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October 24, 2012
News for property casualty insurers

  Top Story 
  • Survey: Execs say harnessing Big Data is crucial in keeping their jobs
    A majority of insurance, information technology and financial-services executives polled by Knowledgent say business leaders need to adopt Big Data and pursue a data-based management paradigm or face being replaced by those who will. Most respondents said they think Big Data will lead to innovation that will work its way up to mainstream management strategy, the survey also found. Insurance Networking News (10/23) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • U.S. to conduct a study on driverless cars' safety
    The federal government is set to launch a research effort into automated vehicles' safety and reliability, said David Strickland, head of the National Highway Traffic Safety Administration. "Automated vehicles offer an important and challenging method for reducing crash risk that we [believe] holds great promise. We have the chance of ... saving thousands and thousands of lives as" such cars replace those on the road today, Strickland said. The Washington Post/The Associated Press (10/23) LinkedInFacebookTwitterEmail this Story
  • Survey: State CIOs face many obstacles in addressing cybersecurity
    A survey found that about a fourth of state chief information officers expressed confidence about their states' cybersecurity protection, and 32% of the respondents said their staff has the competency for handling cyber-risk. A majority of respondents said they have experienced a breach, but only 14% said they have adequate cybersecurity funding, according to the survey, which was conducted by the National Association of State Chief Information Officers and Deloitte. Business Insurance (tiered subscription model) (10/23) LinkedInFacebookTwitterEmail this Story
  • Other News
  Catastrophic Risk 
  • Study: Atchafalaya River excels in creating wetlands
    The Atchafalaya River in Louisiana is more effective than the Mississippi River in building wetlands amid flooding, according to a study by researchers from the U.S. and Italy. Unlike the faster-moving Mississippi River, which carries most sediment into the Gulf of Mexico, the Atchafalaya River moves at a slower pace, the study found. Evidence shows that diversion plans based on the Mississippi's historical flooding patterns can build land efficiently, researcher Douglas Jerolmack said. The Times-Picayune (New Orleans) (10/23) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Report: European carriers say they need more time for Solvency II
    Nearly half of insurers in Europe will be unable to comply with Solvency II if the rules take effect at the beginning of 2014, but 90% of carriers will be ready if the implementation schedule is moved to January 2015, according to a report from Ernst & Young. Many insurers are acting slowly regarding data transparency on corporate obstacles, risk-management strategies and capital adequacy, which make up the third standard of the proposed rules, said Ernst & Young's Martin Bradley. "We know from those organizations that have started their Pillar Three projects, the emerging data deficiencies and significant process, control and IT challenges present an ambitious target to achieve within the current time frames," Bradley said. PropertyCasualty360 (10/23) LinkedInFacebookTwitterEmail this Story
  • N.C. wants insurers to justify proposed homeowners rate hike
    North Carolina Insurance Commissioner Wayne Goodwin said he wants property/casualty insurers to explain why they are seeking to raise homeowners premiums by 17.7% on average across the state. "After an initial review of the filing and comments submitted by the public, department experts believe the requested rate increases are not justified based on the data submitted," Goodwin's office said in a statement. CNBC/The Associated Press (10/23) LinkedInFacebookTwitterEmail this Story
Sometimes we stare so long at a door that is closing that we seek too late the one that is open."
--Alexander Graham Bell,
American inventor

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