| January 23, 2013 |
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| Top Story |  |  |
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- NAIC selects former senator from Neb. as its CEO
The National Association of Insurance Commissioners has chosen Ben Nelson, a former senator from Nebraska, as its CEO, a move that drew praise from the insurance industry. "We are pleased that the NAIC has selected such an extraordinary public servant with deep expertise in insurance, both as a regulator and as a longtime insurance professional," said PCI President and CEO David Sampson. "His experience as an insurance company executive, regulator and governor gives him unique qualities, experience and credibility for this position." PropertyCasualty360
(1/22)      
| Industry News | | |
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- Report: Energy issues will provide chances for insurers to grow
The insurance industry can expect growth opportunities as countries around the world seek new energy sources in an effort to mitigate climate change and meet the growing demand for energy, according to a Swiss Re report. "Insurers should support the further development of low carbon-intensive power production. They need to be innovative and provide solutions along the whole value chain," said Agostino Galvagni, CEO of Swiss Re Corporate Solutions. PropertyCasualty360
(1/22)
- NICB: Groups are suspected increasingly in questionable claims
Questionable insurance claims suspected to have come from activity by organized groups rose 47% from 2008 to 2011, according to a report from the National Insurance Crime Bureau. Such claims, however, dropped significantly during 2011 and the first six months of 2012, the report said. The highest losses were reported in states including Florida and Michigan, which have no-fault auto insurance systems, NICB said. Insurance Networking News
(1/22)
| Catastrophic Risk | | |
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- Reid: Senate to prioritize action on Sandy-relief bill
Legislation to provide about $51 billion in aid for states affected by Hurricane Sandy will be prioritized even though Senate rules, including possible changes on the filibuster, haven't been finalized, Majority Leader Harry Reid says. "The Senate will help our fellow Americans continue to recover from Hurricane Sandy before another similar disaster strikes," Reid said. "Once we complete that vital legislation, the Senate will take action to make this institution ... work more effectively." Roll Call (free content)
(1/22)
- "Basement" definition is debated as Sandy-aid bill is considered
Flood insurance claims for low-lying apartments and businesses damaged by Hurricane Sandy in Hoboken, N.J., are limited because the properties were classified as basements, which has prompted local officials and residents to seek changes to the National Flood Insurance Program. The $51 billion Sandy-relief bill that cleared the House includes grants that could go to owners of damaged properties classified as basements, said a spokesman for Sen. Frank Lautenberg, D-N.J. Insurance Journal/The Associated Press
(1/21)
| Policy and Law | | |
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- Survey: P/C insurers say ORSA will help risk-management efforts
Property/casualty insurers say they'll be able to enhance their enterprise risk management's connection with capital and strategic planning once the Own Risk and Solvency Assessment regulatory requirements are implemented, a Towers Watson survey indicates. Firms' reported level of preparation for ORSA shows "that either companies expect the requirements to eventually be broadened to a larger percentage of companies, or they are beginning to see potential benefits in the process of improving evaluation of their own risk and solvency position whether or not the regulation will apply," Towers Watson's Bruce Fell says. Insurance Networking News
(1/22)
- Exec: Terrorism-insurance backstop is crucial as threats remain
The property/casualty insurance industry should step up efforts this year to lobby for the reauthorization of the Terrorism Risk Insurance Act, said Sean McGovern, Lloyd's director for North America. Some lawmakers may perceive a reduced threat because the U.S. has experienced no terrorist attacks in recent years, McGovern said. "The risk [of terrorism] has not gone away. Together with our clients, we need to persuade Congress that the country still needs TRIA," McGovern said. PropertyCasualty360
(1/22)
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