Reading this on a mobile device? Try our optimized mobile version here: http://r.smartbrief.com/resp/ecwCCfbwoceWgjBlknSS


  Top Story 
 
  • Group: Proposed capital rules may drive up insurance costs
    The International Association of Insurance Supervisors' proposed capital requirements for major insurers could have "detrimental unintended consequences" such as increasing insurance costs and causing more families and businesses to have to depend on the government, according to the Institute of International Finance. "A blanket capital surcharge may raise the cost of offering traditional insurance products and result in reduced availability of products currently meeting social needs," said MetLife CEO Steven Kandarian, vice chairman of the group's insurance regulatory committee. Reuters (12/17) LinkedInFacebookTwitterEmail this Story

It's not too late to save time filing annual and quarterly statements. Join us Dec. 19 at 1 pm CT to learn how you benefit from clear instructions, fewer clicks, and qualified staff to answer questions. Crosschecks and calculations run in the background to save time. Copy and paste data directly from Microsoft Excel. Error-proof filing wizard.
  Industry News 
  • P/C insurers' asbestos losses may hit $85B, A.M. Best says
    Property/casualty insurers' net ultimate asbestos losses could reach $85 billion, A.M. Best says, marking a $10 billion increase from its prior estimate. Asbestos losses run about $2 billion a year for the P/C insurance industry, while payouts are about $2.5 billion annually, according to A.M. Best. "With no end to these losses in sight, and given that total funding for insurers' asbestos losses now has reached nearly $74 billion, it is clear that the asbestos problem will persist for many years to come," the ratings firm said in a report. Business Insurance (tiered subscription model) (12/17) LinkedInFacebookTwitterEmail this Story
  • Questionable claims are increasing in 10 states, reports show
    Michigan, Ohio and Minnesota led the states that experienced increases in questionable claims from 2009 to 2011, according to the National Insurance Crime Bureau. Michigan had a 49% increase in questionable claims referred to the NICB to be examined for possible fraud, according to state-specific reports. PropertyCasualty360 (12/17) LinkedInFacebookTwitterEmail this Story
FEATURED ARTICLE: 10 Small-Business Predictions for 2015
Things are looking up for small businesses in 2015. We count down the 10 ways you can get ahead in the New Year. Read the article.

  Catastrophic Risk 
 
  • Opinion: Social media bolsters insurers' post-Sandy efforts
    Social media platforms such as Facebook and Twitter have helped property/casualty insurers assist policyholders affected by Hurricane Sandy, writes Katie Peet of State Auto Insurance. "For insurance professionals, social media is not something to resist. Rather, it's the answer to a business problem shared by our industry. ... It's as if social media were specifically designed to meet the needs of insurance companies and agencies responding to catastrophic events," Peet writes. Insurance Journal (12/17) LinkedInFacebookTwitterEmail this Story
  • Risks linked to climate change are addressed in Sandy-recovery bill
    A bill that would provide $60 billion in relief after Hurricane Sandy has climate-change-related risks as an undercurrent. Under the measure, "project sponsors shall consider, where appropriate, the increased risks and vulnerabilities associated with future extreme weather events, sea level rise and coastal flooding," the bill says. The legislation also calls for government agencies to make plans that "reduce vulnerabilities from and build long-term resiliency to future extreme weather events, sea level rise and coastal flooding." The Hill/E2 Wire blog (12/17) LinkedInFacebookTwitterEmail this Story
  • FEMA maps show increased flood risk for 10 N.J. counties
    Flood levels in 10 New Jersey counties could be as much as five feet higher than previously thought, according to the Federal Emergency Management Agency. The agency is set to release an advisory flood map as a guideline for rebuilding efforts in flood zones affected by Hurricane Sandy. "It's important as we move forward that people know their risk," FEMA's Ryan Pietrimeli said. ClaimsJournal.com/The Associated Press (12/17) LinkedInFacebookTwitterEmail this Story
  • Lawmakers should revamp flood-claim rules, N.J. mayor says
    Dawn Zimmer, mayor of Hoboken, N.J., urged senators to rewrite the National Flood Insurance Program rules that block homeowners and businesses from filing certain claims. For claims involving dwellings that are just below street level, the Federal Emergency Management Agency can limit coverage by considering the dwelling as a basement, according to this article. Insurance Journal/The Associated Press (12/17) LinkedInFacebookTwitterEmail this Story
How To Optimize Profitability In Real Time
In today's digital era, real-time business environments must be flexible to operate at an unpredictable pace, transform profit modeling to a continuous process and collaborate with key employees at the edges of the business.
Download 3 Steps To Real-Time Profitability Management to learn how you can assess your organization's processes and optimize profitability.

  Policy and Law 
  • Conn. school shooting will spur civil lawsuits, expert says
    The shooting incident in Newtown, Conn., that killed 26, many of them children, will lead to civil litigation, with entities including the school district possibly facing lawsuits, writes Christopher Tidball, an executive claims consultant. "As the inevitable litigation comes forth, it creates a particular challenge for those defending such actions where the sympathy factor will likely play a significant role in outcomes," Tidball writes. PropertyCasualty360 (12/17) LinkedInFacebookTwitterEmail this Story
  • Bill to raise minimum auto insurance clears Ohio Legislature
    Ohio lawmakers have approved a bill to increase minimum auto insurance requirements for drivers. The minimum for property-damage coverage would rise to $25,000, up from $7,500, according to this article. The existing auto insurance limits have been unchanged for more than 40 years, despite increases in cars' value and repair costs, said Rep. Mark Okey, a co-sponsor of the bill. ClaimsJournal.com/The Associated Press (12/17) LinkedInFacebookTwitterEmail this Story
The Buzz(CORPORATE ANNOUNCEMENTS)

The use of high-performance analytics to support faster, more insightful decision making is becoming the competitive differentiator for insurers. These advanced capabilities are transforming how quickly and efficiently the industry can manage big data, identify prospects, allocate capital and respond to regulations. Download paper.

Interested in learning more about advertising with SmartBrief? Click here for detailed industry information and media kits.  

  Association News 
  • PCI urges Congress to consider Medicare set-aside legislation
    PCI is urging Congress to consider for action H.R. 5284, the Medicare Secondary Payer and Workers' Compensation Settlement Agreements Act of 2012, which includes important reforms for the Medicare Secondary Payer system to help many injured workers expedite their claims process. LinkedInFacebookTwitterEmail this Story
Learn more about PCI ->

Stay connected to PCI on ->
About PCI  |  News Releases  |  Industry Issues  |  Seminars  |  Political Action

Facebook  |  Twitter  |  YouTube

  SmartQuote 
There are two things that one must get used to or one will find life unendurable: the damages of time and injustices of men."
--Nicolas Chamfort,
French writer


LinkedInFacebookTwitterEmail this Story

 
 
Subscriber Tools
     
Print friendly format | Web version | Search past news | Archive | Privacy policy

Advertise
Associate Publisher:  Abiy Bekele (919) 931-5915
 
Read more at SmartBrief.com
A powerful website for SmartBrief readers including:
 
 
 Recent PCI SmartBrief Issues:   Lead Editor:  Charles Tomlinson
Sales Account Director:  Jasmine Rogers
   
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
 
 
© 1999-2012 SmartBrief, Inc.® Legal Information