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February 20, 2013

  Top Story 
  • Fed may weigh concerns on bank-centric standards, PCI says
    The Federal Reserve appears willing to consider concerns regarding the application of bank-centric standards for insurers with thrifts, PCI's Dave Snyder and Jim Olsen say. Fed Chairman Ben Bernanke has said bank-centric standards are needed to ensure that the Dodd-Frank Act is met. "We believe the consolidated regulatory-capital requirements for [savings and loan holding companies] that are predominantly property/casualty insurers should take into consideration their current regulatory-capital requirements, which are appropriate for the business of writing property/casualty insurance," Snyder and Olsen say. PropertyCasualty360 (2/19) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Survey: Telematics is in the works for most insurance companies
    A Strategy Meets Action survey found that 70% of insurers are planning or instituting a telematics program, while less than 30% of carriers said they have no plans to offer usage-based insurance. The survey also found that 18 property/casualty insurers provide a usage-based program in multiple states. Last year was a "breakthrough year" for telematics, and "2013 is likely to be characterized by a rapid expansion of the number of companies offering UBI options to their customers," said Richard Welch, an author of the survey report. Insurance Networking News (2/19)
  • Report offers a guide to assess Big Data capabilities
    Insurers and other financial institutions can apply a five-tiered structure to determine where they stand in terms of Big Data capacity, according to a Celent report. "Celent does not advocate that all companies should aspire to be at the bleeding edge of Big Data. The goal of this report is to help financial institutions understand what their level of investment should be strategically, and how to get there," Celent's Craig Beattie says. PropertyCasualty360 (2/19) LinkedInFacebookTwitterEmail this Story
  • Road fatalities are up after dropping for 7 years, group says
    Initial state data show that traffic deaths last year increased 5%, to 36,200, after decreasing for seven years, the National Safety Council says. People likely drove more as the economy recovered and the 2012 winter was mild, and that likely contributed to the higher fatality rate, safety advocates said. "Improvements in road safety that are based on economic factors are transient. We should not be surprised that a part of the recent gain in road safety is beginning to disappear," said Michael Sivak of the University of Michigan. The Seattle Times/The Associated Press (2/19) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • P/C insurers should help address climate change, groups say
    Environmental groups and some state regulators are urging the property/casualty insurance industry to push for initiatives to lessen the impact of climate change. The sector "is in a unique position to influence society in reducing risks," said Cynthia McHale of Ceres. Catastrophe losses "have become unsustainable," said Julie Rochman of the Insurance Institute for Businesses and Home Safety. "Way too many people are suffering irreparable damage ... way too many people are losing their lives. We have to do something." Stateline.org (2/20) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Editorial: Md. needs to address risks posed by older drivers
    Maryland lawmakers should act to reduce the risk that older drivers can pose because the number of motorists 70 and older is expected to increase significantly in the coming years, this editorial argues. Steps could include shorter intervals between renewals for driver's licenses, the editorial says. Lawmakers may not pursue any such changes until a state study on older drivers is completed, but avoiding the issue today "only puts more people ... in danger for the next 12 months," the editorial says. The Baltimore Sun (2/19) LinkedInFacebookTwitterEmail this Story
  Association News 
  • PCI testifies in support of credit-based insurance scores
    Joe Woods, vice president of state government relations for PCI, testified before the Texas Senate Committee on Business and Commerce on Tuesday, Feb. 19, in opposition to S.B. 72, which would prohibit insurers from using credit-based insurance scores. Woods explained why the usage of credit information helped consumers. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
We must travel in the direction of our fear."
--John Berryman,
American poet and scholar


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