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January 3, 2013

  Top Story 
  • Insurance producers identify likely trends, opportunities in 2013
    Recruiting talent, retaining clients and improving insurance-claim services are among the challenges that brokerages face this year, according to executives, groups and agents within the industry. More companies are becoming aware of the need for cyber-risk coverage, while the Affordable Care Act provides an opportunity for agents and brokers seeking to increase their employee-benefits business, they said. PropertyCasualty360 (1/2) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Adding value helps sales of cyber-risk coverage, experts say
    Companies appear more likely to buy cyber-risk coverage if a policy is based on existing needs and new exposures, and offers value-added services designed to avoid data breaches and manage cyberattacks, industry experts say. Selling such coverage to small to medium-sized businesses remains a challenge because of such firms' lack of resources and expertise to address cyber-risk, experts said. Insurers can introduce these companies to third-party vendors that specialize in cybersecurity to manage the exposure, consultant Richard Betterley says. Insurance Journal (1/2) LinkedInFacebookTwitterEmail this Story
  • Exec: Reinsurance rates are likely to rise for disaster-prone areas
    Properties in regions vulnerable to catastrophes are likely to see an increase in reinsurance rates in the current round of renewals, said James Few, CEO of Aspen Re. Reinsurance rates for accounts heavily affected by Hurricane Sandy may climb by as much as 30%, Few said. "The industry is adjusting to lessons learned following the [catastrophes from 2010 to 2012], notably in relation to new insured values in [catastrophe]-exposed regions of the world, modeling and data calibration around earthquake and flood, and increasing concerns about our ever-changing climate patterns," he says. Business Insurance (tiered subscription model) (1/2) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • House speaker takes a 2-step approach on Sandy-aid bill
    House Speaker John Boehner, R-Ohio, says he plans a two-step approach on Hurricane Sandy relief -- a vote on a $9 billion appropriation to the National Flood Insurance Program, scheduled for Friday, and another vote on $51 billion in relief on Jan. 15. The decision followed criticism from Northeastern lawmakers after Boehner canceled a vote on a $60 billion relief bill. "Now we see a total change in attitude of the speaker, not just pulling the bill but making an effort to get it moved rather quickly, and that is a very positive development," said Sen. Charles Schumer, D-N.Y. The Hill/Blog Briefing Room (1/2) LinkedInFacebookTwitterEmail this Story
  • Commentary: Independent agents exceed Sandy victims' expectations
    Many independent insurance agencies deserve to be lauded for providing services beyond claims assistance to victims of Hurricane Sandy, Paul Morrissette writes. "Indeed, many agents offered more than what their policyholders expected, offering risk mitigation tips in advance of the storm, keen advice on what to do during the disaster, and even a shoulder to lean on for emotional support -- at a time when their own businesses were under extreme duress," Morrissette writes. American Agent & Broker (1/2013) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • Conn. shooting spurs discussion of expanded workers' comp benefits
    The school shooting in Newtown, Conn., may prompt state lawmakers to consider legislation to expand workers' compensation benefits by including more mental-health cases, according to this article. "There is very limited ability for a police officer and a firefighter to receive psychological counseling" under the workers' comp system, said John Mastropietro, chairman of the Connecticut Workers' Compensation Commission. "Most, if not everyone, agrees that the circumstances which existed in the Newtown tragedy do not meet the requirements of the statute for even the psychological counseling." Business Insurance (tiered subscription model) (1/2) LinkedInFacebookTwitterEmail this Story
  • Other News
Well done is better than well said."
--Benjamin Franklin,
American inventor and statesman

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