from the Oregon Seismic Safety Policy Advisory Commission. A devastating earthquake like the one triggered by the Cascadia Subduction Zone in 1700 "will hit us again," said Kent Yu, the commission's chairman. "It's just a matter of how soon." SeattlePI.com/The Associated Press (3/14)
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Official warns of a highly active wildfire season
This year's wildfire season is expected to be about as active as it was in 2012, and Florida, Arizona and Southern California are at significant risk this year, said Tom Tidwell, head of the U.S. Forest Service. "The areas I'm talking about now are influenced by these severe and ongoing droughts, and that doesn't get changed with any few storms. So the potential is there," Tidwell says. USA Today/The Associated Press (3/13)
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U.S. looks to make headway in storm prediction, official says
The U.S. has enhanced its storm-forecasting system in the past two years and "plans to continue that trend," said Louis Uccellini, director of the National Weather Service. "We're positioning ourselves to regain our leadership in the global modeling arena. There's bipartisan support to improve the weather enterprise in this country ... even in the face of challenging budget times," Uccellini said. Reuters (3/14)
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Other News
Policy and Law
Sandy victims would see NFIP premium hikes deferred under bill
Premium increases under the National Flood Insurance Program would be delayed for three years in areas hit by Hurricane Sandy if a House bill passes. NFIP claims related to the storm could reach $7 billion, according to sources. "If we allow flood premiums to increase on their current schedule, based on the new maps, homeowners are going to be in an impossible position of trying to both pay their mortgage as well as increased flood premiums that may rise over $10,000 in some cases," said Rep. Michael Grimm, R-N.Y., a co-sponsor of the bill. PropertyCasualty360 (3/14)
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Adventure is not outside man; it is within."
-- George Eliot,
British writer
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