Expert: Catastrophe-bond diversity, demand to continue this year | USGS prepares for budget cuts' effect on N.D. stream gauges | Hundreds of wildfires break out across Ala.
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March 18, 2013
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Bill to create Ill. workers' comp fund faces insurer opposition
Illinois lawmakers are considering legislation that would establish a workers' compensation insurance fund, which is prompting opposition from the insurance industry. "Illinois public policy must encourage private enterprise and free markets. The best way to address escalating costs is to attack the cost drivers," said PCI's Deirdre Manna. PropertyCasualty360 (3/15)
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Join us Mar. 20 to hear Strategy Meets Actions' Karen Furtado discuss insurer priorities. Learn about Claims plans as well, and see how better customer experience and faster settlement can result from using workflow, specific catastrophe capabilities, and a graphical rule builder.
Industry News
Expert: Catastrophe-bond diversity, demand to continue this year
Catastrophe-bond transactions should continue to be diverse in the perils and regions they cover this year, and investor demand is expected to remain high, writes Gary Kerney of Verisk Analytics' Property Claim Services. The bonds would benefit from a further decrease in frictional costs, Kerney adds. "Despite the prevailing structural constraints, the catastrophe bond market should continue to grow -- the only question appears to be the degree," he writes. PropertyCasualty360 (3/15)
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Catastrophic Risk
USGS prepares for budget cuts' effect on N.D. stream gauges
The U.S. Geological Survey says it may have to take some Red River stream gauges out of service in North Dakota because of federal budget cuts. The gauges are used by the National Weather Service to forecast floods and by the Army Corps of Engineers in providing flood protection. The time frame for any gauge shutdowns is uncertain, said Dave Ozman, a USGS district spokesman. The Forum (Fargo, N.D.-Moorhead, Minn.) (free registration) (3/15)
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Hundreds of wildfires break out across Ala.
Alabama has had at least 381 wildfires in the past 30 days, with 200 of those occurring in the past week, according to the state Forestry Commission. Warm weather, wind and low humidity contributed to the fires, officials said. (Alabama) (3/17)
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Policy and Law
A single event could drain NFIP coffers, Miss. regulator says
"One large event" could require the National Flood Insurance Program to require additional funding from Congress, although the program has adequate funds to cover claims related to Hurricane Sandy, Mississippi Insurance Commissioner Mike Chaney says. Edward Connor of the Federal Emergency Management Agency says the agency is moving toward privatization. "The existence of the NFIP, even with reforms, is a nonexplicit subsidy," he said, adding that "there will always be a small federal role in flood insurance." PropertyCasualty360 (3/15)
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Ohio measure seeks insurer reporting of coverage lapses, cancellations
Auto insurers in Ohio would be required to report cancellations or lapses of auto liability insurance coverage to the state Bureau of Motor Vehicles under a new bill. The state House insurance committee is expected to tackle the legislation, which also would create an electronic verification system for auto insurance. The Plain Dealer (Cleveland) (3/15)
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Maine workers' comp insurer to forgo rate increase
Maine Employers' Mutual Insurance says it intends to keep its workers' compensation rates unchanged despite the state Bureau of Insurance's approval of a requested 3.9% rate increase starting next month. The rate increase is justifiable, but "[w]e know that many Maine businesses are continuing to struggle in this economy, and we don't want workers compensation costs to impede economic growth here in Maine," John Leonard, the carrier's CEO, said in a statement. Business Insurance (tiered subscription model) (3/15)
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Association News
PCI encourages property owners to prepare for flood season
With Flood Awareness Week happening March 18 to 22, and spring flooding season coming soon, PCI is encouraging property and business owners as well as renters to prepare for flooding.
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Ore. bad-faith proposals could increase consumer costs
Oregon lawmakers should avoid importing several bad-faith laws from other states that have only led to increased litigation and higher consumer costs, said PCI.
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What men value in this world is not rights but privileges."
-- H.L. Mencken,
American journalist and essayist
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