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January 16, 2013

  Top Story 
  • PCI seeks clarifications before "G-SII" policy is finalized
    PCI officials met with the Financial Stability Committee of the International Association of Insurance Supervisors regarding a policy that would govern companies deemed global systemically important insurers. PCI wants further discussions on key parts of the policy to avert "unintended negative consequences," PCI's David Snyder said. "For example, clarifying that insurance activities, whether traditional or not, do not pose systemic risk will help to avoid penalizing well-managed and well-regulated insurers, as that will ultimately harm consumers," Snyder says. Insurance Networking News (1/15) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • III selects new chairman for its board
    J. Douglas Robinson, chairman and CEO of Utica National Insurance Group, has been named chairman of the Insurance Information Institute's board for 2013. He will succeed Gregory Ator of Bituminous Insurance. "I look forward to sharing ideas with my fellow board members as we advance the critical work of this organization," Robinson said in a statement. Business Insurance (tiered subscription model) (1/15) LinkedInFacebookTwitterEmail this Story
  • Report: Texas has large market, but "average" number of insurers
    Texas' insurance market ranks 12th globally based on premium volume, but it has an "average" number of insurers domiciled there, many of them small and medium-sized carriers, a report from the state Insurance Department says. Other states "retain a greater number of domestic insurers in relation to the size of their insurance markets and serve as the home to a disproportionately higher number of large insurance companies," the department says. Insurance Journal (1/14) LinkedInFacebookTwitterEmail this Story
  • Catastrophe-bond issuance hit a 5-year high in 2012, report says
    Issuance of catastrophe bonds last year hit its highest level since 2007 and rose 35% year-over-year, according to an Aon Benfield report. Insurance-linked securities for the fourth quarter of 2012 had strong issuance volumes, "adding to the consistently impressive quarterly performances for the year as a whole," said Aon Benfield Securities CEO Paul Schultz. "In the absence of severe catastrophic events, we expect 2013 to be another positive year of returns" for the insurance-linked securities market, Aon Benfield said. PropertyCasualty360 (1/15) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • $50.7B Sandy-relief measure clears House
    The House has approved a $50.7 billion relief package for states affected by Hurricane Sandy. The decision drew praise from the governors of states including New York, New Jersey and Connecticut. Sen. Charles Schumer, D-N.Y., said he will push for senators to approve the House bill, although he thinks the measure will provide less than what the Senate previously approved. "It is certainly close enough," Schumer said of the House bill. The New York Times (tiered subscription model) (1/15) LinkedInFacebookTwitterEmail this Story
  • Seattle takes action to brace for climate-change threats
    Seattle agencies are working to guard against flooding and other issues that are associated with climate change. The city has a commission that has recommended actions to address such risks. "In the big picture, this isn't just about sea-level rise. It's about drinking water, urban flooding and how we design new projects," said Paul Fleming of Seattle Public Utilities. Insurance Journal/The Associated Press (1/15) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Conn. bill on workers' comp coverage for PTSD claims is planned
    A Connecticut Senate committee intends to introduce legislation to let the workers' compensation system cover post-traumatic stress disorder claims, Sen. Cathy Osten says. The Board of Police Commissioners of Newtown called on lawmakers to revamp workers' compensation to enable first-responders to receive proper benefits for physical and emotional injuries "as a consequence of their heroic efforts" in last month's school shootings. Insurance Journal/The Associated Press (1/15) LinkedInFacebookTwitterEmail this Story
  • Other News
  SmartQuote 
Not in the clamor of the crowded street, not in the shouts and plaudits of the throng, but in ourselves, are triumph and defeat."
--Henry Wadsworth Longfellow,
American poet and educator


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