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  Top Story 
  • Success in emerging markets requires commitment, exec says
    Emerging markets present opportunities for insurance carriers that make the effort to fully comprehend the countries where they are looking to expand, says Maurice "Hank" Greenberg of Starr Insurance Holdings. "To succeed, insurers have to have people on staff who understand these emerging markets and capital to spare to fund a potentially long adjustment time. And you have to understand the risks involved. It takes more courage to enter an emerging market than a fully developed and regulated one," Greenberg said. PropertyCasualty360 (12/6) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Expert: Insurers face pitfalls in policy-administration updates
    Insurers working to replace their policy-administration systems must avoid pitfalls such as viewing policy administration as a task involving unrelated business requirements and creating a solution based on a single product, writes John Pettit of Adaptik. Insurers also should not assume that their replacement system will no longer need to evolve, and they must understand how rule definition affects system performance, Pettit writes. PropertyCasualty360 (12/6) LinkedInFacebookTwitterEmail this Story
  • Claims triaging and technology help fight fraud, expert says
    Insurers can battle fraud by using sophisticated detection technology and segmenting legitimate claims with claims-triaging models, writes Janine Johnson of Verisk Analytics. Carriers also must watch for tools and techniques that other industries use to detect fraud because the "best practices developed by others can be easily adapted quickly and effectively to the P&C industry," Johnson writes. "... In order for carriers to adapt faster than criminals, they must adopt a multipronged approach to fighting fraud that relies upon vigilant detection at every stage of the insurance life cycle." PropertyCasualty360 (12/6) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Flooding to increase as sea levels rise this century, NOAA says
    Increased flooding will result as sea levels are projected to rise between 8 inches and 6.6 feet by 2100, according to a report from the National Oceanic and Atmospheric Administration. NOAA says 8 million U.S. coastal residents and many military assets and other facilities are at flood risk. Although the extent of sea level rise is uncertain, "what we do know is that higher mean sea levels will increase the frequency, magnitude and duration of flooding" caused by storms, NOAA scientist Adam Parris says. USA Today (12/6) LinkedInFacebookTwitterEmail this Story
  • Washington, D.C., to get federal aid for Sandy damage
    Washington, D.C., officials say they're pleased with President Barack Obama's approval of a federal-assistance request for recovery after Hurricane Sandy. Costs so far have been assessed at about $6.4 million and could be revised based on ongoing assessment, said Robyn Johnson, spokeswoman for the District of Columbia's Homeland Security and Emergency Management Agency. The Washington Post/D.C. Wire blog (12/6) LinkedInFacebookTwitterEmail this Story
  • NYC will pursue measures to mitigate disaster risks, mayor says
    New York Mayor Michael Bloomberg says officials will update building codes, widen evacuation zones and strengthen critical infrastructure in an effort to further prepare the city for natural catastrophes. While he continued to express no support for the concept of adding sea gates across New York Harbor, he said he would work for the city's waterfront to be repaired. "You don't have to be a believer in climate change to understand that the dangers from extreme weather are already here," Bloomberg said. The New York Times (tiered subscription model) (12/6) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Lawmaker pushes for proposals on depopulating Fla.-backed insurer
    Florida Insurance Commissioner Kevin McCarty says he will meet a January deadline set by state Senate Banking and Insurance Committee Chairman David Simmons to present solutions for further depopulating state-backed Citizens Property Insurance. McCarty also has been asked to find ways to lower the costs of personal-injury-protection insurance, and Simmons has urged the insurance industry to present proposals ahead of the committee's next meeting. Sunshine State News (Fla.)/News Service of Florida (12/6) LinkedInFacebookTwitterEmail this Story
  • Contractor-liability law is upheld by S.C.'s high court
    The South Carolina Supreme Court has upheld a law that includes coverage of damages from faulty workmanship in a contractor's general-liability policy, but said the measure does not apply to claims submitted before the law took effect last year. "Insurance coverage for construction liability lacks clarity, particularly with respect to whether construction defects constitute 'occurrences' under construction general insurance policies. The General Assembly properly exercised its authority in an attempt to definitively resolve or at least minimize this frequently-litigated issue," Chief Justice Jean Hoefer Toal wrote in the majority opinion. Insurance Journal (12/6) LinkedInFacebookTwitterEmail this Story
You will never find time for anything. If you want time you must make it."
--Charles Buxton,
British brewer, philanthropist, writer and legislator

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