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February 21, 2013

  Top Story 
  • Report: P/C insurers are poised for further rate hikes this year
    Prices are expected to continue firming for property/casualty insurance this year, "especially after the impact of [Hurricane] Sandy," with commercial prices likely to rise 3% during the early months of 2013, a Barclays Capital report says. "The commercial P&C insurers remain upbeat about the P&C pricing environment, while reinsurers saw property reinsurance rates for the critical Jan. 1 renewal season mostly unchanged overall, but up 10%-plus for loss-impacted accounts," the report said. Business Insurance (tiered subscription model) (2/20) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Auto carriers seek to improve usage-based insurance
    Auto insurers are enhancing usage-based insurance programs to lure more customers and overcome privacy concerns. Some carriers are looking to further harness Big Data in developing models to determine drivers' premiums. "The more data they have on drivers, the more they can improve their formulas to improve risk selection," said Kimberly Harris-Ferrante, an analyst at Gartner. The Wall Street Journal/CIO Journal (2/20) LinkedInFacebookTwitterEmail this Story
  • Survey: 41% of younger drivers say auto premiums rose after a ticket
    Forty-one percent of drivers ages 18 to 29 said in a survey that their auto premiums rose after they got a ticket, while 36% of drivers ages 30 to 49 reported the same. Among drivers older than 50, 15% said their premiums increased after they received a ticket. Most of the annual rate increases were lower than $100, the survey by found. Insurance Networking News (2/20) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Study aims to boost understanding of hailstorm damage
    A simulated hailstorm is expected to offer insights on the property damage caused by such storms, the Insurance Institute for Business and Home Safety says. The simulation "will enable our scientists to conduct a multi-faceted, first-of-its-kind research initiative, exploring several aspects of building material and assembly performance that researchers have never been able to explore before," Julie Rochman, the group's CEO, said in a statement. PropertyCasualty360 (2/20) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Brokers: TRIA lapse would leave P/C insurers unable to fill gap
    The property/casualty insurance industry may not be ready to shoulder the demand for terrorism-risk coverage if lawmakers don't extend the Terrorism Risk Insurance Act, brokers say. "Capacity's there, but if you increase demand, prices go up," said Tarique Nageer of Marsh. The backstop provides "$100 billion of potential reinsurance" to the industry every year, said Aaron Davis of Aon Risk Solutions, adding that "there is simply not $100 billion of private market capacity that would exist to fill that gap" if the program lapses. SNL Financial (free content) (2/20) LinkedInFacebookTwitterEmail this Story
  • Other News
Never help a child with a task at which he feels he can succeed."
--Maria Montessori,
Italian physician and educator

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