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- Insurer groups plan to work with Obama to protect key interests
Insurer groups said they will work with the Obama administration and Congress to promote the industry's interests during the next four years. The sector plans to focus on issues including the reauthorization of the Terrorism Risk Insurance Act and the financial health of the National Flood Insurance Program. The House Financial Services Committee "will look a lot different in 2013" as 11 of the panel's 61 members will no longer be on the committee, PCI officials said. PropertyCasualty360
(11/8)      
| Industry News | | |
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- Report: P/C sector may see profit after paying Sandy-related claims
The property/casualty insurance industry will be able to handle the losses from Hurricane Sandy and its remnants and achieve a statutory profit even if the storm is as costly as Hurricane Katrina, according to a Fitch report. P/C insurers' ratings also may not be hurt even if total losses hit $40 billion, the ratings firm said. The industry still faces "tremendous uncertainty" about overall U.S. losses after Sandy, said Jim Auden, an analyst with Fitch. PropertyCasualty360
(11/8)
- Survey: Drowsy driving is a greater risk among young motorists
One in 7 drivers ages 16 to 24 who were polled by the AAA Foundation for Traffic Safety said they have dozed off while behind the wheel, whereas 10% of drivers overall said they have nodded off while operating a vehicle. Motorists with less experience are likely to underestimate the dangers of drowsy driving, said AAA Foundation CEO Peter Kissinger. "When most drivers think they're too tired to drive, they should probably already be off the street," Kissinger said. USA Today
(11/8)
| Catastrophic Risk | | |
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- Sandy prompts concerns about waterfront development
The damage that Hurricane Sandy and its remnants caused to low-lying areas on the East Coast has prompted officials, planners and developers to look at implementing tougher building codes and other changes to ensure safety for waterfront development. While few experts oppose development along bays and oceans, costs of waterfront development are expected to increase amid changes made by insurers, regulators and builders. "We need to make sure this is part of our long-term planning," said Brian Swett, Boston's top environmental official. The Wall Street Journal
(11/8)
- El Niño is less likely to emerge, scientists say
The Climate Prediction Center has discontinued its El Niño watch and said the phenomenon is less likely to develop. Weak El Niño conditions could occur, however, as surface temperatures are above normal, according to the center. "While the development of El Niño, or even La Niña, cannot be ruled out during the next few months, ... neutral is now favored through the Northern Hemisphere winter 2012-13," the center said. Reuters
(11/8)
| Policy and Law | | |
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- Commentary: Okla. needs to revamp its workers' comp system
Oklahoma continues to face problems involving workers' compensation despite the enactment of laws aimed at changing the system, writes state Rep. Mark McCullough, who is proposing measures to address such issues. The proposal "contains multiple safeguards to reduce costs to the employer while expediting worker benefits, including an easier path back to work for injured employees," McCullough writes. "Injured workers would get the most benefit from this reform thanks to streamlined access to medical care and a focus on vocational rehabilitation." Tulsa Beacon (Okla.)
(11/8)
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