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January 4, 2013

  Top Story 
  • Exec: Insured losses from 2012 disasters were above norm
    Insured losses from natural catastrophes in 2012 were more than double the average for the past 11 years, said Carl Hedde of Munich Re America. "As we review the 'nat cat' headlines for 2012, the words heat, wind and water come to mind as we describe the natural catastrophe events in the U.S.," Hedde said. Insured losses last year were $58 billion, while the average losses from 2000 to 2011 were $27 billion, he said. PropertyCasualty360 (1/3) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Report: D&O liability coverage primary rates rose in Q3
    The third quarter saw a 4.5% increase in primary rates for directors-and-officers liability insurance compared with the same period in 2011, but overall premiums remained unchanged as a result of dwindling excess-insurance rates, according to a report from Aon. The upward trend in primary pricing started in April, Aon said, adding that "we continue to see a separation between primary and excess rates." Business Insurance (tiered subscription model) (1/3) LinkedInFacebookTwitterEmail this Story
  • Survey: Flexible core systems are sought by P/C claims execs
    Most property/casualty claims executives polled by Accenture said they were dissatisfied with their claims systems and that they are seeking systems that are updated and more flexible. Modern core claims systems are "essential" in "reducing settlement times and enabling policyholders to interact with [insurers] about the progress of their claims when and where they want," Accenture's Michael Costonis said in a statement. Benefits Selling magazine (1/2013) LinkedInFacebookTwitterEmail this Story
  • Report: Only disaster-hit areas will see reinsurance rate increases
    The overall reinsurance market remains stable, with rate increases confined to regions that directly experienced catastrophe losses, according to a Guy Carpenter report. "The Jan. 1, 2013, renewal was very orderly, as catastrophes had only local impact," Marsh & McLennan's Lara Mowery said, adding that the stability could be partially attributed to the inflow of capital from catastrophe bonds and other nontraditional sources. "Even insurers who do not directly utilize nontraditional sources benefit as reinsurers further leverage this capacity," Mowery said. Business Insurance (tiered subscription model) (1/3) LinkedInFacebookTwitterEmail this Story
  • Study: More workers' comp claims have co-morbidity diagnoses
    The percentage of workers' compensation claims involving a co-morbidity diagnosis increased from 2.4% in accident year 2000 to 6.6% in 2009, according to a study by the National Council on Compensation Insurance. Such claims involve medical costs amounting to "about twice the $6,000 average for other injured workers' claims," the study found. (1/3) LinkedInFacebookTwitterEmail this Story
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  Catastrophic Risk 
  • P/C insurers defend rate hikes in coastal areas
    Property/casualty insurers are defending their efforts to raise homeowners rates in coastal states, saying higher rates are necessary to reflect the vulnerability to storms and the greater concentration of risk. "After a state goes through a period of time without experiencing a major hurricane, we tend to hear from property owners that the cost of insurance is too high," said Robert Hartwig of the Insurance Information Institute. "... If the experts are to be believed, there is likely to be more violent weather, not less" in the coming years. The Wall Street Journal (1/3) LinkedInFacebookTwitterEmail this Story
  • Study: Sandy was 2012's most destructive natural disaster
    Hurricane Sandy caused $50 billion in damage in the U.S., making it the most destructive natural catastrophe last year, according to an analysis by CoreLogic. Although the Northeast may not experience a similar storm this year, drought in the U.S. and further development in coastal areas are expected to spur more weather-related damage in 2013, CoreLogic says. PropertyCasualty360 (1/3) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • NFIP will deplete funds if borrowing limit isn't raised, FEMA says
    The National Flood Insurance Program stands to exhaust its funds for Hurricane Sandy-related claims unless Congress approves an increase in the program's borrowing authority, the Federal Emergency Management Agency says. The statement came ahead of the House's expected vote today on a $9 billion NFIP appropriation bill. The program's "funds available to pay claims will be exhausted sometime around the week of Jan. 7" if lawmakers fail to raise the borrowing limit, FEMA said. Reuters (1/3) LinkedInFacebookTwitterEmail this Story
Beware the fury of a patient man."
--John Dryden,
British poet, critic and playwright

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