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April 25, 2012
News for property casualty insurers

  Top Story 
 
  • Insurers could face trouble for not raising rates, exec says
    The hardening of the insurance market is becoming more noticeable, and insurers could face problems if they don't increase rates, says William Berkley, CEO of W.R. Berkley. "Hard markets always start this way, and then something happens," Berkley says. Companies struggle to overcome previous underpricing of coverage as they face the onset of a hardening market, he says. PropertyCasualty360 (4/24) LinkedInFacebookTwitterEmail this Story
 P&C Insurers Use Analytics to Optimize Business Performance
This white paper discusses how property and casualty (P&C) insurers are integrating analytics into their daily business processes to gain competitive advantage — by reducing operational expenses, increasing premium revenue and ensuring regulatory compliance.
 

  Industry News 
  • Thefts of metal cargo increased 254% in Q1, report says
    There were 46 first-quarter incidents of stolen cargo in the metal industry, a 254% increase from the fourth quarter, a FreightWatch International report says. The monthly theft rate has climbed to 15.3, up from 6.4 in 2011, the report said. "Theft of copper in bulk from the supply chain is occurring around the globe, not to mention the rampant stealing of valuable metals from infrastructure such as power stations, rail lines, and even home exteriors," according to the report. Business Insurance (tiered subscription model) (4/24) LinkedInFacebookTwitterEmail this Story
  • Study: Distracted driving is more likely for teen girls than boys
    Female teens have a greater likelihood than teen boys do to be distracted by music, passengers or other factors while behind the wheel, according to a study by Bridgestone Americas. "There's a remarkable difference between boys and girls when it comes to distracting driving habits. In almost every category we surveyed ... girls are more likely to engage in dangerous or distracting behaviors by almost 15%," Bridgestone Americas' Angela Patterson said. CNN (4/25) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Wind, dry air boost wildfire risk in Michigan, experts say
    Michigan residents should brace for increased risk of wildfires because of factors including dry air and strong wind, according to the National Weather Service. "If a wildfire was to start today, it would be expected to spread very quickly due to the dry and windy conditions," the weather service said. MLive.com (Michigan) (free registration) (4/24) LinkedInFacebookTwitterEmail this Story
  • S.D. dam inspection slows because of debris from flooding
    Officials supervising the Gavins Point Dam on the Missouri River near Yankton, S.D., said they will be able to complete inspections after the cleanup of debris from last year's flooding. "[Scuba divers] got [80%] to 90% of the spillway inspected, but they determined there’s a lot of debris in the spillway that needs to be removed,” said Dave Becker, operations manager for the facility. RadioIowa.com (4/24) LinkedInFacebookTwitterEmail this Story
  • Missouri River dikes are to blame for erosion, Mo. farmers say
    Dikes along the Missouri River are causing erosion problems along riverbanks, levees and farmland, according to farmers at a Missouri public meeting held by the Army Corps of Engineers on the proposed expansion of a shallow-water habitat. The Corps of Engineers uses its "underfunded" operating and maintenance budget for bank stabilization and navigation projects, an official said. Marshall Democrat-News (Mo.) (4/24) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Policy and Law 
  • Tax-credit measure for Fla. catastrophe fund is vetoed
    Florida Gov. Rick Scott has used his line-item veto on a provision that would have let insurers buy as much as $1.5 billion in tax credits. The plan could have affected the state's credit rating, critics said. "While the stated purpose of this program is to provide an additional funding mechanism for the Florida Hurricane Catastrophe Fund, the language was not fully vetted through the committee process," Scott said. Insurance Journal (4/24) LinkedInFacebookTwitterEmail this Story
  • Report: Conflicting regulations in Europe pose insurer challenges
    Liability insurers and reinsurers in Europe are affected by the conflicting regulations from the EU and local authorities, according to a Guy Carpenter report. "The path to enactment of EU directives is strewn with obstacles and involves conflicts with existing local legal provisions and longstanding legal principles," Guy Carpenter's David Lewin said in a statement. "We also found that the dominance of EU legislation does not prevent individual EU territories from pursuing their own agendas to create new legal liabilities specific to their own jurisdictions." PropertyCasualty360 (4/24) LinkedInFacebookTwitterEmail this Story
  Association News 
 
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