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October 22, 2012
News for property casualty insurers

  Top Story 
  • Excess and surplus lines rate increases likely will taper off, execs say
    Insurers are unlikely to see sustained rate increases for excess and surplus lines in the long run, according to industry executives. "We saw 10% to 15% price increases early in the year due to restricted capacity as people began to recalibrate their portfolios and readjust how they view their catastrophe exposure. However, what we saw at the end of six months is that prices stabilized," said Michael Carr of Liberty International Underwriters. Business Insurance (tiered subscription model) (10/21) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Survey: Business conditions have improved for independent agencies
    The number of independent agencies appears to be on the rise, increasing to 38,500 this year, while the percentage of agencies reporting higher revenues rose to 60%, according to a survey by The Independent Insurance Agents & Brokers of America and a coalition of insurance carriers. The findings "revealed much good news for the independent-agency system, ... and there are patterns indicating that agencies are growing, adding further proof that the system as a whole is dynamic," IIABA CEO Robert Rusbuldt said in a statement. PropertyCasualty360 (10/19) LinkedInFacebookTwitterEmail this Story
  • Experts: Insurers need to improve claims reporting via Web, mobile
    Insurers will need to adjust their claims-management systems as mobile and Web technologies are changing how the industry receives information about claims, according to experts. "The challenge for us is to give insurance companies mobile ability without burdening them with a second system with new business logic that has to be managed. [Chief information officers] have already gone through a lot of effort to get their processes nailed down," said Ben Brantley of Guidewire Software. Business Insurance (tiered subscription model) (10/21) LinkedInFacebookTwitterEmail this Story
  • Other News
  Catastrophic Risk 
  Policy and Law 
  • Fla.-backed Citizens is allowed to shed 100,000 more policies
    Citizens Property Insurance has earned the approval of Florida Insurance Commissioner Kevin McCarty to let private carriers take on 100,000 more of the last-resort insurer's policies. The new round of policy removals follows the 60,000 approved in September and the 150,000 policies scheduled for private-insurer takeover in November. PropertyCasualty360 (10/19) LinkedInFacebookTwitterEmail this Story
The importance of money flows from it being a link between the present and the future."
--John Maynard Keynes,
British economist

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