La., Mich. lead states with top auto insurance costs, survey finds | Commentary: Insurers can cross-sell, up-sell to write new policies | Revamp is sought for Fla. catastrophe fund
Web Version
Stop cutting checks and start cutting costs with U.S. Bank Virtual Pay.
March 19, 2013
CONNECT WITH PCI FacebookTwitterYouTube
PCI SmartBrief

Top Story
Fitch: Lower catastrophe losses boosted insurers' 2012 profits
An improved loss ratio and lower natural-catastrophe losses contributed to enhanced operating profits for property/casualty insurers last year, Fitch Ratings said. Financial data on 48 reinsurers show that operating earnings rose 75% last year and that operating return on equity was 7.3%, compared with 4.4% in 2011, according to Fitch. Annual premium revenue was up 5% last year, the ratings firm said. Insurance Networking News (3/18)
Share: LinkedIn Twitter Facebook Google+ Email
Industry News
La., Mich. lead states with top auto insurance costs, survey finds
Louisiana, Michigan and Georgia are the states with the highest-cost auto insurance on average, while the lowest average rates are found in Maine, Iowa and North Carolina, according to a survey by States are likely to hit the top of the rankings if they have "frequent and expensive auto insurance claims among residents," the website says. USA Today (3/18)
Share: LinkedIn Twitter Facebook Google+ Email
Commentary: Insurers can cross-sell, up-sell to write new policies
A "new, disruptive paradigm" of cross-selling and up-selling could help insurers find new business as traditional marketing strategies bring low response rates, Chet Gladkowski writes. Analytics is one factor that can help, he writes. "Because you already know the client, their policy, payment patterns, claims experience and much more, you can intelligently select and make offers for up selling additional coverage onto existing policies in addition to cross selling new lines of business," Gladkowski writes. (3/18)
Share: LinkedIn Twitter Facebook Google+ Email
Catastrophic Risk
Revamp is sought for Fla. catastrophe fund
State legislators who represent South Florida are maintaining their effort to reduce the state's Hurricane Catastrophe Fund, according to this article. Critics say that such changes could cause homeowners insurance rates to rise in storm-prone areas. Measures in the state House and Senate aim to make cutbacks to the fund, while another concept involves lengthier bonding requirements intended to lower premiums. Sun-Sentinel (Fort Lauderdale, Fla.) (3/17)
Share: LinkedIn Twitter Facebook Google+ Email
Vt. properties are approved for $12.8 million in FEMA buyouts
The Federal Emergency Management Agency has allocated $12.8 million to buy out 90 eligible homes and other structures in Vermont under the agency's hazard-mitigation program. The properties were damaged by flooding during 2011. Insurance Journal/The Associated Press (3/18)
Share: LinkedIn Twitter Facebook Google+ Email
More homes fall in floodplain in updated N.J. maps
New Jersey has adopted revised flood maps as part of the disaster-recovery plan from Hurricane Sandy. The maps place more than 33,000 additional homes in the state's floodplain. Homeowners affected by Sandy may be eligible to receive as much as $150,000 for rebuilding under a program included in the recovery plan. Associated Press (3/19)
Share: LinkedIn Twitter Facebook Google+ Email
Miss. hailstorm causes vehicle damage
Many vehicles reportedly were damaged as a hailstorm pummeled Jackson, Miss. Such damage is "covered under your auto policy, provided you have comprehensive coverage. Some companies may have special deductibles in hail-prone areas, to help keep insurance premiums at affordable levels," state Insurance Commissioner Mike Chaney said in a news release. The Clarion-Ledger (Jackson, Miss.) (tiered subscription model) (3/18)
Share: LinkedIn Twitter Facebook Google+ Email
Policy and Law
Undocumented immigrants could obtain driver's cards under Nev. bill
Undocumented immigrants in Nevada would be allowed to get a driver's privilege card under a bill aimed at curbing the number of uninsured motorists in the state. "We know there is an issue with hit-and-runs, people fleeing because they are not licensed, and there is the issue of insurance rates being higher because of uninsured motorists," said state Senate Majority Leader Mo Denis. "From what we've seen in other states that have this, there are some public-safety benefits. It's a win-win for everybody." Las Vegas Sun (3/18)
Share: LinkedIn Twitter Facebook Google+ Email
You may have to fight a battle more than once to win it."
-- Margaret Thatcher,
British prime minister
Share: LinkedIn Twitter Facebook Google+ Email
Learn more about PCI ->About PCI | News Releases | Industry Issues | Seminars | Political Action
Subscriber Tools
Please contact one of our specialists for advertising opportunities, editorial inquiries, job placements, or any other questions.
Lead Editor:  Charles Tomlinson
Advertising:  Alexandra Varipapa

Download the SmartBrief App  iTunes / Android
iTunes  Android
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2013 SmartBrief, Inc.®
Privacy policy |  Legal Information